Sammy Gyamfi
The Ghana Gold Board (GoldBod) recorded a significant increase in revenue, rising from $307.7 million in 2024 to $970.7 million in 2025, which indicates a strong financial performance despite a major expansion in staff strength and institutional mandate.
According to a statement issued by GoldBod yesterday, its latest audited financial statements as of December 31, 2025, showed that expenditure declined from GH¢129.7 million in 2024 to GH¢109.4 million in 2025, indicating strict cost control and improved operational efficiency.
The report also revealed that staffing levels rose significantly from 114 under the defunct Precious Minerals Marketing Company (PMMC) in 2024 to 450 employees in 2025, following the institution’s operational expansion.
GoldBod further posted a total operational (non-tax) surplus of GH¢909.7 million for the year under review, which underscores improved fiscal discipline and institutional performance.
“For instance, whereas the defunct PMMC had a total workforce of 114 in 2024, GoldBod maintained a total workforce of 450 in 2025, yet managed to keep expenditure at relatively lower levels through fiscal prudence, delivering a total operational (non-tax) surplus of GH¢909.7 million,” the Chief Executive Officer noted.
The report indicated that 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.
Other revenue sources included commissions on diamond exports amounting to GH¢1.62 million, and fees from Diamond Licensed Buying Companies, which generated GH¢770.70 million.
The statement further disclosed that compensation of employees amounted to GH¢37.38 million, while the use of goods and services stood at GH¢28.14 million. Specialised expenses were GH¢38.92 million, with depreciation charges of GH¢4.95 million.
“Notably, the institution recorded no finance costs in 2025, compared with GH¢46.04 million in 2024, which shows improved financial efficiency and reduced debt-servicing obligations,” the statement noted.
It added that expenses were largely driven by task force deployment, which cost GH¢14.29 million, followed by corporate social responsibility initiatives and the Special Intervention Programme (SIP), which accounted for GH¢11.25 million.
The report further highlighted GoldBod’s strong liquidity position and solid asset base, with total assets standing at GH¢9.55 billion at the end of 2025, representing a 468 per cent increase over the previous fiscal year.
Total liabilities amounted to GH¢3.95 billion, resulting in a net asset position of GH¢5.60 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, largely showing obligations tied to legacy facilities with Royal Bank and Unibank Ghana Limited, inherited from the defunct PMMC.
The Board of Directors expressed satisfaction that GoldBod has adequate resources to continue operating for the foreseeable future and has therefore prepared the financial statements on a going concern basis.
In the third quarter of 2025, GoldBod recorded one of its strongest quarterly performances, with gold exports reaching a combined $5.1 billion.
According to the statutory report covering July to September 2025, the institution generated GH¢691.14 million in total revenue, driven largely by both artisanal and large-scale mining operations, reinforcing gold’s position as Ghana’s most reliable export earner and a critical buffer for external revenues.
By Ebenezer K. Amponsah
