The Ghana Gold Board (GoldBod) has posted an unprecedented overall surplus of GH¢5.46 billion for the 2025 fiscal year, marking one of the strongest financial performances by a state institution in Ghana’s extractive sector.
The figure represents a dramatic rise from the GH¢185.3 million surplus recorded in 2024—an increase of over 2,800 percent—highlighting the rapid transformation of the Board following the expansion of its gold aggregation and trading mandate.
According to its audited financial statements for the year ended December 31, 2025, total revenue surged to GH¢5.55 billion from GH¢308.14 million in 2024, while total expenditure declined to GH¢109.4 million.
Of the total surplus, GH¢909.7 million was generated from GoldBod’s core operational activities, reflecting strong performance in non-tax revenue streams.
A significant driver of this growth was a government subvention of GH¢4.55 billion, provided as revolving trade capital to support gold purchasing, trading and export operations.
Non-tax revenue also recorded substantial growth, rising to GH¢983.9 million from GH¢307.8 million in 2024. Artisanal and small-scale mining (ASM) service charges contributed the largest share at GH¢568.3 million, followed by assay services, which generated GH¢340.4 million.
Additional income sources included registration and licensing fees, inspection fees from large-scale mining firms, and commissions on diamond exports.
On the expenditure side, GoldBod maintained cost discipline despite expanded operations. Employee compensation stood at GH¢37.38 million, while spending on goods and services and specialised expenses amounted to GH¢28.3 million and GH¢38.9 million respectively.
Notably, the Board recorded no finance costs in 2025, compared to GH¢46 million in 2024, reflecting improved liquidity and reduced debt servicing.
The institution’s total assets grew significantly to GH¢9.47 billion, up from GH¢1.64 billion the previous year, while cash and cash equivalents rose sharply to GH¢8.77 billion.
GoldBod’s Board of Directors affirmed that the institution remains financially sound and well-positioned to sustain operations, with its financial statements prepared on a going-concern basis.
Meanwhile, Ghana’s gold exports—driven largely by the ASM sector and complemented by large-scale mining—reached approximately $20 billion in 2025, boosting the country’s foreign reserves and supporting the stability of the cedi.
