Bright Simons is the Vice President of IMANI Africa
Vice President of IMANI Africa, Bright Simons, has raised concerns that the structure of the Gold for Reserves programme is creating an uneven playing field that disadvantages private sector participants.
Speaking on JoyNews’ Newsfile on Saturday, January 3, 2026, Simons said independent, self-financed gold aggregators are struggling to compete with the state-designated apex aggregator, Bawa Rock Limited.
He attributed the challenge to what he described as a major financial imbalance. According to him, Bawa Rock receives interest-free funding from the Bank of Ghana, while private aggregators depend on commercial bank loans that attract market interest rates.
“The aggregator gets money from the Bank of Ghana. Is it interest-free? Yes, it’s interest-free. The self-financed aggregator gets money from their own banks. Is that interest-free? We know it’s not,” he said.
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Simons questioned how private players could compete under such conditions.
“You have someone that is sourcing money commercially competing with someone who is getting money from the government. Who will win?”
He explained that this advantage enables Bawa Rock to operate at lower costs and outcompete private aggregators when buying gold from small-scale miners and licensed buyers.
Simons further noted that private aggregators are unhappy that Bawa Rock is operating more as a direct competitor rather than a coordinating apex body.
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While there is no legal requirement for Bawa Rock to purchase gold from smaller aggregators, he said its current approach is undermining their role.
“They are telling us that right now Bawa Rock, beyond the fact that it sits at the apex, is competing with the self-financed aggregators. It’s not really buying from them,” he stated.
He also expressed concern about a lack of transparency in related processes, particularly the formation of ‘aggregator alliances’.
Simons cited an instance where several applications were submitted but only one was declared eligible, without clear public criteria.
According to him, the absence of transparency could erode confidence in the programme and raise concerns about fairness and market efficiency.
MRA/BAI
Meanwhile, watch President John Dramani Mahama’s 2026 full New Year Message below:
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