MIIF Sets December 1 Deadline for Mining Companies to Settle Outstanding Royalties
The Minerals Income Investment Fund (MIIF) has mandated that all licensed mining companies settle any outstanding mineral royalties by December 1, 2024.
The directive, issued via a public notice, warns of sanctions for non-compliant companies, underscoring MIIF’s determination to uphold the Minerals Income Investment Fund Act, 2018 (Act 978), which requires mining firms to contribute royalties to bolster Ghana’s mineral revenue.
The notice requires firms across Ghana’s mineral sector—including gold miners, quarry operators, salt miners, limestone producers, and sand extractors—to settle outstanding royalties through either MIIF’s designated account at the Bank of Ghana or the national digital payment platform, www.Ghana.gov.gh.
MIIF also emphasized that companies must file production and sales returns with both the Ghana Revenue Authority (GRA) and MIIF’s Finance Department as part of enhanced compliance measures.
MIIF’s directive is a push towards maximizing mineral revenue at a time when royalties are central to funding critical national projects.
With mining royalties being channeled into infrastructure and social initiatives, MIIF’s stance aims to secure this revenue stream, supporting Ghana’s ongoing economic development.
