The Ghana Gold Board (GoldBod) has categorically dismissed reports suggesting financial losses linked to its operations, describing such claims as false, misleading, and unsupported by facts. Contrary to public speculation, the GoldBod says it is on course to declare a minimum income surplus of GH¢600 million for the 2025 financial year, according to its unaudited financial statements published on its official website.
No Losses Recorded by GoldBod in 2025
In a detailed clarification, the GoldBod emphasized that it has not incurred any losses in 2025. Instead, the institution reports strong financial performance under its gold purchasing and export mandate, particularly within the Artisanal and Small-Scale Mining (ASM) gold trading program.
The Board further clarified that it has no knowledge of any alleged US$214 million loss reportedly incurred by the Bank of Ghana (BoG) under the Gold for Reserves Programme due to so-called “GoldBod offtaker fees.”
“There is nothing like ‘GoldBod offtaker fees’ under the ASM gold trading programme,” the statement stressed.
GoldBod’s Limited Role Under BoG Programs
According to the Board, GoldBod’s role in 2025 has been strictly limited to local gold purchasing, assaying, and exporting on behalf of the Bank of Ghana. The sale or trading of gold to off-takers falls exclusively under the Bank of Ghana, not GoldBod.
All off-take agreements, including pricing discounts covering freight, insurance, and refining costs, are negotiated and implemented solely by the Bank of Ghana.
Clarification on Fees Charged
GoldBod disclosed that the only charges it applies to the Bank of Ghana are:
- Statutory Assay Fee: 0.25%
- Service Charge: 0.5%
These fees, the Board explained, were inherited from a 2023 Gold Purchase Agreement between the Bank of Ghana and the now-defunct Precious Minerals Marketing Company (PMMC). There has been no increment in these fees in 2025, and all commissions paid to licensed gold buyers are borne by the Bank of Ghana.
Over US$10 Billion Generated in Forex Inflows
One of the most significant highlights of GoldBod’s operations in 2025 is its contribution to Ghana’s foreign exchange earnings. The Board reports that it has generated over US$10 billion in foreign exchange through the local purchase of more than 100 metric tonnes of ASM gold for the Bank of Ghana.
Additionally, GoldBod purchases 20% of gold output from nine large-scale mining companies to help bolster Ghana’s gold reserves.
Historic Growth in Ghana’s Foreign Reserves and Cedi Appreciation
These inflows have contributed to a historic rise in Ghana’s foreign reserves, which grew from US$9 billion in 2024 to approximately US$12 billion in 2025.
As a result:
- The Ghana cedi has appreciated by over 35% against the US dollar year-to-date
- Inflation has remained within single digits
- Government debt obligations have reduced
- The cost of living has eased nationwide
This marks the first time since 2007 that the cedi has recorded such sustained appreciation against the dollar.
GoldBod to Fully Take Over ASM Gold Trading in 2026
The GoldBod, which is barely eight months old, reiterated that its 2025 operations were largely executed in an agency capacity for the Bank of Ghana. As a non-subvented state agency, its internally generated funds (IGF) primarily come from the statutory assay and service fees.
However, beginning January 2026, GoldBod will fully take over the ASM gold trading programme, becoming solely responsible for the purchase, trading, and sale of gold, with no fee obligations to the Bank of Ghana.
Under this new framework, GoldBod will operate using a revolving seed trade capital provided by government, aimed at delivering sustainable profits for the Ghanaian people.
A Strong Outlook for Ghana’s Gold Economy
“What would have been the state of the Ghanaian economy today without the US$10 billion forex inflows from ASM gold operations alone?” the statement questioned.
According to the Board, the economic benefits of GoldBod’s operations are far-reaching and largely unquantifiable, with positive impacts across inflation control, currency stability, debt reduction, and general economic confidence.
“The future is bright for Ghana,” the statement concluded.
