Chief Executive Officer (CEO) of the Ghana Gold Board, Sammy Gyamfi, has clarified that Bawa Rock Company Limited was the only applicant that met the eligibility requirements for an aggregator licence during GoldBod’s first year of operations in 2025.
Speaking amid concerns raised by the Minority in Parliament over the licensing process on News File on Saturday January 3, Mr Gyamfi said claims that GoldBod deliberately created a monopoly are based on a misunderstanding of how the Board’s gold trading and licensing system operates.
According to him, GoldBod operates a four-tier gold buying licence system. These include tier one buyers, tier two buyers, self-financing aggregators, and aggregators. All four categories are authorised to buy gold on behalf of GoldBod, not only aggregators.
He explained that tier one buyers are grassroots buyers licensed to purchase gold directly from licensed small-scale miners, while tier two buyers are permitted to buy from both miners and tier one buyers. Self-financing aggregators, he said, use their own funds to buy gold for GoldBod, unlike aggregators who are primarily funded by GoldBod to carry out purchases.
Mr Gyamfi disclosed that in 2025, GoldBod issued a total of 900 buying licences. Out of these, 269 were issued under the tier one category, 578 under tier two, 52 self-financing aggregator licences, and only one aggregator licence.
He noted that 31 applications were received for the aggregator category, but only Bawa Rock met the eligibility criteria required for approval in 2025.
Mr Gyamfi further clarified that the approval of aggregator licences is not done by him as Chief Executive Officer. He said management only makes recommendations, while the governing board of GoldBod is solely responsible for approving or rejecting applications.
He added that the aggregator licensing process is ongoing and has not been closed, stressing that the number of aggregators can change at any time. According to him, licences can be suspended or revoked, and additional applicants can be approved once they meet the required standards.
The clarification follows concerns raised by the Minority in Parliament, who questioned the decision to license Bawa Rock as the sole aggregator, arguing that it has reduced competition and transparency in the artisanal gold sector. GoldBod has, however, maintained that its operations are transparent and that its licensing decisions are based strictly on eligibility and regulatory requirements.
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