The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has explained that Bawa Rock Company Limited was the only firm that satisfied the eligibility requirements for an aggregator licence during GoldBod’s inaugural year of operations in 2025.
Addressing concerns raised by the Minority in Parliament over the licensing process on Joy FM’s News File programme on Saturday, January 3, 2026, Mr. Gyamfi stated that assertions suggesting GoldBod intentionally created a monopoly stem from a misunderstanding of the Board’s gold trading and licensing framework.
According to him, GoldBod operates a four-tier gold buying licence regime comprising tier one buyers, tier two buyers, self-financing aggregators, and aggregators. He stressed that all four categories are authorised to purchase gold on behalf of GoldBod, not aggregators alone.
He explained that tier one buyers are grassroots operators licensed to buy gold directly from licensed small-scale miners, while tier two buyers may purchase from both miners and tier one buyers. Self-financing aggregators, he noted, use their own capital to buy gold for GoldBod, unlike aggregators who are largely financed by the Board to undertake purchases.
Mr. Gyamfi disclosed that in 2025, GoldBod issued 900 gold buying licences in total—269 to tier one buyers, 578 to tier two buyers, 52 to self-financing aggregators, and one aggregator licence.
He revealed that although 31 applications were submitted for the aggregator category, only Bawa Rock Company Limited met the required criteria for approval during the period under review.
The GoldBod CEO further clarified that aggregator licence approvals are not determined by him in his capacity as Chief Executive. He explained that while management evaluates applications and makes recommendations, the Governing Board of GoldBod is the body mandated to approve or reject licences.
He added that the aggregator licensing window remains open, emphasising that the number of approved aggregators can change over time. Licences, he said, may be suspended or revoked where necessary, and additional applicants can be approved once they meet the stipulated standards.
The clarification follows criticism from the Minority in Parliament, who questioned the decision to license Bawa Rock as the sole aggregator, arguing that it could undermine competition and transparency in the artisanal gold sector. GoldBod has, however, maintained that its processes are transparent and that all licensing decisions are guided strictly by regulatory and eligibility requirements.
Bawa Rock Incorporated In 2015
Mr. Sammy Gyamfi stated that Bawa Rock Company Limited is a legally incorporated and fully registered gold trading company in Ghana, dismissing recent claims that it lacks registration or proper licensing.
Legal Standing and History of Bawa Rock
According to Mr. Gyamfi, Bawa Rock was incorporated under Ghanaian law on January 15, 2015, with precious mineral trading — including gold — listed among its principal business activities.
He underscored that the company has traded in gold for years and has renewed its gold trading licence annually since it was first granted by the now-defunct Precious Minerals Marketing Company (PMMC) in 2016.
Mr. Gyamfi described as “false and misleading” assertions suggesting Bawa Rock is a recently created or unlicensed “mushroom” company with no meaningful history in Ghana’s gold sector, noting instead that it has long been involved in the precious minerals trade.
Role within GoldBod’s Licensing Framework
The clarification comes against the backdrop of public debate over the GoldBod’s licensing scheme, introduced in 2025 when Parliament passed the GoldBod Act to centralise and regulate Ghana’s gold buying, assaying, selling and export processes. GoldBod operates with a tiered licensing system for gold buyers, including small-scale buyers, larger tier buyers, self-financing aggregators, and aggregators — each authorised under law to purchase gold from licensed artisanal and small-scale miners.
In 2025, Bawa Rock was reported to be the only company that met the eligibility criteria to receive an aggregator licence under GoldBod’s first licensing cycle, out of more than 30 applicants for that category.
Political and Public Scrutiny
Despite these clarifications, members of the Minority have raised concerns about the implications of licensing a single aggregator to handle artisanal gold purchases nationwide — a structure they argue may reduce competition, transparency and fair pricing in a sector historically served by multiple licensed buyers.
Mr. Gyamfi’s statement seeks to reassure the public and industry stakeholders that Bawa Rock is legally incorporated and authorised to trade in gold, and that GoldBod’s licensing decisions comply with existing regulatory requirements — even as debate continues over the governance and structure of Ghana’s evolving gold trading framework. (MyJoyOnline)
If you’d like, I can also provide a brief timeline showing how the gold aggregation policy and licensing controversy unfolded in Ghana.
GoldBod Made Nearly GH¢1 Billion Surplus
He refuted allegations that the institution suffered financial losses, revealing instead that GoldBod recorded robust revenue figures in 2025.
Speaking on Joy News’ News File on Saturday, Mr. Gyamfi dismissed claims of a US$214 million deficit as inaccurate and misleading. He explained that GoldBod, although not a profit-oriented public institution, generated over GH¢960 million in revenue last year, while keeping total expenditures below GH¢120 million, according to unaudited management accounts.
Because GoldBod is a statutory body that declares surpluses rather than profits, Mr. Gyamfi said the figures show the organisation is on track to post a substantial surplus. He estimated a conservative surplus of between GH¢700 million and GH¢800 million for 2025.
Mr. Gyamfi also responded to assertions that any losses from the Gold-for-Reserves programme might have been shifted onto the Bank of Ghana’s books, calling that idea illogical. He pointed out that the Gold-for-Reserves scheme began as a Bank of Ghana initiative in 2022 and all related accounts have historically been recorded by the central bank, not by GoldBod.
The CEO noted that GoldBod was only established in April 2025 and inherited structures from the former Precious Minerals Marketing Company (PMMC), which required reform. Despite this transition, he stressed that GoldBod has accounted for every cedi received from the Bank of Ghana, delivered the equivalent value in gold, and earned only approved agency fees.
Mr. Gyamfi added that an external audit by the Auditor-General, expected to be completed in the first quarter of 2026, will publicly confirm the institution’s financial performance.
