Mahama commends GoldBod over GHc96.5m profit, urges sustained growth

President says transparent structures around gold trade yielding results, but warns performance must not depend on favourable market conditions and exchange rate movements alone

President John Dramani Mahama has commended the Ghana Gold Board (GoldBod) for posting a net profit of approximately GH¢896.5 million in the latest financial period, a nearly five-fold increase from the GH¢178.5 million recorded in 2024.

The President made the remarks at the 2026 Governing Boards and CEOs Conference organised by the State Interests and Governance Authority (SIGA), where GoldBod was singled out for recognition in the report’s entity spotlight .

“GoldBod, which is deservedly highlighted in the report’s entity spotlight, recorded approximately a net profit of ¢896 million compared with ¢178.5 million in 2024,” President Mahama said .

Transparent structures credited

The President attributed the strong performance to deliberate efforts to build credible governance systems around Ghana’s gold trade.

“This performance reflects the strategic importance of building transparent, accountable, and nationally beneficial structures around Ghana’s gold trade,” he stated .

GoldBod, established under the Ghana Gold Board Act, 2025 (Act 1140), is the sole authority with exclusive rights to buy, sell, weigh, grade, assay, value, and export gold and other precious minerals in Ghana. The institution was set up to replace the Precious Minerals Marketing Company (PMMC), with a broader mandate that includes regulatory enforcement, anti-smuggling operations, and formalisation of the artisanal and small-scale mining sector .

Backed by a seed capital of US$279 million advanced by the government, GoldBod is mandated to oversee the purchase, assay, refining, and export of a minimum of three tons of gold every week, primarily to generate foreign exchange and support the Bank of Ghana’s gold reserve accumulation .

A caution against complacency

While describing the financial turnaround as highly encouraging, President Mahama cautioned management against becoming overly reliant on favourable market conditions or exchange rate movements.

“These results deserve commendation but they must, however, be sustained through stronger core operations and cannot depend indefinitely on just a better business environment and the exchange rate movements,” he stressed .

He urged GoldBod to consolidate its progress by strengthening operational foundations and ensuring that financial performance remains sustainable over the long term .

Financial figures in context

The GH¢896.5 million figure represents GoldBod’s performance excluding a GH¢4.55 billion government grant included in the entity’s total revenue of GH¢5.55 billion for the 2025 financial year. Under IPSAS 23 accounting standards, the grant was recognised as revenue from a non-exchange transaction, but financial analysts have noted that excluding it provides a clearer picture of GoldBod’s core operating performance .

GoldBod’s Chief Executive Officer, Sammy Gyamfi, has also pointed to the institution’s diversified funding model. Since March 2026, GoldBod has raised more than US$450 million from commercial banks and gold offtakers, reducing its reliance on Bank of Ghana financing .

Broader significance

The recognition comes as GoldBod has drawn continental attention for its approach to mineral governance. Officials and delegations from Tanzania, Mozambique, Zimbabwe, and other African states have visited the institution to study its operational model, which combines strategic gold purchasing, traceability systems, and value-addition initiatives .

The institution’s reforms align with President Mahama’s stated vision that by 2030, Ghana will add value to all its mineral resources before export—a policy direction aimed at moving beyond the colonial-era model of exporting raw materials .

GoldBod’s rapid rise from a newly established institution to a profitable state enterprise has made it a closely watched case study in how African countries can exert greater control over their mineral wealth and deploy it for national development.