The Ghana Gold Board (GoldBod) has recorded an overall surplus of GH₵5,457,413,825 for the 2025 fiscal year, marking one of the strongest financial performances by a state institution in Ghana’s extractive sector and signalling the growing success of its gold aggregation and trading mandate.
The figure represents an increase from the GH₵185,342,031 surplus recorded in 2024, reflecting a year-on-year growth of more than 2,800 per cent, underscoring GoldBod’s rapid financial transformation following the operational expansion of its mandate.
From its operational activities, the Corporation achieved a sterling performance as it recorded an operational surplus of GH₵909.71 million as part of the overall surplus.
According to the institution’s audited financial statements for the year ended December 31, 2025, total revenue surged to GH₵5.554 billion from GH₵308.14 million in 2024, while total expenditure declined to GH₵109.4 million from GH₵129.7 million over the same period.
The strong surplus position was driven by GoldBod’s operational performance. The strategic government subvention of GH₵4,547,700,000 received for revolving trade capital to support gold purchasing, trading and export operations has laid a strong foundation for the Board’s future operations.
Beyond the government grant, GoldBod’s core operational activities generated an impressive GH₵909,713,825 in surplus from non-tax revenue streams, demonstrating the institution’s growing capacity to generate sustainable income from its primary mandate.
Total non-tax revenue rose sharply to GH₵983,962,564 in 2025 from GH₵307,786,982 in 2024, representing more than a threefold increase.
This revenue was largely anchored by Artisanal and Small-scale Mining (ASM) gold aggregation service charges, which contributed GH₵568,341,867 and emerged as the single largest internally generated revenue source for the year.
Assay services also delivered strong returns, contributing GH₵340,426,487, highlighting GoldBod’s strategic role in quality assurance, valuation and certification within Ghana’s gold value chain.
Registration and licensing fees generated GH₵30,770,848, while inspection fees from large-scale mining companies brought in GH₵41,853,837. Additional income came from commissions on diamond exports amounting to GH₵1,622,320 and Diamond Licensed Buying Companies fees of GH₵770,700.
Finance income also increased significantly to GH₵35,337,378 from just GH₵357,444 in 2024, further strengthening the institution’s earnings position.
On the expenditure side, GoldBod maintained disciplined cost management, reducing total expenditure to GH₵109.59 million despite expanded operational responsibilities. This compares favorably with the GH₵129.66 million recorded in 2024.
Compensation of employees accounted for GH₵37,381,334. The use of goods and services stood at GH₵28,338,703, whilst specialised expenses amounted to GH₵38,915,495.
Taskforce deployment cost the Board GH₵14,294,116 followed by Corporate Social Responsibility and the Special Intervention Programme (SIP), which accounted for GH₵11,248,172 and GH₵5,263,873 respectively.
Importantly, GoldBod recorded no finance costs in 2025 compared to GH₵46,038,551 in 2024, reflecting stronger liquidity management and reduced debt servicing pressure.
The institution’s asset base also expanded significantly, with total assets rising to GH₵9,468,221,622 from GH₵1,642,607,532 in 2024.
Total liabilities increased to GH₵3,948,612,922 from GH₵1,518,822,464 in 2024 largely due to trade payables associated with the Domestic Gold Purchase Programme, particularly amounts payable to the Bank of Ghana.
Cash and cash equivalents stood at GH₵8,770,555,176 at the close of the year, compared to GH₵738,175,990 in 2024, supported by strong operating cash inflows of GH₵8,061,997,717.
The Board of Directors stated that GoldBod remained financially sound and has adequate resources to continue operating for the foreseeable future, affirming that the financial statements were prepared on a going-concerned basis.
Meanwhile, the total gold exports from ASM sector complemented by large-scale mining companies surged to about USD 20billion in 2025 contributing to the reserves accumulation by the Bank of Ghana and improved stability of the Ghana cedi.
BY TIMES REPORTER
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