GoldBod CEO Dares Kojo Oppong Nkrumah to Name Rejected Aggregator
The CEO of Ghana Gold Board (GoldBod), Sammy Gyamfi, has challenged Ofoase-Ayirebi MP Kojo Oppong Nkrumah to name a company that applied for a GoldBod aggregator license, met all requirements, including providing a bank or insurance guarantee, and was denied. This challenge comes amidst controversy over the licensing of Bawa-Rock Company Limited as an aggregator.
According to GoldBod’s Media Relations Officer, Prince Kwame Minkah, the Board licenses multiple Ghanaian-owned companies and individuals as aggregators, contradicting claims of a monopoly. Minkah explained that Bawa-Rock is the first licensed aggregator, with more to follow, and was incorporated on May 14, 2025.
The controversy arose after the IMF reported $214 million losses under the gold-for-reserves scheme, prompting the Minority to question GoldBod’s licensing process. Oppong Nkrumah alleged that Bawa-Rock was inexperienced and lacked transparency, but Minkah dismissed these claims, citing the Ghana Gold Board Act, 2025 (Act 1140) .
Gyamfi has slammed the New Patriotic Party (NPP) for “uninformed and unfounded” claims of a $214 million loss under the Gold for Reserves (G4R) program. He revealed audited losses incurred by the Bank of Ghana from artisanal small-scale gold purchases under the G4R and Gold for Oil (G4O) programs.
The GoldBod CEO welcomes a probe into the matter, stating that the losses have been reduced significantly compared to previous years, and inflation has declined for 11 consecutive months from 23.8% to 6.3%, while the Ghana cedi has cumulatively appreciated by over 35% against the U.S. dollar.
Author: Korkor Anumu
