Lands and Mines Watch Ghana (LMWG) has refuted allegations made by the Minority Caucus in Parliament regarding the licensing of Bawa Rock Limited, labeling the claims as a “politically charged” attempt to destabilize the nation’s extractive sector reforms.
According to the civil society group, the Minority’s assertion that Bawa Rock’s inclusion in the Ghana Gold Board (GoldBod) scheme creates a monopoly is a fundamental misinterpretation of the GoldBod Act, 2025 (Act 1140).
The group maintains that such narratives lack industry context and risk eroding investor confidence in a framework specifically designed to boost indigenous participation and secure national gold reserves.
“The public deserves clarity, not conjecture. Unsubstantiated political narratives could weaken reforms aimed at strengthening indigenous participation in the extractive sector. Any serious national discussion about Bawa Rock’s role under GoldBod must begin with facts, history, and capacity—not political soundbites.”
LMWG
Expanding on this rebuttal, LMWG emphasized that the GoldBod regulatory architecture is inherently structured to prevent private monopolies by centralizing price controls and licensing multiple categories of operators, including self-financing aggregators and tiered buyers.
The group argues that the Minority’s focus on Bawa Rock ignores the company’s decade-long track record and substantial capital investments in assaying and foundry infrastructure, which are vital for ensuring fair pricing for artisanal miners.
By framing a statutory licensing process as political patronage, the Minority is accused of engaging in “political theatre” that could ultimately weaken the Gold-for-Reserves program—a cornerstone of Ghana’s strategy to stabilize the cedi and accumulate foreign exchange.
Track Record and Operational Credibility of Bawa Rock
Far from being a “sudden beneficiary” of recent policy shifts, Bawa Rock Limited has been a consistent presence in Ghana’s precious minerals landscape since its incorporation in 2015.
Records indicate that the company was first licensed by the Precious Minerals Marketing Company (PMMC) in 2016 and has maintained its standing through annual renewals for nearly a decade.
This longevity has allowed the firm to transition from a traditional trader to a sophisticated aggregator with professional management systems and specialized personnel, including experienced metallurgists and logistics experts.
Their proactive investment in modern foundry equipment provides a technological edge that ensures accurate gold content determination, a critical factor in protecting small-scale miners from the underpricing often found in the informal sector.
The GoldBod Framework and Monopoly Distortions
The crux of the disagreement lies in the interpretation of the GoldBod Act, 2025 (Act 1140). LMWG clarifies that the only true monopoly in this ecosystem is GoldBod itself, acting as the state’s sole regulatory authority for the purchase and export of Artisanal and Small-Scale Mining (ASM) gold.
Private entities like Bawa Rock operate as “licensed aggregators” under a uniform pricing regime set by the state, meaning they do not compete on price, a mechanism designed to eliminate the “parallel market” and curb smuggling.
By centralizing the offtake through credible indigenous firms, the state can more effectively manage the Gold-for-Reserves strategy, which has already seen national reserves grow significantly under the current regulatory reset.
Implications of Political Friction on Extractive Reforms
The ongoing friction between the Minority Caucus and industry watchdogs like LMWG highlights a deeper tension within Ghana’s resource governance.
While the Minority calls for bipartisan probes into the financial mechanics of the Gold-for-Reserves program, experts warn that “targeting businesses for collapse based on selfish political interests” could have a chilling effect on local capital.
If professional indigenous players are subjected to “political theatre masquerading as oversight,” it may discourage the very formalization and traceability that Act 1140 seeks to achieve.
For the success of the gold-for-reserves initiative, LMWG insists that politicians must allow the industry to work within the law, ensuring that transparency and national interest remain the primary drivers of the extractive sector’s evolution.
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