Ghana’s Gold Board (GoldBod) has reported a surplus of GH¢5.44 billion in its first full year of operation, marking a strong financial start for the state-backed institution created to centralise and regulate the country’s gold trade.
According to the Board’s audited financial statements for the year ending December 31, 2025, GoldBod generated total revenue of GH¢5.55 billion, a sharp rise from the GH¢308.14 million recorded in 2024 under the previous structure. Total expenditure stood at GH¢109.39 million, leaving a surplus before exceptional items of GH¢5.44 billion.
After accounting for exceptional items, including losses on financial assets and a share of profit from GoldBod Jewellery Limited, the institution still posted a final surplus of GH¢5.44 billion, compared with a restated GH¢185.34 million surplus in 2024.
GoldBod was established under the Ghana Gold Board Act, 2025 (Act 1140), replacing the defunct Precious Minerals Marketing Company (PMMC). The institution officially began operations in April 2025, with its governing board inaugurated a month later by the Finance Minister on behalf of President John Mahama.
Under the law, GoldBod now serves as the central authority responsible for buying, grading, assaying, valuing, exporting and regulating Ghana’s gold trade.
A significant portion of the Board’s revenue came from a GH¢4.55 billion government grant provided as revolving trade capital to support gold purchasing and export operations. Beyond the government support, GoldBod still generated over GH¢1 billion in operational revenue and recorded an independent surplus of about GH¢895.3 million.
The institution earned substantial income from assay fees, vault services, registration and licence fees, inspection charges and commissions linked to diamond exports.
Expenditure remained relatively moderate, with employee compensation accounting for GH¢37.38 million, while spending on goods and services totalled GH¢28.34 million. Specialised operational expenses reached GH¢38.92 million.
GoldBod’s balance sheet expanded significantly during the year. Total assets increased to GH¢9.55 billion from GH¢1.68 billion in 2024, while net assets surged to GH¢5.60 billion. Cash and cash equivalents alone stood at GH¢8.77 billion by the end of the year.
Operationally, GoldBod played a central role in Ghana’s foreign exchange strategy through the Bank of Ghana’s Gold-for-Reserves programme. The Board reported that it assayed 103.8 metric tonnes of artisanal and small-scale mining gold valued at US$10.8 billion, alongside 101 metric tonnes of large-scale mining gold worth US$9.7 billion.
In total, GoldBod exported or facilitated the export of 204.8 metric tonnes of gold in 2025, helping legal gold exports rise to nearly US$20 billion from US$10.3 billion the previous year.
The institution also said it intensified efforts to formalise the gold trade by introducing a structured licensing regime for buyers and establishing a dedicated anti-smuggling taskforce. According to the report, these measures contributed to a reduction in illegal gold trading and improved compliance across the sector.
The Ghana Audit Service issued an unqualified opinion on the accounts, stating that the financial statements present a true and fair view of GoldBod’s financial position and performance for the year under review.
The strong first-year performance is likely to be seen by government as an early endorsement of the GoldBod model, which aims to improve gold traceability, increase export transparency, strengthen foreign exchange reserves and reduce revenue leakages from smuggling and under-declaration.
However, analysts say the institution’s growing financial importance will place increasing pressure on its governance systems, procurement controls and transparency standards as it manages billions of cedis in public-backed trade capital.
