By Magdalene Andoh
The Ghana Gold Board (GoldBod) has defended its strict licensing requirements for gold aggregators, insisting that the measures are aimed at protecting state funds and ensuring compliance, not creating a monopoly in the gold purchasing market.
According to the Board, it will not relax its risk-mitigating standards simply to increase the number of licensed aggregators. GoldBod explained that licensed aggregators receive direct financing from the state, making it necessary for applicants to meet rigorous governance, legal, operational, and financial requirements.
GoldBod has come under public criticism after granting an aggregator licence to only one company—Bawa Rock Company Limited—prompting claims that the Board has created an unfair monopoly. However, the Board maintains that Bawa Rock is currently the only company that has fully met all eligibility criteria.
Speaking on Joy FM’s Newsfile, the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, clarified that the allegations of monopoly stem from a misunderstanding of how GoldBod’s licensing framework operates.
He explained that GoldBod runs a four-tier gold buying licence system made up of tier one buyers, tier two buyers, self-financing aggregators, and aggregators. All four categories, he stressed, are authorised to buy gold on behalf of GoldBod—not only aggregators.
Under the system, tier one buyers operate at the grassroots level and purchase gold directly from licensed small-scale miners. Tier two buyers are permitted to buy from both miners and tier one buyers. Self-financing aggregators use their own capital to buy gold for GoldBod, while aggregators are primarily funded by GoldBod to carry out purchases.
Mr. Gyamfi disclosed that during GoldBod’s first year of operations in 2025, a total of 31 companies applied for aggregator licences. However, only Bawa Rock Company Limited met the full eligibility requirements.
He noted that a key requirement for an aggregator licence includes a minimum working capital of US$2 million, at least three years of relevant operational experience, and the ability to provide a bank guarantee or advance payment guarantee.
“Out of the 31 applicants, none except Bawa Rock met the most critical financial requirement,” he said, adding that the company’s approval was based strictly on compliance, not preference.
GoldBod further explained that prior to its transition from the Precious Minerals Marketing Company (PMMC) to the Ghana Gold Board, it worked with three licensed aggregators, including Bawa Rock. These aggregators were suspended for three months after being found liable for regulatory infractions.
Although the suspension has since been lifted, the two other companies are yet to meet the eligibility criteria under the new GoldBod licensing regime. The Board disclosed that these companies have been granted tier two licences and currently receive GoldBod financing through Bawa Rock for gold purchases.
GoldBod emphasized that the licensing process remains open and ongoing, encouraging any qualified entity interested in acquiring a licence to apply.
The Board reiterated its commitment to transparency, financial prudence, and safeguarding public funds while strengthening Ghana’s gold trading system.
