Written by Honourable Patrick Boamah MP, Okaikwei Central The Minerals Income Investment Fund (MIIF) was established by an Act of Parliament (Act 978 as amended) as a sovereign wealth fund. MIIF which receives and invests royalties paid by mining companies and dividends from Government of Ghana’s free carried interest, mostly into the mining sector also has an overarching mandate to help develop the sector and increase Ghanaian interests across the entire mining eco-system. The mandate includes the positioning of MIIF as a co-investment anchor, aligns investments to the industrial objectives of the country such as investing in mining value addition, capacity building, promoting local content and the development of the capital markets with mining as the pivot. Growth trajectory and record profits.MIIF recorded an impressive increase in revenue from GH¢402 million in 2023 to GH¢ 1.6 billion in 2024 as it posted record profits of GHS 1.905 billion at end of 2024, which is more than 300% increment over the 2023 financial year (ref: MIIF 2024 signed audited financials). Between the period 2021 to 2024 following the appointment of Edward Nana Yaw Koranteng, MIIF went through one of the most transformative phases of any state-owned enterprise in Ghana becoming a point of reference for resource management globally and in Africa. During this period, MIIF a hitherto unknown entity positioned itself to be the Ghanaian anchor in increasing ownership in our mining assets, the development of far-reaching programs such as the small-scale mining incubation program(SSMIP) to help formalise the small scale mining sector, the MIIF gold trade program to complement the gold for oil and gold for forex programs, the women in mining scholarship scheme, strategic investments in various minerals and the development of Ghana’s first gold-backed Enterprise Traded Fund (ETF) which was to be listed on the Ghana Stock Exchange in 2025.Key Highlights of 2024 PerformanceNet Profit: GH¢1.906 billion, exceeding the combined profits of all preceding years since MIIF’s operationalization in 2018.Equity Growth:1,128% increase from GH¢149 million to GH¢3.39 billionFree Cash Position:GH¢5.6 billion, providing substantial liquidity for strategic investments going forward.As a financial institution, MIIF compares favourably with the top-tier financial institutions in Ghana. The table below shows MIIF’s as third most profitable when compared with the most profitable banks.Comparison to First Tier Banks in Ghana – 2024 PBT (GHS’m) BankRankProfitEcobank Ghana12.337GCB22,208MIIF31,906ABSA41,873STANBIC51,776Fidelity61,211GT Bank71,171Zenith81,061Standard Chartered91,009Access Bank10959 Source: Ghana Association of Bankers Written by Honourable Patrick Boamah MP, Okaikwei Central