Ghana's mineral royalty collections surged 106% to GHS7.82bn ($673mn) in the first nine months of 2026, boosted by record gold prices and a new sliding-scale royalty regime that allows the government to capture a larger share of mining revenues.

The Minerals Income Investment Fund (MIIF) reported the increase from GHS3.79bn a year earlier, Joy Business reported on October 15. Collections exceeded the GHS5.43bn received throughout 2025 by 44%, although the relative contributions of higher gold prices, royalty rates, production and improved compliance remain unclear. The figures represent state royalty receipts rather than revenue retained by MIIF.

Collections increased by approximately GHS2.43bn during the third quarter, after reaching GHS5.39bn at the end of June.

MIIF is targeting GHS9bn in mineral royalty receipts by the end of December, leaving another GHS1.18bn to be collected in the final quarter.

Ghana replaced its fixed 5% gold royalty in March with a sliding scale of 5%–12%, reaching the maximum when gold prices exceed $4,500 an ounce. The government also reduced the separate Growth and Sustainability Levy from 3% to 1% to moderate the additional burden on producers.

The reform drew opposition from the United States, China and mining companies including Newmont (NYSE: NEM), Gold Fields (JSE: GFI; NYSE: GFI), AngloGold Ashanti (NYSE: AU; JSE: ANG) and Perseus Mining (ASX: PRU; TSX: PRU). Ghana Chamber of Mines chief executive Kenneth Ashigbey warned Reuters in March that higher royalties could "dry up new projects and output".

Canadian miner Galiano Gold (TSX: GAU; NYSE American: GAU) reported a $12.6mn annual increase in second-quarter royalty expenses at its Asanko Gold Mine, reflecting higher gold revenue and the revised regime. It attributed a $5.8mn quarterly increase to the new sliding scale, although mine operating income rose to $92.8mn from $24.7mn a year earlier as gold prices and sales volumes strengthened.

Large-scale gold producers contributed approximately GHS7.66bn, accounting for about 98% of the GHS7.82bn collected in January–September 2026, up 116% from GHS3.54bn a year earlier. Mid-tier gold mining royalties nearly doubled to GHS110.34mn from GHS55.31mn.

Quarrying contributed GHS11.35mn in mineral royalties during the first nine months of 2026, followed by limestone at GHS4.84mn and sand at GHS550,871.

The concentration of royalty receipts among large-scale producers contrasts with the growing importance of small-scale mining, which accounted for 52.4% of Ghana's gold output in 2025. The IMF has warned that the small-scale sector generates little direct fiscal revenue despite exports reaching $10.9bn last year, citing informality, smuggling and the removal of a withholding tax on unprocessed precious minerals.

See IntelliNews: Ghana leapfrogs US to enter world's top six gold producers

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The IMF estimates that Ghana's revised extractive-sector royalty regime could raise government revenue by 0.3% of GDP over the medium term. Ghana also plans to submit broader extractive-sector tax legislation by December 2026, consolidating fiscal rules for mining and petroleum while limiting individually negotiated concessions.

The Fund has previously favoured stable, mineral-specific royalty rates combined with profit-based taxation to capture windfall gains.

The growing contribution of gold also increases Ghana's exposure to commodity-price reversals. In an illustrative stress scenario, the IMF estimated that a 45% decline in bullion prices could reduce annual fiscal revenue by approximately 1.5% of GDP through lower mining taxes, royalties and related revenues.