The Kandifo Institute has formally petitioned the Office of the Attorney-General and Minister for Justice, the Office of the Special Prosecutor (OSP), and the Economic and Organised Crime Office (EOCO) over what it describes as serious and credible concerns regarding alleged unlawful activities within Ghana’s GoldBod operations.
In a petition submitted as concerned citizens of Ghana, the Institute claims it has gathered intelligence suggesting that a person currently under investigation for alleged financial loss to the state has re-emerged within the country’s gold value chain, in apparent violation of the GoldBod Act and related laws.
According to the petition, the individual—identified as Mr. Roger Frimpong Kwakye, Managing Director of Goldstrom Ghana—was previously linked to the now-ended Mineral Income Investment Fund (MIIF) Gold-for-Forex operations in 2024 and is allegedly under active investigation by the OSP. Despite this, the Institute claims he is involved in critical GoldBod functions, including gold assaying, smelting, pricing, and refinery-related activities.
Alleged Unlicensed Operations
The Kandifo Institute alleges that Mr. Kwakye has contracted a foreign refinery operating at the Swiss Port area of Kotoka International Airport, associated with Goldstrom, to assay and smelt gold for BAWA-ROCK Limited on behalf of Ghana GoldBod.
The Institute questions the legal basis for this arrangement, arguing that neither Mr. Kwakye nor Goldstrom is licensed or certified under any category of the GoldBod licensing regime. It further alleges that Gold pricing and the distribution of funds to Tier 1 and Tier 2 GoldBod license holders are being facilitated through informal digital platforms, including WhatsApp, since GoldBod’s inception.
“These actions, if proven, constitute a clear violation of the GoldBod Act,” the petition states, noting that the law restricts assaying, smelting, refining, pricing, and aggregation of GoldBod gold strictly to certified and licensed entities.
Questions Over Due Diligence and Procurement
The Institute further claims that on 19 November 2025, while still under investigation and after allegedly attempting to leave the country without proper notification, Mr. Kwakye was nonetheless engaged to organise and facilitate GoldBod traceability training programmes for license holders—allegedly without any competitive procurement process.
The petition raises several questions for state authorities, including:
• How an individual under serious criminal investigation could meet the “fit and proper” requirements to influence and shape GoldBod operations.
• Who conducted the due diligence that allegedly allowed BAWA-ROCK Limited to collaborate with Mr. Kwakye and become the sole recipient of funds from GoldBod.
Concerns Over Foreign Ownership and National Interest
The Kandifo Institute also claims that Goldstrom is foreign-owned as of January this year and is neither a Ghanaian company nor a certified GoldBod entity, yet has allegedly been contracted to undertake refinery-related activities.
The Institute warns that this situation undermines the intent of Parliament, noting that the GoldBod Act prioritises certified and compliant local refineries in order to protect national interest, prevent capital flight, ensure transparency and traceability, and safeguard state revenue.
Call for Immediate Action
The petition concludes by expressing alarm that Mr. Kwakye is allegedly allowed to operate behind the scenes, influencing GoldBod pricing decisions, training programmes, and determining where GoldBod gold is assayed and refined.
The Kandifo Institute is calling on the Attorney-General, the OSP, and EOCO to urgently investigate the allegations and take appropriate action to protect the integrity of Ghana’s gold sector and prevent potential abuse of the GoldBod framework.
