The Minerals Income Investment Fund (MIIF) of Ghana has reported $1.02 billion in revenue over the past year through its gold trade desk.
This platform was created to formalize the country’s small-scale mining sector, enhance gold traceability, and provide a dependable market for locally produced gold.
In addition to stabilizing the small-scale mining sector, the desk has significantly supported the economy by channeling $600 million to Bulk Distribution Companies for petroleum imports.
This measure has helped stabilize the Ghanaian cedi and reduce foreign exchange volatility.
Edward Nana Yaw Koranteng, MIIF’s CEO, highlighted the desk’s consistent returns, achieving 8% on the dollar and 24% on the cedi, even amidst forex-related challenges in September.
“Gold dory from small-scale miners is sold to LBMA-certified refineries, ensuring global recognition as traceable gold.
This adds value to Ghana’s gold while addressing long-standing issues of exploitation in the sector,” Koranteng explained.
Small-scale mining, which accounts for up to 40% of Ghana’s total gold production, has historically faced challenges such as illegal mining, limited access to capital, and governance issues.
The gold trade desk works in tandem with MIIF’s Small-Scale Mining Incubation Program, which equips licensed miners with training, equipment, and sustainable mining practices.
MIIF is also progressing with plans to launch a gold-backed Exchange Traded Fund (ETF), enabling Ghanaians to invest directly in the nation’s gold resources, further integrating the sector into the broader economy.
