MIIF sets December 1 deadline for mining companies to clear outstanding royalties

The Minerals Income Investment Fund (MIIF) has issued a firm deadline for all active and licensed mining companies in Ghana, demanding that they clear any outstanding mineral royalties by December 1, 2024.

This move is part of MIIF’s initiative to enforce compliance with the Minerals Income Investment Fund Act, 2018 (Act 978), which mandates that companies pay royalties to support Ghana’s mineral revenue development efforts.

In a public notice, the Minerals Income Investment Fund emphasized that all gold mining companies, quarry operators, salt mining businesses, limestone operators, and sand winners must pay their due royalties either by depositing funds directly into the MIIF account at the Bank of Ghana or via the government’s digital payment portal, www.Ghana.gov.gh.

Companies that fail to comply by the deadline could face severe penalties, with the Minerals Income Investment Fund warning of possible sanctions as a consequence of non-compliance.

Beyond the payment of royalties, the notice also clarified that mining operators are required to submit production and sales returns to both the Ghana Revenue Authority (GRA) and MIIF’s Finance Department.

The Minerals Income Investment Fund’s decision to enforce this deadline is part of a broader national campaign aimed at ensuring mining companies adhere to legal obligations and contribute their fair share to Ghana’s economy.

Mining royalties represent a significant source of revenue for the country, funding essential infrastructure, social projects, and other government initiatives.