GoldBod's revenue generated from lawfully approved fees - Sammy Gyamfi

Fees and charges approved by law are the main sources of revenue generated by the Ghana Gold Board (GoldBod) from services it provides to businesses operating in the gold sector.

Chief Executive Officer of GoldBod, Sammy Gyamfi, said the Board generates revenue from activities such as licensing, gold testing and inspections, with the charges forming part of its legally recognised sources of income.

Speaking on JoyNews’ New File on August 22, 2026, he explained that these fees and charges constitute the Board’s main sources of revenue from the services it provides to businesses in the gold sector.

He also mentioned that GoldBod’s funding arrangements are provided for under the law and also include parliamentary allocations, borrowing, and funds raised from financial markets.

The GoldBod CEO said companies and individuals seeking licences to operate in the gold industry are required to pay approved application and licensing fees.

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For example, an aggregator pays $100,000 to apply for a licence and, if the application is approved, pays the cedi equivalent of $500,000 as the licence fee.

“When you apply for an aggregator licence, you pay an application fee of $100,000 to the Gold Board. And when we approve your application, you pay a licence fee of the cedi equivalent of $500,000,” he stated.

GoldBod also earns revenue from testing gold produced by large-scale mining companies before it is exported.

Gyamfi noted that mining companies pay $90 for every sample tested, with the charge helping to cover the cost of equipment, personnel, consumables, and maintenance required for the process.

The Board also deploys officers to mining sites to monitor the smelting of gold and verify its quantity and purity.

According to the CEO, GoldBod charges $840 for each inspection visit.

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Exporters of artisanal and small-scale mining gold also pay approved assaying fees, while refineries, jewellers, and fabricators are charged application and licensing fees.

He said the various fees contributed to GoldBod generating GH¢970.7 million in non-tax revenue in 2025, compared with GH¢307.7 million in 2024.

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