Says ‘Results Must Be Built, Not Borrowed’
By Innocent Appiah
President John Dramani Mahama has lauded the dramatic financial turnaround of GoldBod, describing it as evidence of Ghana’s growing capacity to protect and benefit from its mineral resources.
However, he cautioned that the achievement must be sustained through structural reform rather than reliance on favorable external factors.
Speaking at the 2026 Governing Boards and CEOs’ Conference organized by the State Interests and Governance Authority (SIGA), President Mahama urged state institutions to view GoldBod’s success as a benchmark for accountability and strategic direction.
Central to the President’s address was GoldBod’s surge in net profit, which climbed to GH¢896.5 million in 2025, up from GH¢178.5 million the previous year.
The entity also reported an operational surplus of GH¢909.7 million and an overall surplus of GH¢5.44 billion.
Furthermore, non-tax revenue rose significantly from GH¢307.7 million to GH¢970.8 million, while the workforce expanded from 114 to 450 employees.
Despite these impressive figures, President Mahama warned against treating the single-period turnaround as permanent.
He stressed that Ghana cannot afford to depend solely on improved exchange rates or a better business climate to mask weak operational foundations.
“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,” the President stated.
“A one-year turnaround is encouraging, but sustained performance is the real test.”
The President highlighted that GoldBod’s momentum was largely driven by record purchases from the Artisanal and Small-Scale Mining (ASM) sector.
In 2025, GoldBod purchased 104 tonnes of gold from ASM operators—overtaking large-scale mining for the first time—which contributed nearly US$11 billion in foreign exchange.
This trend has continued into 2026, with total purchases reaching 135.843 tonnes between January and May, 98% of which originated from the small-scale sector.
By formalizing this pipeline, President Mahama noted that Ghana is reshaping its gold economy to retain more value and enhance its bargaining power globally.
He emphasized that the goal is to build a resilient system that withstands market fluctuations. While GoldBod’s current numbers signal a positive shift, the President concluded that the true test lies in converting this momentum into a durable standard of governance and performance.