The Minerals Income Investment Fund (MIIF) has achieved an unprecedented financial milestone in 2024, positioning itself as a shining example of how well-managed state-owned enterprises can transform Ghana’s economic landscape. According to the Fund’s 2024 audited financial report, MIIF recorded a net profit of GH¢1.906 billion—a figure that surpasses the combined profits of all years since its establishment in 2018.
Introduction
State-owned enterprises (SOEs) in Ghana have often been associated with financial underperformance, weighed down by issues such as political interference, weak governance, and limited innovation. Yet, MIIF has broken this trend. Over the last three years, the Fund has consistently delivered strong results, culminating in a historic performance in 2024. This remarkable achievement offers a glimpse of what is possible when state institutions are guided by vision, professionalism, and accountability.
Exceptional Financial Performance in 2024
The year 2024 will be remembered as a breakthrough moment for MIIF. The Fund posted a net profit of GH¢1.906 billion, making it arguably the most profitable state-owned enterprise in the country. In the wider financial sector, only GCB Bank and Ecobank surpass this performance.
This achievement represents a 366% year-on-year profit growth, jumping from GH¢408.8 million in 2023 to over GH¢1.9 billion in 2024. Notably, this milestone fulfills a forecast made in 2023 by the Fund’s former CEO, Edward Nana Yaw Koranteng, who projected that MIIF would exceed GH¢1 billion in profits and manage assets worth at least US$1.5 billion.
This performance is not only impressive—it is historic, rewriting the narrative of what SOEs can deliver when managed with clear strategy and discipline.
Key Highlights of MIIF’s 2024 Results
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Net Profit: GH¢1.906 billion, exceeding all cumulative profits since MIIF’s inception.
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Equity Growth: 1,128% increase from GH¢149 million to GH¢3.39 billion.
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Free Cash Position: GH¢5.6 billion, offering robust liquidity for new investments.
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Strategic Investments: Stronger diversification, higher returns from gold royalties, and expanded stakes in mid-tier mining companies, including Atlantic Lithium and Asante Gold.
Strategic Outlook and Future Prospects
MIIF’s success in 2024 demonstrates its role as more than a profit-making institution. It stands as:
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A fiscal buffer: offering resilience against commodity price volatility.
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A capital mobilizer: channeling resources into large-scale national projects.
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A development partner: fostering inclusive growth through investments that benefit local communities.
With a capital base now exceeding GH¢3.39 billion, MIIF is strategically positioned to drive Ghana’s mineral economy into the future. Its outlook includes investments in lithium processing plants, refinery infrastructure, and mineral-based industrial zones. By leveraging its growing financial strength, MIIF could become a global reference point in sovereign mineral wealth management.
Conclusion
The 2024 financial performance of MIIF represents a turning point in Ghana’s approach to resource governance. It proves that state-owned enterprises, when insulated from inefficiency and mismanagement, can thrive and deliver immense value to citizens.
MIIF’s story is not just about record profits; it is about visionary leadership, accountability, and strategic investment. As a beacon among Ghana’s SOEs, MIIF has set a new standard—one that should inspire other state-run entities to pursue excellence, not excuses.
If sustained, this success could pave the way for generational wealth creation, ensuring that Ghana’s mineral resources truly benefit its people today and in the future.
