Ghana Gold Board (GoldBod) has reported a strong financial performance for the 2025 fiscal year, posting a surplus of GH¢5.4 billion, underscoring its growing influence in Ghana’s gold trading and export sector.

GoldBod recorded a total revenue of GH¢5.55 billion, an operational surplus of GH¢909.71 million.

The financial report shows that GoldBod generated total revenue of GH₵¢5.56 billion against total expenditure of GH¢109.38 million, resulting in an overall surplus of GH¢5.45 billion, GoldBod said in a statement.

The impressive surplus 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 curb leakages while boosting official gold exports.

After accounting for a profit of GH¢959.72 million from GoldBod Jewellery Limited, the institution’s final surplus came in at GH¢5.45 billion.

This marks a sharp improvement on the 2024 fiscal year, when surplus after exceptional items stood at GH¢185.34 million, highlighting a significant 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.

In addition, the Board generated GH¢983.96 million in non-tax revenue and GH¢35.34 million in finance income. The non-tax revenue stream was largely driven by Artisanal and Small-scale Mining (ASM) gold aggregation service charges, which contributed 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, amounting to GH¢1.62 million, and fees from Diamond Licensed Buying Companies of 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 in 2025.

The statement said compensation of employees amounted to GH¢37.38 million, use of goods and services stood at GH¢28.14 million, specialised expenses at GH¢38.92 million, and depreciation charges at 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,” it said.

The statement added: “Expenses were largely driven by task force deployment, which cost GH¢14.29 million, followed by corporate social responsibility and the Special Intervention Programme (SIP) at GH¢11.25 million.”

Establishment costs stood at GH¢5.8 million, while monitoring and inspection and assay services accounted for GH¢1 million and GH¢618,206, respectively.

Surplus breakdown

The statement explained that the surplus recorded during the year comprised an operational surplus of GH¢909.71 million generated from core non-tax activities, alongside an unutilised government subvention of GH¢4.55 billion.

GoldBod’s balance sheet also reflected strong liquidity and a solid asset base. Total assets at the end of the year stood at GH¢9.55 billion, representing a 468 per cent increase over the fiscal period. Total liabilities amounted to 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 from GH¢738.18 million in 2024, supported by strong operating cash inflows of GH¢8.06 billion during the year.

Accumulated surplus stood at GH¢5.58 billion, further strengthening the institution’s financial position.

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. 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 satisfaction that GoldBod has adequate resources to continue operating for the foreseeable future and, consequently, prepared the financial statements on a going concern basis.

Way forward

The gold market played a supportive role, with prices remaining relatively high throughout much of 2025 amid economic uncertainty and sustained investor demand for safe-haven assets. GoldBod capitalised on these conditions, 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, transparent systems in maximising the country’s natural resource wealth.