Ghana to Merge MIIF and GIIF into Sovereign Wealth Fund to Anchor 24-Hour Economy

The Ghanaian government has announced plans to consolidate the Minerals Income Investment Fund (MIIF) and the Ghana Infrastructure Investment Fund (GIIF) into a single entity to be known as the Ghana Sovereign Wealth Fund, a move aimed at streamlining investment coordination and providing equity financing for the country's flagship 24-Hour Economy initiative.

Finance Minister Dr. Cassiel Ato Forson disclosed the plan on Thursday, November 12, 2026, while presenting the 2027 Budget Statement and Economic Policy, dubbed "The New Economy," to Parliament.

A Response to Fragmented Investment Architecture

According to the Finance Minister, Ghana's current investment arrangements are scattered across multiple entities, weakening coordination and long-term planning. "Our mineral wealth and public assets can be the foundation of lasting prosperity. Yet our investment arrangements are scattered," Dr. Forson told lawmakers. "The Fund will improve investment origination and coordination, increase returns and finance transformative projects".

The merger brings together two funds with distinct but complementary mandates. MIIF, established in 2018, manages the country's mineral royalties and state equity interests in mining, with assets under management growing from an initial US$180 million to approximately US$1 billion by 2024. GIIF, meanwhile, mobilises private capital for national infrastructure projects and recently secured accreditation as a Direct Access Entity to the Green Climate Fund, positioning it to develop a climate investment pipeline worth approximately US$300 million.

Serving as Equity Partner for 24-Hour Economy

A central function of the proposed sovereign wealth fund will be to serve as an equity partner for projects under the government's 24-Hour Economy and Accelerated Export Development Programme. Dr. Forson emphasised that while the 24-Hour Economy is a private sector-led initiative, the fund will help identify viable investment opportunities, attract private capital, and strengthen the programme's overall impact.

The 24-Hour Economy policy, a flagship initiative of President John Mahama's administration, was signed into law in February 2026 following the passage of the 24-Hour Economy Authority Bill by Parliament. The programme aims to unlock round-the-clock economic activity, deepen value chains, boost productivity, and create jobs in agriculture, manufacturing, logistics, and services. The government allocated GHS 110 million in the 2026 Budget to kickstart the initiative, with GIIF already identified as a strategic partner for attracting private investment.

Governance Questions Loom

The merger announcement comes amid ongoing scrutiny of MIIF's governance and transparency. In March 2026, the Centre for Extractives and Development Africa (CEDA) raised concerns over recent amendments to the MIIF Act that reduced the fund's share of mineral royalties from 80 percent to just 2 percent, with the bulk of royalties redirected to a newly created Mineral Income Holding Account.

Samuel Bekoe, Executive Director of CEDA, questioned whether the fund could still fulfil its original mandate under the new arrangement and called for clear governance rules, including withdrawal rules, investment rules, and quarterly reporting requirements. "Because these resources are non-renewable and exhaustible… if we do not invest them very well, our future generations will come and be depressed," he warned.

The proposed sovereign wealth fund would exist alongside Ghana's existing sovereign wealth arrangements—the Ghana Stabilisation Fund and the Ghana Heritage Fund, collectively known as the Ghana Petroleum Funds, which are managed under the Petroleum Revenue Management Act and overseen by the Bank of Ghana.

Next Steps

The Finance Minister did not provide a specific timeline for the legislative or administrative processes required to effect the merger. The proposal will likely require parliamentary approval, given that both MIIF and GIIF were established by separate Acts of Parliament. As Ghana seeks to leverage its mineral wealth and infrastructure financing capacity to catalyse private-sector-led growth, the success of the consolidated fund will depend on robust governance frameworks and transparent management of public resources.