The Ghana Gold Board (GoldBod) achieved a remarkable financial turnaround in 2025, posting an overall surplus of GH¢5.45 billion, a significant jump from the GH¢185.34 million surplus recorded in the previous fiscal year.
According to a statement issued by GoldBod on Tuesday, total revenue for the year reached GH¢5.56 billion against total expenditure of GH¢109.38 million. The institution also reported an operational surplus of GH¢909.71 million generated from its core non-tax activities.
The final surplus included an unutilised government subvention of GH¢4.55 billion and a profit contribution of GH¢959.72 million from GoldBod Jewellery Limited.
Revenue Drivers
The government provided seed capital of GH¢4.54 billion to support GoldBod’s gold purchasing, trading, and export operations. In addition, the board generated GH¢983.96 million in non-tax revenue and GH¢35.34 million in finance income.
Artisanal and small-scale mining (ASM) gold aggregation service charges led the non-tax revenue stream, contributing GH¢568.34 million, followed by assay fees of GH¢340.43 million. Registration and licensing fees yielded GH¢30.77 million, while inspection fees from large-scale mining companies accounted for GH¢41.85 million.
Other revenue sources included commissions on diamond exports (GH¢1.62 million) and fees from diamond licensed buying companies (GH¢770.70 million).
Expenditure and Efficiency Gains
Total spending for 2025 stood at GH¢109.39 million, down from GH¢129.66 million in 2024, despite expanded operations. Compensation of employees amounted to GH¢37.38 million, use of goods and services was GH¢28.14 million, specialised expenses totalled GH¢38.92 million, and depreciation charges were GH¢4.95 million.
Notably, the institution recorded no finance costs in 2025, compared with GH¢46.04 million the previous year, reflecting improved financial efficiency and reduced debt-servicing obligations.
Key expenditure items included task force deployment (GH¢14.29 million), corporate social responsibility and the Special Intervention Programme (GH¢11.25 million), and establishment costs (GH¢5.8 million).
Strong Balance Sheet
GoldBod’s total assets as of the end of 2025 stood at GH¢9.55 billion, representing a 468 per cent increase over the fiscal year. Total liabilities amounted to GH¢3.95 billion, resulting in net assets of GH¢5.60 billion.
Cash and cash equivalents rose sharply to GH¢8.77 billion from GH¢738.18 million in 2024, supported by strong operating cash inflows of GH¢8.06 billion.
Current liabilities included trade payables of GH¢3.88 billion, with GH¢3.78 billion relating to amounts payable to the Bank of Ghana under the Domestic Gold Purchase Programme. Long-term borrowing declined to GH¢17 million from GH¢30 million in 2024, consisting of legacy facilities with Royal Bank and Unibank Ghana Limited inherited from the defunct Precious Minerals Marketing Company (PMMC).
The board of directors expressed satisfaction that GoldBod had adequate resources to continue operating for the foreseeable future and consequently prepared the financial statements on a going concern basis.
