The Ghana Gold Board (GoldBod) has released its audited financial statements for 2025, confirming a total surplus of GH₵5.45 billion in its first full year of operations, a result that marks one of the strongest performances recorded by a state institution in Ghana’s extractive sector.
According to the audited accounts 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 fell to GH₵109.38 million from GH₵129.66 million over the same period. The board also eliminated finance costs entirely in 2025, compared to GH₵46.04 million recorded the previous year.
The overall surplus of GH₵5.45 billion comprises an operational surplus of GH₵909.71 million generated from core non-tax activities and an unutilised government subvention of GH₵4.55 billion provided as revolving trade capital for gold purchases. Non-tax revenue, which covers the board’s internally generated income, rose from GH₵307.79 million in 2024 to GH₵983.96 million in 2025, a more than threefold increase.
Artisanal and Small-scale Mining (ASM) gold aggregation service charges were the largest single revenue driver at GH₵568.34 million, followed by assay services at GH₵340.43 million. Additional income came from registration and licensing fees, inspection charges from large-scale mining companies, diamond export commissions and finance income, which grew to GH₵35.34 million from just GH₵357,444 in 2024.
The performance is notable in the context of GoldBod’s significant institutional expansion. The board grew its workforce from 114 employees under the defunct Precious Minerals Marketing Company (PMMC) in 2024 to 450 in 2025, taking on a substantially broader mandate spanning gold aggregation, licensing, assay services, inspections, anti-smuggling enforcement and export coordination.
On its balance sheet, total assets rose to GH₵9.47 billion from GH₵1.64 billion in 2024, while cash and cash equivalents climbed to GH₵8.77 billion from GH₵738.18 million, supported by operating cash inflows of GH₵8.06 billion. Total liabilities stood at GH₵3.95 billion, largely reflecting trade payables of GH₵3.78 billion owed to the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme (DGPP).
The Board of Directors stated that GoldBod remains financially sound and has adequate resources to continue operating for the foreseeable future.
The audited results follow months of public debate over GoldBod’s financial position, during which the International Monetary Fund (IMF) referenced a US$214 million gap in gold-related transactions linked to the central bank’s foreign exchange intervention activities. GoldBod consistently disputed those characterisations, maintaining that its own operations generated a substantial surplus.
