Ghana Gold Board (GoldBod) has delivered a strong financial performance for the 2025 fiscal year, recording a surplus of GH¢5.4 billion—an outcome that underscores its growing influence in Ghana’s gold trading and export sector.
The Board reported total revenue of approximately GH¢5.55 billion and an operational surplus of GH¢909.71 million. In a statement, GoldBod indicated that total revenue of GH¢5.56 billion against expenditure of GH¢109.38 million resulted in an overall surplus of GH¢5.45 billion.
This impressive performance reflects a combination of increased gold output, favourable international prices, and improved operational efficiency. Industry observers note that GoldBod’s strengthened oversight and streamlined processes have helped reduce leakages while boosting official gold exports.
After accounting for a profit contribution of GH¢959.72 million from GoldBod Jewellery Limited, the institution’s final surplus remained at GH¢5.45 billion.
This represents a significant improvement over the 2024 fiscal year, when surplus after exceptional items stood at GH¢185.34 million—highlighting a notable turnaround in performance.
Revenue basket
In 2025, the government provided seed capital of GH¢4.54 billion to support GoldBod’s gold purchasing, trading, and export operations.
Additionally, the Board generated GH¢983.96 million in non-tax revenue and GH¢35.34 million in finance income. The bulk of non-tax revenue came from Artisanal and Small-scale Mining (ASM) gold aggregation service charges, 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).
On the expenditure side, GoldBod recorded total spending of GH¢109.39 million, down from GH¢129.66 million in 2024, despite expanded operations.
Employee compensation amounted to GH¢37.38 million, goods and services to GH¢28.14 million, specialised expenses to GH¢38.92 million, and depreciation charges to GH¢4.95 million.
“Notably, the institution recorded no finance costs in 2025, compared with GH¢46.04 million in 2024, reflecting improved financial efficiency and reduced debt-servicing obligations,” the statement noted.
It further explained that expenses were largely driven by task force deployment (GH¢14.29 million), followed by corporate social responsibility initiatives and the Special Intervention Programme (SIP) at GH¢11.25 million.
Establishment costs stood at GH¢5.8 million, while monitoring and inspection services and assay services accounted for GH¢1 million and GH¢618,206, respectively.
Surplus breakdown
GoldBod explained that the total surplus comprised an operational surplus of GH¢909.71 million from core non-tax activities, alongside an unutilised government subvention of GH¢4.55 billion.
The Board’s balance sheet reflected strong liquidity and a solid asset base. Total assets stood at GH¢9.55 billion at year-end, representing a 468 per cent increase over the previous fiscal period. Total liabilities were GH¢3.95 billion, resulting in a net asset position of GH¢5.60 billion.
Cash and cash equivalents surged to GH¢8.77 billion, up from GH¢738.18 million in 2024, supported by strong operating cash inflows of GH¢8.06 billion.
Accumulated surplus reached GH¢5.58 billion, further strengthening the institution’s financial position.
Current liabilities included trade payables of GH¢3.88 billion, of which GH¢3.78 billion was owed 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. These obligations relate to legacy facilities with Royal Bank and Unibank Ghana Limited inherited from the defunct Precious Minerals Marketing Company (PMMC).
The Board of Directors expressed confidence that GoldBod has adequate resources to sustain operations in the foreseeable future and accordingly prepared its financial statements on a going concern basis.
Way forward
The global gold market provided strong support, with prices remaining relatively high throughout much of 2025 amid economic uncertainty and sustained demand for safe-haven assets. GoldBod capitalised on these conditions by optimising its trading strategies and export timing.
As Ghana continues to position itself as a leading gold producer in Africa, GoldBod’s 2025 results highlight the potential of structured and transparent systems in maximising the value of the country’s natural resources.
