GoldBod Posts GH¢5.4bn Surplus After Strong 2025 Financial Performance

The Ghana Gold Board (GoldBod) delivered an impressive financial performance in 2025, recording total revenue of GH¢5.55 billion and an operational surplus of GH¢909.71 million.

According to its latest financial report, the board’s total expenditure stood at GH¢109.38 million, leading to an overall surplus of approximately GH¢5.45 billion. An additional profit of GH¢959.72 thousand from its subsidiary, GoldBod Jewellery Limited, contributed to maintaining the final surplus at the same level.

This marks a significant improvement compared to 2024, when the institution posted a surplus of GH¢185.34 million after exceptional items.

In terms of revenue sources, the government injected seed capital of GH¢4.54 billion to support gold purchasing, trading, and exports. Beyond that, GoldBod generated GH¢983.96 million in non-tax revenue and GH¢35.34 million in financial income.

A large share of the non-tax revenue came from Artisanal and Small-scale Mining (ASM) gold aggregation service charges, which brought in GH¢568.34 million. Assay fees followed with GH¢340.43 million. Other contributions included GH¢30.77 million from registration and licensing fees and GH¢41.85 million from inspection fees paid by large-scale mining companies.

Additional income streams included GH¢1.62 million in commissions from diamond exports and GH¢770.70 million from fees paid by licensed diamond buying companies.

On the spending side, total expenditure declined to GH¢109.39 million from GH¢129.66 million in 2024, despite expanded operations. Staff compensation accounted for GH¢37.38 million, while goods and services cost GH¢28.14 million. Specialised expenses stood at GH¢38.92 million, and depreciation was GH¢4.95 million.

Notably, GoldBod recorded no finance costs in 2025, compared to GH¢46.04 million in the previous year, reflecting improved efficiency and reduced debt obligations.

Key drivers of expenses included task force operations costing GH¢14.29 million, as well as corporate social responsibility initiatives and the Special Intervention Programme, which together amounted to GH¢11.25 million. Establishment costs were GH¢5.8 million, while monitoring, inspection, and assay services together accounted for just over GH¢1.6 million.

The surplus for the year consisted of an operational surplus of GH¢909.71 million and an unspent government allocation of GH¢4.55 billion.

GoldBod’s balance sheet showed strong growth, with total assets rising to GH¢9.55 billion—an increase of 468 per cent. Liabilities stood at GH¢3.95 billion, leaving net assets at GH¢5.60 billion.

Cash reserves surged to GH¢8.77 billion from GH¢738.18 million in 2024, supported by strong operational cash inflows of GH¢8.06 billion. The accumulated surplus reached GH¢5.58 billion, further reinforcing the board’s financial standing.

Current liabilities included GH¢3.88 billion in trade payables, with GH¢3.78 billion owed to the Bank of Ghana under the Domestic Gold Purchase Programme.

Long-term debt reduced significantly to GH¢17 million from GH¢30 million in 2024. These liabilities stem from legacy obligations with Royal Bank and Unibank Ghana Limited, inherited from the now-defunct Precious Minerals Marketing Company.

The Board of Directors expressed confidence in the institution’s financial health, noting that GoldBod has sufficient resources to sustain its operations into the foreseeable future.