The Minority in Parliament has raised concerns over the decision by the Ghana Gold Board (GoldBod) to license Bawa Rock Company Limited as the sole aggregator for the purchase of artisanal gold from suppliers nationwide.
According to the Minority, granting exclusive rights to a single company has eliminated competition in the sector, weakening fair pricing, transparency, and accountability.
Speaking to journalists in Accra on Monday, December 29, 2025, the Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, said serious questions surround the activities and selection of the company and must be addressed to protect the credibility of the gold purchasing scheme.
Mr. Oppong Nkrumah pointed specifically to the role of Alhaji Bawa, owner of Bawa Rock Limited, noting that his company’s appointment as the only licensed aggregator has effectively created a monopoly in an industry that previously benefited from competitive pricing and safeguards against rent-seeking.
“There is a company known as Bawa Rock Limited, owned by Alhaji Bawa. We are drawing public attention to how this company became the sole aggregator licensed by the Gold Board to purchase artisanal gold directly from suppliers across the country. A de facto monopoly has been created in a sector where competition once ensured fair pricing, transparency, and prevented rent-seeking,” he said.
He questioned the basis for the decision, asking who selected Bawa Rock Limited, what criteria were used, whether the process was competitive, and who the company’s beneficial owners are.
“These are legitimate questions the Ghanaian public deserves answers to,” he stressed.
The Minority’s concerns come amid controversy triggered by an International Monetary Fund (IMF) report which indicated that Ghana may have incurred losses of about US$214 million under the Bank of Ghana’s Gold-for-Reserves programme.
The IMF described the situation as a potential threat to the country’s economic stability.
GoldBod has, however, rejected the IMF’s claims, insisting it has not recorded any losses and is projected to post a surplus of at least GH¢600 million in the 2025 financial year.
In a statement, GoldBod Chief Executive Officer, Sammy Gyamfi, clarified that the Board does not charge off-taker fees and that its role is limited to purchasing, assaying, and exporting gold on behalf of the Bank of Ghana.
He added that all gold trading and sales decisions remain the sole responsibility of the central bank.
