The Minority in Parliament has questioned the licensing of Bawa Rock Company Limited by the Gold Board as the sole aggregator for the purchase of artisanal gold from suppliers across the country.
The Minority says the monopoly has eroded competition, undermining fair pricing and transparency in the sector.
Addressing journalists on Monday, December 29, 2025, the Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, said questions surrounding the activities of the company must be addressed to safeguard the integrity of the scheme.
Oppong Nkrumah highlighted concerns about the role of Alhaji Bawa, the proprietor of Bawa Rock Limited, in becoming the only licensed aggregator. He said this arrangement has effectively created a monopoly where competition once existed, ensuring fair pricing, transparency, and preventing rent-seeking.
“There’s a person known as Alhaji Bawa of Bawa Rock Limited. We bring to the attention of the Ghanaian people the role of his company in becoming the only aggregator licensed by the Gold Board to purchase all artisanal gold directly for the Gold Board from suppliers across the country. A de facto monopoly has been created in this industry where competition used to exist and used to ensure fair pricing, transparency, and the prevention of rent-seeking”
“Who is benefiting from this deliberate monopoly? Who selected Bawa Rock Limited, and what criteria were used? Was it competitive? Who are the beneficial owners of this entity? These are questions the public deserves answers to,” he said.
The concerns come amid controversy surrounding an International Monetary Fund (IMF) report which disclosed that Ghana recorded losses estimated at about US$214 million under the Bank of Ghana’s Gold-for-Reserves programme, a development the Fund described as a potential risk to the country’s economic stability.
However, GoldBod has rejected the claims in the report insisting it has not recorded any losses and is on course to post a surplus of at least GH¢600 million in the 2025 financial year.
Chief Executive Officer, Sammy Gyamfi in a statement explained that GoldBod does not charge off-taker fees and that its mandate is limited to purchasing, assaying and exporting gold on behalf of the Bank of Ghana, which retains responsibility for all gold trading and sales.