GoldBod drove manufacturing state-owned enterprise (SOE) revenue growth of 114.74 per cent to GHS1.21 billion in 2025.

‎The subsector recorded the strongest revenue growth among SOE subsectors, although its aggregate revenue remained the lowest, rising from GHS562.21 million in 2024.

‎The 2025 State Ownership Report attributed the increase largely to the establishment of GoldBod following the restructuring of the Precious Minerals Marketing Company (PMMC).

‎GoldBod generated GHS1 billion in revenue during the year, accounting for 83.34 per cent of the subsector’s aggregate revenue, compared with GHS308.14 million in 2024.

‎The report said GoldBod’s contribution significantly altered the revenue profile of the manufacturing subsector and made it the dominant entity within the subsector.

‎The Ghana Cylinder Manufacturing Company (GCMC) also recorded strong growth, with revenue increasing from GHS8.60 million in 2024 to GHS24.53 million in 2025 following the acquisition of its entire shareholding by the Ghana Gas Company.

‎GIHOC Distilleries Company Limited recorded a modest increase in revenue from GHS91.40 million to GHS96.76 million over the same period.

‎The report said government support was significant to GoldBod’s operations, with GHS4.55 billion transferred to the entity through a revolving fund following its establishment.

‎GoldBod recognised the amount as a government grant and included it in reported revenue, contributing significantly to its reported net surplus.

‎For analytical purposes, however, the report said the GHS4.55 billion was excluded from the computation of GoldBod’s underlying operational performance.

‎The performance underscored the growing influence of GoldBod on the financial profile of Ghana’s state-owned manufacturing enterprises and its role in the country’s mineral value-addition efforts.