Media Relations Officer for the Ghana Gold Board, Prince Kwame Minkah has refuted claim by Ofoase-Ayirebi MP Kojo Oppong Nkrumah that GoldBod has selected Bawa-Rock Company Limited as a “sole aggregator”.
Addressing a press conference on behalf of the minority in parliament on the back of revelation by the International Monetary Fund, IMF of $214 million losses occasioned by the gold-for-reserves scheme, the ranking member for the committee on Economy accused the GoldBod of licensing only one firm as an aggregator demanding answers on the beneficial owners of the firm.
Mr. Oppong Nkrumah also alleged the company was just incorporated this year without any experience prior to its engagement by the GoldBod.
But in a reaction Mr. Minkah explained the GoldBod is in the process of licensing more players and thus does not have a “sole aggregator” as claimed per the Act establishing the Gold Board.
“Ghana Gold Board (GoldBod) acts as the sole buyer, seller, assayer, and exporter of all gold produced by the licensed Artisanal and Small-Scale Mining (ASM) sector in Ghana.
The GoldBod itself does not have a single “sole aggregator” in the private sector. Instead, it licenses multiple Ghanaian-owned companies and individuals to operate as aggregators. These licensed aggregators purchase gold from smaller-scale miners and then sell it exclusively to the GoldBod.”
“The licensing system includes categories for:
Aggregator License: For purchasing gold with seed financing provided by the GoldBod.
Self-Financing Aggregator License: For aggregators using their own capital sources.
This system was established by the Ghana Gold Board Act, 2025 (Act 1140), to formalize the gold trade, ensure traceability, and maximize national benefits from gold resources. Foreign entities are generally barred from direct local purchasing and must instead off-take gold directly from the GoldBod itself.” He added.
According to him Bawa-Rock is only first licensed aggregator with many others to follow.
Contrary to claims the company was incorporated this year a certificate of incorporation in possession of Accra News reveals otherwise. The company was rather incorporated on May 14, 2025.
The firm Accra News has gathered was an integral part of the gold-for-oil and reserve schemes under the Nana Addo administration as a major gold trader.
