Minerals Income Investment Fund Act, 2018 ACT 978

Section 1: (1) There is established by this Act a fund known as the Minerals Income Investment Fund. (2) The Fund is a body corporate with perpetual succession, and a common seal, may sue and be sued in its corporate name and have in all respects the powers of a body corporate. (3) The Fund may acquire and hold movable and immovable property, dispose of property and enter into a contract or other related transaction. (4) Where there is a hindrance to the acquisition of immovable property, the property may be acquired for the Fund under the State Lands Act, 1962 (Act 125) and the cost shall be borne by the Fund. 

Procedures to Follow

1. The Mining Companies pay the royalties directly into Minerals Income Investment Fund (MIIF)
2. MIIF disburses twenty percent (20%) of the royalties into the Minerals Development Fund (MDF).

3. Pursuant to the Minerals Development Fund Act, 2016 (Act 912), fifty percent (50%) of mineral royalties received by MDF, (which is actually 10 percent of the total mineral royalties paid by the Mining Companies to MIIF) is transferred to OASL for onward disbursement to the beneficiaries in accordance with section 7 of the OASL Act, (Act 481).

Responsible Institution

Minerals Commission

36 Second Cantonments Cl, Accra

Relevant Forms to Download

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Fees / Charges

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