By:Energycapitalpower

Ghana’s Minerals Income Investment Fund (MIIF) has generated $1.02 billion in revenue over the past 12 months through its gold trade desk. The platform was established to formalize Ghana’s small-scale mining sector, ensure gold traceability and provide a reliable market for locally produced gold.

Beyond stabilizing the small-scale mining sector, the gold trade desk has directly supported Ghana’s economy by supplying $600 million to Bulk Distribution Companies for petroleum imports. This intervention has helped stabilize the cedi and mitigate foreign exchange volatility.

According to Edward Nana Yaw Koranteng, CEO of MIIF, the desk consistently achieves returns of 8% on the dollar and 24% on the cedi, despite forex-related losses in September. “The gold dory from the small-scale mining companies is sold to LBMA-certified refineries, ensuring global recognition as traceable gold. This not only adds a premium to Ghana’s gold but also helps curb the exploitation that has plagued the sector,” Koranteng stated.

Small-scale mining contributes up to 40% of Ghana’s total gold production but has faced challenges such as illegal mining, lack of capital and poor governance. The gold trade desk operates alongside MIIF’s Small-Scale Mining Incubation Program, which supports licensed miners with training, access to equipment and sustainable practices.

MIIF is also advancing plans for a gold-backed Exchange Traded Fund to allow Ghanaians to invest directly in the country’s gold resources.