GHANA · MINING
Key Facts
- What is happening Ghana’s state mining fund collected GH¢7.82 billion (US$671 million) in royalties from January to September 2026, up 106%.
- Why it matters Ghana is a major gold producer, and its royalty rate now rises with the gold price.
- The numbers Large-scale gold paid GH¢7.66 billion (US$657 million); the year-end target is GH¢9 billion (US$772 million), at GH¢11.66 per US$.
- Who is who Justina Nelson leads the Minerals Income Investment Fund (MIIF), the state body that collects mining royalties.
- What to watch Whether receipts pass GH¢9 billion (US$772 million), how gold prices move, and whether miners cut investment.
- What it means for you Investors in miners with Ghana mines face a 5% to 12% royalty; three firms keep older agreements.
Ghana’s state mining fund collected about US$671 million in royalties in nine months, double last year’s pace. Higher gold prices and a new sliding royalty scale both played a part.
The Numbers Behind the Jump
The Minerals Income Investment Fund (MIIF) says it collected GH¢7.82 billion (about US$671 million) in mineral royalties from January to September 2026. That is 106% above the GH¢3.79 billion (about US$325 million) of the same months in 2025.
Large-scale gold paid GH¢7.66 billion (US$657 million), up 116% from GH¢3.54 billion (US$304 million). Mid-tier gold paid GH¢110.34 million (US$9.5 million), up about 99%.
Quarry, sand and limestone together paid about GH¢16.7 million (US$1.4 million), a small share of the total. Limestone fell after heavy rain in the second quarter disrupted mining.
The fund’s year-end target is about GH¢9 billion (US$772 million). Receipts in the first half of 2026 were more than GH¢5.3 billion (US$455 million).
All dollar figures use the Bank of Ghana’s interbank mid-rate of GH¢11.66 per US$ on 3 November 2026. Earlier periods are converted at that same rate.
Why Receipts Doubled
The fund credits higher gold prices, the new sliding-scale royalty, steady production and tighter monitoring of mining activity. The published figures do not split the rise between price and rate.
Before the change, large gold miners paid a flat 5% royalty. That left the state with little extra when gold prices rose.
Under the new scale the rate climbs with the gold price, from 5% at US$1,900 an ounce to 12% at US$4,500. Roughly every US$500 rise in gold adds one percentage point.
Who Pays the New Rate
Most mining companies moved to the 5% to 12% scale in March 2026. Three firms with older development agreements, Zijin, AngloGold Ashanti and Gold Fields, stay outside it.
AngloGold Ashanti and Gold Fields are listed in New York, and Zijin Mining Group is a Chinese gold and copper miner. Their terms follow their own agreements with the state.
The 12% top rate drew objections. GHEITI said on 13 March that overtures were made, and called suggestions of US or Chinese threats far from the truth.
The Ghana Chamber of Mines, the industry body, backed a sliding scale in principle. It called the bands overly aggressive because the lowest rate equals the old flat 5%, GHEITI said.
- Royalty: a share of a mine’s output value paid to the state that owns the minerals.
- Sliding scale: a rate that moves up or down with the price of the mineral.
- Development agreement: a long-term deal that fixes a miner’s terms with the state.
- GHEITI: Ghana’s extractive-industry transparency unit, based in the finance ministry.
What It Means for US Readers
US investors in gold miners with Ghana operations should read each company’s filings for its royalty terms. A rising gold price now lifts Ghana’s take faster than before, except for firms with older agreements.
Related Rio Times reports cover Ghana’s natural resources and the state gold board’s small-scale miner program. Background is in the Ghana explainer and on the Ghana hub.
What Is Not Known
The rise of about GH¢4.03 billion (US$346 million) cannot be split between price and rate from the published figures. The fund’s release gives no gold price for the nine months.
The rates between the 5% and 12% bands are not set out in the sources confirmed here. Whether receipts pass GH¢9 billion (US$772 million) will be known only after the full-year report.
What Comes Next
The fund’s full-year figures will show whether receipts pass the target. Watch also for its investment plans, since its mandate covers equities, bonds and other assets across the mining chain.
The gold price matters most, because a fall toward US$1,900 an ounce would cut the royalty back to 5%. Miners’ next quarterly results will show the effect on their margins.
Frequently Asked Questions
How much did Ghana earn in mining royalties?
The Minerals Income Investment Fund collected GH¢7.82 billion (about US$671 million) from January to September 2026. That is 106% more than a year earlier.
What is the sliding-scale royalty?
It ties Ghana’s gold royalty to the gold price: 5% at US$1,900 an ounce and 12% at US$4,500. It replaced a flat 5% rate for most miners.
Who is outside the new scale?
Zijin, AngloGold Ashanti and Gold Fields hold older development agreements and stay outside it. Most other miners moved to the new rates in March.
Why did royalties rise so fast?
The fund credits higher gold prices, the sliding scale, steady production and better monitoring. It has not published how much each factor added.
Which exchange rate is used?
The dollar figures use the Bank of Ghana’s interbank mid-rate of GH¢11.66 per US$ on 3 November 2026. Earlier periods are converted at that same rate.
Sources: Minerals Income Investment Fund (MIIF), mineral royalty receipts, January to September 2026 (as published in Ghana); Ministry of Finance, Ghana, Ghana Extractive Industries Transparency Initiative (GHEITI) press statement of 13 March 2026; Bank of Ghana, daily interbank FX rates, 3 November 2026 (all accessed 4 November 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief