Beyond the purported millions of dollar losses the nation is incurring over the operations of GoldBod and BoG under the Domestic Gold Purchasing Programme (DGPP), the Minority is further alleging a possible conflict of interest, favoritism, and cronyism under the programme.
The Minority in Parliament is questioning why a single private company has been placed at the center of the country’s artisanal gold market.
At a press briefing in Accra, the Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, questioned the decision by GoldBod to license only one company, Bawa Rock Ltd, owned by Alhaji Bawa, as the sole aggregator allowed to buy artisanal gold across the country.
The NPP MPs, led by Kojo Oppong Nkrumah, are saying that before Ghanaians are asked to accept official explanations and financial figures, there is a basic question that must be answered plainly: who is Alhaji Bawa, and how did his company come to occupy such a powerful position in a sector that affects national reserves, livelihoods, and public finances?
The minority reveals that under the current arrangement, small-scale miners, dealers, and gold suppliers must sell their gold through Bawa Rock Ltd before it reaches GoldBod and, ultimately, the Bank of Ghana.
This setup, the MPs argue, has effectively created a monopoly, something they say is dangerous in an industry where competition is crucial for fair pricing, transparency, and accountability.
“Who is Alhaji Bawa of Bawa-Rock Ltd? How did his company become the only aggregator licensed by GoldBod to purchase all artisanal gold directly for GodBod from suppliers across Ghana? Why was a de-facto monopoly created in an industry where competition ensures fair pricing, transparency, and prevents rent-seeking? Who benefits from this deliberate and needless monopoly? Who selected Bawa-Rock? What criteria were used? Who are its beneficial owners?” they queried.
They argue that without clear answers, public confidence in the entire gold purchasing programme is at risk. Gold is not just a commodity; it is a national asset that supports foreign exchange reserves, stabilizes the cedi, and provides income for thousands of families.
The caucus is warning that monopolies in such sensitive sectors often create room for rent-seeking, where profits are made not through efficiency or revealing performance, but through privileged access.
In their view, this could partly explain the growing concerns around losses, leakages, and weak oversight in the gold trading system.
“Why must every miner, dealer, landowner, and small-scale producer pass through this private entity before gold reaches GoldBod and, for reserves, ultimately the Bank of Ghana? Until these questions are answered publicly, no Ghanaian can trust the integrity of this scheme,” the Minority Caucus added.
While the government has defended the Domestic Gold Purchasing Programme as a way to strengthen reserves and bring order to the gold market, the Minority insists that transparency must come first.
They say Ghanaians deserve to know why one individual and one company have been given such sweeping control over a national resource.
A quick search by The High Street Journal from Bawa Rock Limited’s website confirms that the company describes itself as an “official aggregator for the Ghana Gold Board (GOLDBOD).” This is corroborated on the GoldBod’s website, where Bawa Rock Limited is the only company listed as an aggregator for the company.
However, there are several other companies listed at the GoldBod’s License Registry under the Self-Financing Aggregators, Buyer (Tier 2) and Buyer (Tier 2).
