The Ghana Gold Board (GoldBod) has robustly defended its stringent licensing rules for gold aggregators, stressing that they prioritize state fund protection and regulatory compliance over any intent to monopolize gold purchasing.
GoldBod refuses to lower its risk-mitigating standards just to boost the number of licensed aggregators. The board notes that these aggregators receive direct state financing, so applicants must satisfy tough governance, legal, operational, and financial benchmarks.
Public backlash erupted after GoldBod licensed just one company—Bawa Rock Company Limited—sparking monopoly accusations. GoldBod counters that Bawa Rock is simply the sole firm fully meeting all criteria.
On Joy FM’s Newsfile, GoldBod CEO Sammy Gyamfi dismissed monopoly claims as a misreading of the licensing framework. He outlined a four-tier system: tier one buyers (grassroots purchases from small-scale miners), tier two buyers (from miners or tier one), self-financing aggregators (using own funds), and state-funded aggregators.
In GoldBod’s debut year of 2025, 31 firms sought aggregator licenses, but only Bawa Rock qualified. Key hurdles included US$2 million minimum working capital, three years’ experience, and a bank or advance payment guarantee. “None except Bawa Rock met the critical financial bar,” Gyamfi said, emphasizing merit over favouritism.
Before rebranding from the Precious Minerals Marketing Company (PMMC), GoldBod had three aggregators, including Bawa Rock. All faced a three-month suspension for infractions; while lifted, the other two hold tier two licenses and access funding via Bawa Rock.
GoldBod insists the process stays open, urging qualified applicants to step forward. It recommits to transparency, prudence, and fortifying Ghana’s gold trade.
Story by : Mercy Addai Turkson