Chief Executive Officer (CEO) of the Ghana Gold Board, Sammy Gyamfi, has clarified that the Bawa Rock Company Limited is not a mushroom company as claimed by critics.
Sammy Gyamfi revealed that Bawa Rock Company Limited is a company incorporated under the laws of Ghana in 2015.
Speaking on Joy FM’s News, Sammy Gyamfi explained, “Bawa Rock Company Limited is a company incorporated under the laws of Ghana. It was incorporated specifically on the 15th of January, 2015. Bawa Rock deals in precious minerals, among others”.
“When you hear people say that this company has nothing to do with gold trading or was not registered for that purpose, it is not true,” he stated.
“This company is also not a mushroom company that just surfaced in the gold trading space. Since 2016, the company has renewed its gold trading licence every year until 2025. Every single year, the company has renewed its gold trading licence,” he added.
“As a matter of fact, they were one of the major gold suppliers to aggregators under MIIF’s Gold-for-Reserves programme in 2024, when the NPP was in power,” Mr. Gyamfi stated.
He further revealed that the Bawa Rock Company Limited was the only applicant that met the eligibility requirements for an aggregator licence.
Also, Bright Simons, the IMANI Africa Vice President, has said self-finance aggregators are struggling to compete with Bawa Rock.
Speaking on JoyNews’ Newsfile detailed that the core issue as a critical financial imbalance.
He noted that Bawa Rock, as the central entity in the programme, benefits from interest-free financing provided by the Bank of Ghana.
Bright Simons explained, “The aggregator gets money from the Bank of Ghana. Is it interest-free? We say, yes, it’s interest-free. The self-finance aggregator gets money from their own banks. Is that interest-free? We know it’s not interest-free”.
“You have someone who is sourcing money commercially, competing with someone who’s getting money from the government. Who will win?”
“They are telling us that right now… Bawa Rock, beyond obviously the fact that it sits at the apex, is competing with the self-finance aggregators. It’s not really necessarily buying from the self-finance aggregators,” Simons added.
This follows, the Minority in Parliament questioning the licensing of Bawa Rock Company Limited by the Gold Board.
According to them, Bawa Rock Company Limited is the sole aggregator for the purchase of artisanal gold from suppliers across the country.
The minority highlighted that the arrangement has effectively created a monopoly where competition once existed.
Speaking to journalists on Monday, December 29, 2025, the Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah, stated, “There’s a person known as Alhaji Bawa of Bawa Rock Limited. We bring to the attention of the Ghanaian people the role of his company in becoming the only aggregator licensed by the Gold Board to purchase all artisanal gold directly for the Gold Board from suppliers across the country.
“A de facto monopoly has been created in this industry where competition used to exist and used to ensure fair pricing, transparency, and the prevention of rent-seeking”
“Who is benefiting from this deliberate monopoly? Who selected Bawa Rock Limited, and what criteria were used? Was it competitive? Who are the beneficial owners of this entity? These are questions the public deserves answers to,” he said.