Auditor General gives MIIF 2024 audited financials a clean bill of health as it posts record GH¢1.96 billion income

The Minerals Income Investment Fund (MIIF) in 2024, under Edward Nana Yaw Koranteng, posted its strongest results since its inception, recording GH¢1.964 billion in net income, 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 of MIIF, Mrs Justina Nelson, and the MIIF board chairman on 26th June 2025.
A review of the audited financials found that the Auditor described MIIF as a “high-performing sovereign minerals fund” with strengthened revenue streams, investment growth, and balance sheet resilience.
Total assets of the Fund, as reviewed, rose to GH¢11.2 billion, while the Fund maintained a cost-to-income ratio of just 3%, far below global sovereign wealth fund standards and those of all state-owned institutions in Ghana.
General and Administrative expenses amounted to GH¢59.7 million, representing only 3% of total income. Travel expenditure, which falls under G&A, remained below 0.4% of revenue, according to the report.
A check on operational issues revealed that all travel by management, staff, and board was authorised by the Chief of Staff and aligned with Board-approved mandates and the approved budget, contrary to recent assertions in some media.
Further checks on expenses revealed board fees and sitting allowances of circa Ghc 800,000 in 2023 and Ghc 2 million in 2024, covering all six committees, including the investment advisory committee. Further checks showed that board fees are set by the Ministry of Finance and paid in line with the ministries’ guidelines.
Record profit
MIIF also posted a record profit of GH¢1.904 billion, reflecting a 97% margin, making it arguably the most profitable state institution. Cash reserves reached a record GH¢5.58 billion, a 69% increase from 2023, thereby strengthening the Fund’s liquidity.
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, yielded circa US$20 million (Ghc 224 million).
MIIF’s investment in Atlantic Lithium of Australia, a holding company, makes it the third-largest shareholder globally. MIIF’s investment in the Ada Songhor salt enclave, leased to Electrochem Ghana, positions Ada as the largest industrial salt-producing enclave in sub-Saharan Africa, with the potential to produce over 1 million tons of salt.
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 realized 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’s gold-for-oil initiative.
Despite cumulative forex losses affecting all parties, Fidelity’s $19 million forex loss 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 of approximately US$27 million 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.