The Minority in Parliament has raised concerns over the decision by the Gold Board to license Bawa Rock Company Limited as the sole aggregator responsible for purchasing artisanal gold from suppliers nationwide.

Addressing journalists on Monday, December 29, 2025, the Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, said the arrangement has resulted in a monopoly that has weakened competition within the sector, with implications for fair pricing and transparency.

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“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,” he stated.

Oppong Nkrumah also questioned the basis on which the company was selected, insisting that the public deserves clarity on the process and beneficiaries involved.

“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 added.

His comments follow a report by the International Monetary Fund (IMF), which revealed that Ghana incurred losses estimated at about US$214 million under the Bank of Ghana’s Gold-for-Reserves programme.

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The Fund described the development as a potential threat to the country’s economic stability.

GoldBod has, however, refuted the IMF’s claims, maintaining that it has not recorded any losses and is instead on track to post a surplus of at least GH¢600 million by the end of the 2025 financial year.

JKB/AM

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