{
  "id": 2549164,
  "title": "GoldBod revenue comes from legally approved fees – Sammy Gyamfi",
  "url": "https://urgent.news/2026/08/22/goldbod-revenue-comes-from-legally-approved-fees-sammy-gyamfi",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-22T10:03:50.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/goldbod-revenue-comes-from-legally-approved-fees-sammy-gyamfi/"
  },
  "original_language": "en",
  "account": "The Ghana Gold Board (GoldBod) CEO, Sammy Gyamfi, has defended the revenue model of the institution, stating that it comes exclusively from legally approved fees and charges for services rendered to the gold industry players. In an interview on JoyNews' Newsfile program, Gyamfi detailed the various sources of GoldBod's funds, which are all within the legal framework provided by Parliament. These include allocations, funds raised in financial markets, borrowing, as well as fees and charges generated from the board's operations.\n\nGyamfi explained that GoldBod's revenue is derived from a diverse range of statutory services, such as licensing, assaying, field inspections, and other regulatory activities within the gold sector. For instance, when applying for an aggregator license, applicants are required to pay a $100,000 application fee and a cedi equivalent of $500,000 license fee upon approval. Additionally, GoldBod charges different fees for self-financing aggregators and various categories of gold-buying licenses. Large-scale mining companies also contribute significantly to GoldBod's revenue as they are required to submit their gold for assaying before exportation. The assaying process involves various expenses like equipment, workers, consumables, and maintenance, necessitating fees payment from mining companies. The charge levied here is $90 per every sample assayed.\n\nFurthermore, field inspections conducted by GoldBod officers at mining companies to monitor smelting processes and verify gold quantities and purity are charged at $840 per visit. Artisanal and small-scale mining gold exporters are similarly required to pay an assaying fee, which is approved by Parliament, irrespective of their status - Bank of Ghana, Ministry of Finance, self-financing aggregator, or private exporter. Additionally, GoldBod issues licenses to refineries, jewelers, and fabricators, who pay application and licensing fees, further augmenting the board's revenue.\n\nGyamfi concluded that all these fees combined contributed to GoldBod's non-tax revenue of GH¢970.7 million in 2025, a substantial increase from GH¢307.7 million in 2024.",
  "summary": "Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has defended the Ghana Gold Board’s (GoldBod) revenue-generation model, insisting that the institution’s earnings come from legally approved fees and charges for services rendered to players in the gold industry.",
  "key_points": [
    "GoldBod revenue solely from legally approved fees",
    "Includes licensing, assaying, field inspections fees",
    "Contributed to GH¢970.7 million non-tax revenue in 2025"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}