The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, announced a remarkable financial achievement in 2025: the institution generated GH¢970 million in non-tax revenue, representing a substantial increase compared to previous years. This significant figure underscores GoldBod’s direct involvement in bolstering state revenue beyond its core regulatory role within the gold trading sector. According to Gyamfi, the revenue stream is derived from charges levied on gold assaying activities conducted by the Bank of Ghana and licensed gold-buying companies across Ghana.
Specifically, the GH¢970 million was generated through ‘assay fees’ paid by GoldBod to these institutions. Mr. Gyamfi clarified that these fees are a fundamental component of GoldBod’s operational framework, administered and collected by the board.
He explained that the GoldBod’s fee structure is designed to facilitate a more robust and transparent revenue flow for the state. The fees are a direct payment from entities and operators that utilize GoldBod’s assaying services, ensuring a traceable and managed revenue stream.
Furthermore, Gyamfi emphasized the strategic importance of this revenue generation. The substantial amount demonstrates the potential for Ghana’s gold industry to provide a valuable and sustained source of income to the state. This potential is predicated on the effective regulation and accounting of gold transactions within the country. GoldBod’s reforms are intended to safeguard Ghana’s economic benefits by promoting greater retention of value within the country.
Afenyo-Markin has expressed strong support for Sammy Gyamfi’s initiatives, highlighting the significant progress made in the completion of the Kpong-Tema pipeline repairs, a key infrastructural project benefiting the nation.
This revenue, representing a substantial portion of the GoldBod’s total income, was generated through the assaying of gold, a process critical for determining its purity and market value. The Bank of Ghana and various licensed gold-buying companies are the primary recipients of these fees. The Board’s actions are aimed at formalizing the domestic gold trade, improving foreign exchange mobilization, and supporting the accumulation of Ghana’s gold reserves, all contributing to a more sustainable and lucrative gold industry.
The establishment of GoldBod’s fee structure represents a vital step in aligning the gold sector’s economic benefits with the state’s fiscal responsibility. The Board’s dedication to transparency and control over gold revenue is expected to yield further positive impacts on Ghana’s economic landscape.
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Source: Adom Online
