BY Issah Olegor
Fresh controversy has erupted around the operations of the Gold Board (GoldBod) following claims by the Minority in Parliament that a single private entity has been granted exclusive control over the purchase of gold for the state, raising serious questions about transparency, fairness, and governance in the gold trade.
At the centre of the storm is Alhaji Rashid Bawa and his company, Bawa-Rock Limited, which the Minority alleges has, for the past nine months, been the sole entity purchasing gold on behalf of GoldBod and the Bank of Ghana.
According to the Minority, the value of gold transacted under this arrangement runs into excess of $10 billion, making the company a critical gatekeeper in the gold value chain.
The allegations have triggered intense political scrutiny, with the Minority questioning how a single private firm could be granted such sweeping control in a sector traditionally characterised by multiple actors to ensure competition, transparency, and value for money.
At a press briefing, Minority lawmakers posed seven pointed questions which, they say, remain unanswered by both GoldBod and the government.
Central among them is how Bawa-Rock Limited emerged as the sole licensed aggregator permitted to purchase artisanal gold on behalf of the state.
They further questioned why a monopoly structure was created in an industry where competitive pricing is essential to prevent rent-seeking and market manipulation.
The Minority also demanded clarity on who selected Bawa-Rock for the role, what criteria were used in awarding the mandate, and whether due process was followed.
Of particular concern is the ownership structure of the company, with lawmakers insisting that the identities of its beneficial owners must be made public in the interest of transparency and national accountability.
Adding to the controversy are claims that all small-scale miners, dealers, and landowners are now compelled to channel their gold through this single private entity before it reaches GoldBod and ultimately the Bank of Ghana.
Critics argue that such an arrangement centralises enormous economic power in the hands of one company and raises red flags about potential conflicts of interest.
The Minority has also drawn attention to reports that Bawa-Rock’s headquarters, located around the Roman Ridge area of Accra, is under heavy military protection—fueling further speculation about political influence and preferential treatment.
Although unverified, claims that the company’s ownership may be linked to individuals close to the presidency have intensified public concern.
In their statement, Minority lawmakers described the situation as a betrayal of the principles of transparency and accountability promised to Ghanaians.
They argue that the current arrangement contradicts the government’s stated commitment to reforming the gold sector and restoring public trust in the management of national resources.
