Prez Mahama challenges GoldBod to sustain strong financial performance

President John Dramani Mahama has commended the Ghana Gold Board (GoldBod) for its significant improvement in profitability but has challenged the institution to demonstrate that the gains can be maintained over the long term.

GoldBod’s net profit rose from approximately GH¢178.5 million in 2024 to GH¢896.5 million in 2025, representing a substantial improvement in its financial performance.

President Mahama, however, cautioned that the results of a single year should not be mistaken for a permanent turnaround.

He made the remarks at the 2026 Governing Boards and CEOs’ Conference organised by the State Interests and Governance Authority (SIGA).

According to the President, GoldBod’s latest performance is worthy of recognition, but the institution must strengthen its underlying operations to ensure that its progress does not depend primarily on favourable economic conditions.

“These results deserve commendation. It must however be sustained through stronger core operations and cannot depend indefinitely on just a better business environment and the exchange rate movement. A one year turn around is encouraging but sustained performance is the real test,” President Mahama said.

The President’s comments put renewed emphasis on the need for GoldBod to build systems and operational structures capable of delivering consistent results even when market and economic conditions become less favourable.

GoldBod’s audited 2025 financial statements recorded an operational surplus of GH¢909.7 million, while its overall surplus stood at GH¢5.44 billion.

The institution also recorded a major increase in non-tax revenue, which climbed from GH¢307.7 million in 2024 to GH¢970.8 million in 2025.

The improved financial position coincided with a significant expansion in its workforce. GoldBod’s staff strength increased from 114 employees in 2024 to 450 in 2025.

A key factor behind GoldBod’s performance was its growing involvement in the artisanal and small-scale mining (ASM) gold market.

In 2025, the institution purchased 104 tonnes of gold from the ASM sector, exceeding its purchases from large-scale mining operations for the first time.

The transactions were estimated to have contributed almost US$11 billion in foreign exchange to the economy.

GoldBod’s gold procurement activities have continued to expand in 2026.

Between January 2025 and May 2026, its cumulative gold purchases reached 135.843 tonnes, with ASM production accounting for approximately 98 per cent of the total.

The figures underscore the increasing importance of artisanal and small-scale mining to Ghana’s gold industry and GoldBod’s expanding role in formalising and managing the trade.

The increased procurement could provide Ghana with greater opportunities to mobilise foreign exchange, improve revenue generation and strengthen oversight of gold transactions.

For President Mahama, however, GoldBod’s ultimate success will not be determined by its latest profit figures alone.

He wants the institution to develop stronger core operations and systems that can preserve the gains achieved in 2025, regardless of movements in the exchange rate or changes in the wider business environment.

GoldBod’s jump in net profit from GH¢178.5 million to GH¢896.5 million within a year marks a major financial turnaround.

The next test, President Mahama says, is whether the institution can transform that improvement into sustained, efficient and accountable performance over the years ahead.

Story by: Joshua Kwabena Smith