A new dimension of the ongoing debate over the gold operations of the Bank of Ghana and Goldbod is the recent comments by the Minority in Parliament, suggesting that Alhaji Bawa of Bawa Rock Ltd is the only aggregator licensed by Goldbod, which stirred public debate.
The claims have caused public uproar, with some arguing that this claim, if indeed true, raises concerns about favoritism and cronyism in Ghana’s gold sector.
Although the Minority in a press briefing is asking why just one person is being handed a monopoly over buying gold from artisanal gold miners. This, they believe, is unfair to competition and fair pricing.
A closer look at the Goldbod’s Official License Registry by The High Street Journal reveals that while the claim might be true to some extent, it is not the full story.
The License Registry shows the situation is more nuanced as multiple licences have been issued across several categories of gold market participants.
What GoldBod Licensing Really Looks Like
When GoldBod began licensing service providers in April 2025, it introduced four distinct categories of licences governing who can legally participate in Ghana’s formal gold trading ecosystem: Aggregator, Self-Financing Aggregator, Buyer (Tier 2), and Buyer (Tier 1). Each plays a specific role in the value chain:
The Aggregator License
This licence, Goldbod explains, allows a company to purchase and aggregate gold from licensed miners and licensed buyers (Tier 1 and Tier 2) and supply it to the national board.
These aggregators typically operate with seed financing provided by GoldBod. This is where Minority’s claim is focused. As of the time The High Street Journal checked on 30th December, 2025, Bawa Rock Limited was the only company licensed to operate under this category with an issue date of June 2025.
The Self-Financing Aggregator License
These self-financing aggregators are very similar to the aggregator role; this licence permits companies to aggregate gold for onward delivery to the Goldbod. However, this category uses its own capital rather than funds advanced by GoldBod. This, therefore, contrasts the claim by the Minority that Bawa Rock Limited is the only Aggregator for Goldbod.
There are several aggregators for the GoldBod, but operating with their own financing. As of 30th December, 2025, 51 licences have been issued under this category, which aggregate gold for the GoldBod.
Buyer License (Tier 2)
Down the levels are holders of this licence. They can buy gold from licensed miners or Tier 1 buyers and subsequently sell to an aggregator. This is a middle-tier buyer role in the value chain.
550 licences have been issued under this category as of 30th December, 2025.
Buyer License (Tier 1)
Tier 1 buyers can purchase directly from licensed miners with their own funds and then sell to Tier 2 buyers or aggregators. They directly come into contact with the small-scale miners to purchase their gold.
Under this level or category, 249 licences have been issued by the Goldbod to operate as of 30th December, 2025.
The Bottomline
So while Bawa Rock Ltd currently appears as the only entity in the Aggregator column of the registry, GoldBod’s own registry shows that the sector isn’t limited to that one firm alone.
The Minority’s claim that only one aggregator exists (Bawa Rock Ltd) misses the broader reality. While it may be the only one currently captured under that specific column in the online registry, the entire gold trading ecosystem licensed by GoldBod includes additional self-financing aggregators, which play the same functional role using their own capital.
So, yes – Bawa Rock Ltd is currently the only entity listed as an “Aggregator” in the public registry. But that figure alone does not capture the full landscape of licensed participants authorized to transact and aggregate gold under GoldBod’s system.
This means that the allegation is technically accurate in one narrow sense, but incomplete, and potentially misleading, without the broader context of GoldBod’s licensing rollout and the full licensing registry across all categories.
