The Ghana Gold Board (GoldBod) has long been a pivotal institution within the nation’s gold industry, generating significant revenue through a meticulously structured model. Chief Executive Officer Sammy Gyamfi has vigorously defended this model, asserting that all GoldBod earnings are derived from legally approved fees and charges – a cornerstone of the institution’s operations. This is a crucial distinction from previously reported narratives which have often suggested a more opaque revenue stream. According to Mr. Gyamfi, GoldBod’s funding is firmly anchored within the framework of law, specifically as stipulated by Parliament, financial markets, borrowing, and, crucially, fees and charges generated from its core activities within the gold sector.
Mr. Gyamfi elucidates the precise composition of these fees. GoldBod’s sources are clearly delineated under the law, including allocations approved by Parliament, funds sourced from financial markets, and revenue derived from a range of operations. Specifically, when applying for an aggregator licence, individuals pay a $100,000 application fee to the Gold Board. When approved, a licensing fee of $500,000 is required, representing a cedi equivalent. Furthermore, GoldBod levies different fees for self-financing aggregators and various licences categories, including those for gold-buying.
Large-scale mining companies represent a particularly substantial revenue stream for GoldBod. Mr. Gyamfi explains that these companies are required to submit their gold to GoldBod for assaying before export. The assaying process itself necessitates substantial fees, encompassing equipment, labor, consumables, and maintenance – a sum that reflects the investment required by mining companies. The assaying fee is currently set at $90 per sample, a figure that has steadily increased from $840 in 2024 to $970.7 million in 2025.
GoldBod also handles field inspections, which are charged at $840 per visit, ensuring that the gold quantities and purity are consistently monitored. The institution’s revenue is generated through a diverse portfolio of fees, including licenses to refineries, jewelers, and fabricators, all of which contribute to the overall financial health of GoldBod. Mr. Gyamfi stated that all these fees collectively represent a non-tax revenue of approximately $970.7 million, a figure that has increased significantly from $307.7 million in 2024 to $970.7 million in 2025.
Mr. Gyamfi highlights that the gold industry, particularly artisanal and small-scale mining, is also a key revenue source. Mining companies are required to submit their gold to GoldBod for assaying, and this process is mandated by Parliament. The assaying fee is determined by the Bank of Ghana, the Ministry of Finance, self-financing aggregators, or private exporters, all of which are subject to approval by Parliament. The institution’s fees are determined regardless of whether the exporter is the Bank of Ghana, the Ministry of Finance, or a self-financing aggregator. The institution also issues licences to refineries, jewelers, and fabricators, which are charged application and licensing fees. The total revenue generated from these diverse activities is what constitutes GoldBod’s non-tax revenue. The institution’s success in generating non-tax revenue has been a key factor in its financial growth, increasing from $307.7 million in 2024 to $970.7 million in 2025.
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Source: MyJoyOnline
