GoldBod records GH¢5.45bn surplus in 2025 performance

The Ghana Gold Board (GoldBod) recorded a GH¢5.45 billion surplus in 2025, driven by strong revenue growth and improved operational efficiency.

According to its latest financial statement, the institution generated total revenue of about GH¢5.56 billion against expenditure of GH¢109.38 million, resulting in a substantial overall surplus.

The performance marks a sharp improvement from 2024, when surplus after exceptional items stood at GH¢185.34 million.

GoldBod indicated that part of the 2025 outcome was supported by a government seed capital injection of GH¢4.54 billion to facilitate gold purchasing, trading and export activities.

In addition to this, the Board recorded GH¢983.96 million in non-tax revenue and GH¢35.34 million in finance income.

A breakdown of the non-tax revenue shows that Artisanal and Small-scale Mining (ASM) gold aggregation service charges were the largest contributor, bringing in GH¢568.34 million. This was followed by assay fees of GH¢340.43 million.

Other revenue streams included GH¢30.77 million from registration and licensing, GH¢41.85 million from inspection fees charged to large-scale mining firms, GH¢1.62 million from diamond export commissions and GH¢770.70 million from Diamond Licensed Buying Companies.

On the expenditure side, GoldBod reduced its total spending to GH¢109.39 million in 2025, down from GH¢129.66 million the previous year, despite expanded operations.

Employee compensation accounted for GH¢37.38 million, while goods and services cost GH¢28.14 million. Specialised expenses stood at GH¢38.92 million, with depreciation recorded 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,” the statement said.

The report further noted: “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.”

Other costs included GH¢5.8 million in establishment expenses, GH¢1 million for monitoring and inspection, and GH¢618,206 for assay services.

GoldBod explained that the total surplus comprised an operational surplus of GH¢909.71 million from its core activities and an unutilised government subvention of GH¢4.55 billion.

The institution’s balance sheet reflects strong financial health, with total assets rising to GH¢9.55 billion, representing a 468 per cent increase over the previous year. Total liabilities stood at GH¢3.95 billion, leaving net assets of GH¢5.60 billion.

Cash and cash equivalents saw a significant jump to GH¢8.77 billion from GH¢738.18 million in 2024, supported by operating cash inflows of GH¢8.06 billion.

Accumulated surplus reached GH¢5.58 billion, further strengthening GoldBod’s financial position.

Current liabilities included trade payables of GH¢3.88 billion, of which GH¢3.78 billion is 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, relating to legacy obligations inherited from the defunct Precious Minerals Marketing Company (PMMC).

The Board of Directors expressed confidence in the institution’s financial stability, stating that GoldBod has sufficient resources to continue operating effectively and has therefore prepared its accounts on a going concern basis.