Pay all royalties by December 1 or face sanctions – MIIF to mining companies

Ghana's Minerals Income Investment Fund (MIIF) has set a December 1, 2024, deadline for all licensed mining companies to clear outstanding mineral royalties, warning of potential sanctions for those failing to comply.

MIIF's directive, issued as a public notice, aims to enforce the Minerals Income Investment Fund Act, 2018 (Act 978), which mandates royalty payments from mining operators to support Ghana's mineral revenue development.

The notice requires that gold mining firms, quarry operators, salt mining businesses, limestone producers, and sand extraction companies submit outstanding royalties either through direct deposits to MIIF's account at the Bank of Ghana or via the national digital payment portal, www.Ghana.gov.gh.

MIIF further stipulated that companies must submit production and sales returns to the Ghana Revenue Authority (GRA) and MIIF's Finance Department, reinforcing compliance efforts in line with Ghana's broader campaign to ensure mining firms meet regulatory and fiscal responsibilities.

Mining royalties are a key revenue stream for Ghana, funding critical infrastructure, social projects, and government initiatives aimed at economic development.