The Minerals Income Investment Fund (MIIF) under Edward Nana Yaw Koranteng posted its strongest results since inception, recording GH¢1.964 billion in net income for 2024, which is almost 300% higher than the previous year’s GH¢455 million.
This is contained in the Fund’s audited financial statements signed by the current CEO, Mrs Nelson and the current Board Chairman on 26th June 2025.
The Audit Report describes MIIF as a “high-performing sovereign minerals fund” with strengthened revenue streams, investment growth and balance sheet resilience. Total assets rose to GH¢11.2 billion, while the Fund maintained a cost-to-income ratio of just 3%, far below global sovereign wealth standards.
General and Administrative expenses stood at GH¢59.7 million, representing only 3% of total income. Travel expenditure, which falls under G&A, remains below 0.3% of revenue, according to the report. All travel by management was authorised by the Chief of Staff and aligned with Board-approved mandates and the approved budget, contrary to recent assertions.
Record Profit
MIIF also posted a record profit of GH¢1.904 billion, reflecting a 97% margin. Cash reserves reached a record GH¢5.58 billion, a 69% increase from 2023, strengthening the liquidity of the Fund.
Fund Investment Portfolio
The Fund’s investment portfolio, including gold, lithium and industrial salt, is positioned to deliver diversified long-term value. MIIF’s US$40 million investment in Asante Gold Corporation, which owns the Mensin Bibiani, Chirano and the Kubi, for instance, as at 1st November 2025 had a yield of circa US$20 million (Ghs 224 million).
The MIIF Gold trade
The Gold Trade Program generated more than US$1.0 billion in receipts and GH¢36 million in profit for 2024 as recorded in the audited financials. MIIF’s capital outlay in its trade program was the cedi equivalent of US$30 million, from which it realised over US$250 million.
Fidelity Bank and CBOD participated in the MIIF gold trade (gold for forex) with their own funds (pre-finance). Fidelity received US$197 million through the program, while CBOD received over US$700 million to complement the government gold for oil initiative.
Despite cumulative forex losses which affected all parties, Fidelity’s forex loss of $19 million was resolved without recourse to MIIF’s deposits on the back of an approved Ministry of Finance and Board trade expansion and forex loss recovery strategy.
It is important to note that MIIF, under the current CEO, Mrs Justina Nelson, issued a Civil Writ against Goldridge and one of the trade insurance companies for loss recovery on 3rd October 2025.
Clean Bill of Health
The Auditor-General issued an unqualified opinion, confirming full compliance with IFRS and statutory requirements. The report concludes that MIIF is “an exceptionally well-managed organisation” with strong prospects of becoming a multi-billion-dollar sovereign minerals fund.
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By: Coby Brown
