Minerals Income Investment Fund Act, 2018 ACT 978

Section 29: (1) Where the Government elects for payment of royalty and any other related payment to be made in minerals instead of cash in accordance with law and applicable Minerals Investment Agreement, the value of the minerals in United States Dollars on the day the minerals are received by or on behalf of the Government shall be reported and recorded by the Ghana Revenue Authority as payments to the Fund. (2) The proceeds of the sale of the minerals shall be credited to the Fund within sixty calendar days after the receipt of the minerals from the mining company. 

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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