The Ghana Gold Board (GoldBod) generated GHS 970.7 million in non-tax revenue, derived entirely from legally approved fees and charges. This figure represents a substantial increase from GHS 307.7 million recorded in 2024.
GoldBod Chief Executive Officer, Sammy Gyamfi, confirmed these earnings stem from various statutory services provided to the gold industry. These services include licensing, assaying, and field inspections. The revenue model is explicitly provided for under Ghanaian law, ensuring transparency and legal compliance.
This financial performance highlights GoldBod's growing role in Ghana's economy, particularly within the crucial gold sector. The gold industry remains a significant contributor to national revenue and foreign exchange. GoldBod's ability to generate substantial non-tax revenue reduces reliance on direct government funding. This also supports its regulatory functions, which are vital for maintaining standards and ensuring fair practices in gold mining and export. The increase in revenue reflects an expansion of GoldBod's operational scope or improved collection efficiency.
Mr. Gyamfi explained that GoldBod's funding sources are clearly outlined by law. These include allocations approved by Parliament, funds raised from financial markets, and borrowing. Crucially, a significant portion comes from fees and charges generated through its operations. He cited specific examples, such as an application fee of $100,000 for an aggregator licence. Approved applicants then pay a licence fee equivalent to $500,000 in Ghana cedis. These fees ensure that industry players contribute directly to the regulatory oversight they receive.
The implications of GoldBod's robust revenue generation are far-reaching. It strengthens the institution's capacity to regulate Ghana's gold sector effectively. This financial independence allows GoldBod to invest in better equipment and skilled personnel for assaying and inspections. Market participants and policymakers will closely monitor GoldBod's continued financial performance. Its ability to self-finance through legitimate fees helps ensure the stability and integrity of Ghana's gold trade. This also provides a clear framework for industry players regarding their financial obligations to the regulator. The increased revenue also signals a more active and effective regulatory presence in the gold mining landscape.
GoldBod charges different fees for self-financing aggregators and various categories of gold-buying licences. Large-scale mining companies also contribute significantly. They must submit their gold to GoldBod for assaying before export. This assaying process involves equipment, workers, consumables, and maintenance costs. Mining companies pay an assay fee of $90 for every sample processed. This ensures accurate assessment of gold purity and quantity before it leaves the country.
GoldBod officers also conduct field inspections at mining companies. These inspections monitor the smelting process. They ensure that gold quantities and purity are not under-declared. Companies pay $840 per visit for these crucial oversight activities. Exporters of artisanal and small-scale mining gold also pay an assaying fee approved by Parliament. This charge applies universally, whether the exporter is the Bank of Ghana, the Ministry of Finance, a self-financing aggregator, or a private exporter. GoldBod further issues licences to refineries, jewelers, and fabricators, who pay application and licensing fees. All these diverse fees collectively form GoldBod's non-tax revenue. The significant growth from GHS 307.7 million in 2024 to GHS 970.7 million in 2025 underscores the effectiveness of this revenue model.