Minerals Income Investment Fund Act, 2018 ACT 978

Section 28: (1) Mineral royalties shall be assessed, collected and accounted for by the Ghana Revenue Authority in accordance with law and applicable Minerals Investment Agreements. (2) The mineral royalties assessed as due from a mining company in each month including any payments due for the late payment of mineral royalties calculated in accordance with the applicable law or any agreement between the relevant mining company and the Republic shall be paid by the relevant mining company by direct transfer into the Fund. (3) The mining company making the payment under subsection (2) shall immediately notify the Ghana Revenue Authority and the Fund in writing of the payment. (4) The Ghana Revenue Authority shall be responsible for the enforcement of the obligation of mining companies to make payment of mineral royalties and shall act in consultation with the Fund in this regard(5) Income accruing to the Republic from minerals paid to the Fund by a mining company shall (a) not be classified as taxes paid by the mining companies and shall not be expended as conventional tax revenue paid to the Government; and (b) be considered as paid to the Government under the Minerals and Mining Act, 2,006 (Act 703) and any Minerals Investment Agreement. 

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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