KEY POINTS
- MIIF generated $1.02 billion in revenue through its gold trading desk.
- Strategic $600M allocation stabilized Ghana’s economy.
- MIIF enhances small-scale mining with modern practices and equipment.
Ghana’s Minerals Income Investment Fund (MIIF) has reported a landmark $1.02 billion in revenue from its gold trading desk over the past year, marking a significant step in the modernization of the country’s gold sector.
The desk, part of MIIF’s broader strategy to formalize and optimize small-scale mining, has improved efficiency in the industry by ensuring traceability and providing a dependable market for locally mined gold.
Driving economic resilience through strategic interventions
Beyond its direct impact on the mining industry, MIIF’s gold trade desk has proven instrumental in stabilizing the broader economy.
A strategic allocation of $600 million to petroleum imports through Bulk Distribution Companies has helped stabilize the Ghanaian cedi and reduce foreign exchange volatility, contributing to enhanced macroeconomic stability.
As reported by Energy Capital & Power, Edward Nana Yaw Koranteng, CEO of MIIF, underscored the desk’s robust performance, highlighting consistent returns of 8 percent on US dollar investments and 24 percent on cedi investments, despite challenges posed by foreign exchange fluctuations in September. “Gold sourced from small-scale miners is sold to LBMA-certified refineries, guaranteeing global recognition and traceability,” Koranteng stated.
Unlocking the potential of Ghana’s gold industry
MIIF’s gold trade desk is transforming Ghana’s mining sector, not only increasing the value of its gold but also combating exploitation.
Small-scale mining, which accounts for up to 40 percent of the country’s gold production, has long faced hurdles such as illegal operations, limited access to capital, and governance challenges.
MIIF is addressing these issues through its Small-Scale Mining Incubation Program, which provides licensed miners with training, modern equipment, and sustainable practices.
As part of its strategy to deepen local investment in Ghana’s gold sector, MIIF is also advancing plans for a gold-backed Exchange Traded Fund (ETF). The initiative aims to give Ghanaians a direct stake in the nation’s gold wealth, further integrating the precious metal into the national financial ecosystem.
