Only Bawa-Rock Meets Aggregator License Requirements- GoldBod

The Ghana Gold Board (Goldbod) has justified the use of Bawa-Rock as the sole licensed Aggregator for the Board after the Minority in Parliament raised objections and concerns about the move.

In a statement, it affirmed that Bawa-Rock is not a monopoly.

It stated that it is the only company that has so far met the eligibility criteria for a GoldBod Aggregator license.

“It is worthy of note that before the PMMC transitioned into the GoldBod, and a new licensing regime was ushered in, the PMMC/GoldBod from February to June 2025 worked with three (3) main Aggregators, including Bawa-Rock.”

The remaining two, according to the Board, were suspended for three months in June 2025 for regulatory infractions.

It reported that the suspensions have since been lifted; however, the two companies are yet to meet the eligibility criteria for an Aggregator License under the new GoldBod License regime, particularly, the provision of a Bank Guarantee or Advance Payment Guarantee.

“The two companies have thus applied for, and have been issued with Tier 2 buying licenses, which they are currently operating with. These two (2) companies now receive GoldBod financing through the licensed Aggregator, Bawa-Rock, on a regular basis for gold purchases.”

It further asserted that no applicant has met the requirements of the GoldBod Aggregator license and has been refused by the governing board, as it challenged critics with contrary evidence to publish.

“The license application and approval process is an ongoing process and remains open to any entity interested in acquiring a GoldBod license.”

Read the full statement below:
a. Currently, Bawa-Rock is the only company to have fully complied with GoldBod’s Aggregator license requirements. This is why Bawa-Rock is the only company licensed by the GoldBod as an Aggregator as of now.

b. Given the fact that licensed Aggregators receive direct financing from the GoldBod, an Applicant for an Aggregator License must meet a strict set of governance, legal, operational and financial requirements.
These requirements include a minimum working capital of Two Million US Dollars (USD2,000,000), financial statements and operational experience for the three years preceding the license application. All GoldBod license requirements can be found on the GoldBod.

c. Of critical importance is the requirement of a Bank Guarantee or an Advance Payment Guarantee from a recognised financial institution that accords with the insurance policy of the GoldBod and covers the full capital support the License Applicant seeks from the GoldBod.
This crucial requirement is not designed to create a monopoly, but to serve as a necessary risk-mitigation measure to secure and protect public funds.

d. In 2025, a total of 31 companies applied for the GoldBod’s Aggregator License. None of the 31 companies, except Bawa-Rock, met the most important financial requirement of providing a Bank Guarantee or an Advance Payment Guarantee.
Bawa-Rock is therefore not a monopoly, but rather, the only company that has so far met the eligibility criteria for a GoldBod Aggregator license.

e. It is worthy of note that before the PMMC transitioned into the GoldBod, and a new licensing regime was ushered in, the PMMC/GoldBod from February to June 2025 worked with three (3) main Aggregators, including Bawa-Rock.

f. We wish to state emphatically that no applicant has met the requirements of the GoldBod Aggregator license and has been refused by the governing board. Anyone with contrary evidence should share the same with the GoldBod and the public.

g. The license application and approval process is an ongoing process and remains open to any entity interested in acquiring a GoldBod license.

h. The GoldBod is committed to the principles of transparency and fairness in its work. We are happy to work with any company that meets our eligibility criteria for the Aggregator license. However, the GoldBod will not relax its risk-mitigating measures instituted to secure and protect state funds just to increase the number of Aggregators.

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