The Institute for Economic and Fiscal Policy Governance has rejected claims by Minority Leader Alexander Afenyo-Markin that the Ghana Gold Board (GoldBod) is experiencing “huge losses.” The Institute described these assertions as economically false and inconsistent with GoldBod’s financial performance and audited accounts.
GoldBod’s audited financial statements for the year ending December 31, 2025, show a total revenue of approximately GHS 5.55 billion. The institution recorded expenditures of about GHS 109.58 million, resulting in an overall reported surplus of approximately GHS 5.44 billion. These figures directly contradict any suggestion that GoldBod is facing significant financial difficulties.
This financial outcome is crucial for Ghana’s economic stability, particularly in the context of its gold sector. GoldBod was established to formalize gold trading, reduce smuggling, and improve the repatriation of foreign exchange. Its success contributes significantly to Ghana's foreign exchange reserves, reducing reliance on debt-creating mechanisms like Eurobonds and syndicated loans. The institution's performance helps mitigate sovereign debt burdens and exchange-rate risks.
The Institute for Economic and Fiscal Policy Governance emphasized that while political leaders have a right to scrutinize public institutions, such oversight must rely on accurate financial interpretation. They stated, “GoldBod’s audited financial statements for the year ended 31 December 2025 show that the institution recorded total revenue of approximately GH¢5.55 billion, against expenditure of about GH¢109.58 million, producing an overall reported surplus of approximately GH¢5.44 billion.”
GoldBod’s operational surplus of GHS 909.71 million, even after excluding GHS 4.55 billion in unutilized government seed capital, demonstrates its strong internal performance. This operational result directly undermines any broad claims that the institution’s core activities are fundamentally loss-making. The institution generated GHS 970.76 million in non-tax revenue and GHS 35.33 million in finance income during the year 2025. These revenues came from various sources, including GHS 558.14 million from artisanal and small-scale mining gold aggregation service charges, GHS 337.42 million from assay fees, GHS 30.77 million from registration and licensing fees, and GHS 41.85 million from inspection fees from large-scale mining companies.
Furthermore, GoldBod’s expenditure declined from GHS 129.66 million in 2024 to GHS 109.39 million in 2025, despite an expansion in its operations. This reduction in expenditure alongside increased internally generated revenue indicates efficient management. Ghana’s total gold export earnings reached approximately US$20.9 billion in 2025, a significant increase from US$10.3 billion in 2024. The artisanal and small-scale mining sector alone contributed approximately US$10.8 billion to these export receipts, making it a major source of foreign exchange for the country. This substantial contribution helps channel billions of dollars into Ghana’s formal export system, preventing losses from smuggling and unregulated trading. Gold exports accounted for roughly two-thirds of Ghana’s total merchandise export earnings, providing crucial support for foreign exchange reserves and external sector stability.
The continued strong performance of GoldBod will be vital for Ghana’s economic outlook. Decision-makers and markets will closely watch how the institution sustains its operational efficiency and its role in formalizing the gold sector. Its ability to generate significant foreign exchange without incurring sovereign debt obligations remains a key factor in Ghana's financial health. Future policy decisions regarding the gold sector will likely consider GoldBod's proven capacity to contribute to national revenue and economic stability.