Concerned Citizens of Ghana has petitioned the state’s anti-corruption agencies i.e the Attorney-General, the Office of the Special Prosecutor (OSP), and the Economic and Organised Crime Office (EOCO) to investigate the alleged infiltration of unlicensed and investigated individuals into the Ghana Gold Board (GoldBod) value chain.
This petition highlights a brewing crisis within the extractive sector, as the group raises alarms over the participation of Roger Frimpong Kwakye and Goldstrom Ghana in critical sovereign functions despite ongoing probes into financial losses.
“The GoldBod Act was enacted to prevent precisely this kind of capture, manipulation, and abuse. We trust your office will act swiftly, independently, and decisively in the supreme interest of Ghana.”
Concerned Citizens of Ghana
In a detailed communique, the group expressed deep concern regarding the influence of Mr. Kwakye, the Managing Director of Goldstrom Ghana, who is reportedly under active investigation for his role in the Mineral Income Investment Fund’s (MIIF) Gold-for-Forex programme.
The petitioners claim that through an intricate arrangement with Bawa-Rock Limited, a firm recently scrutinized in Parliament for its “de facto monopoly” over artisanal gold aggregation, unlicensed entities are allegedly performing regulated tasks such as assaying, smelting, and pricing.
Regulatory Breaches and Procurement Concerns
The petition presents a troubling timeline, alleging that on November 19, 2025, Mr. Kwakye was engaged to organize traceability training for Gold Board license holders without a “transparent procurement or tendering process.”
This occurred while he remained a subject of an OSP investigation, raising questions about the vetting protocols within the newly established regulator.
Furthermore, Goldstrom is alleged to be operating as an assayer at the Swiss Port at Kotoka International Airport for Bawa-Rock Limited, despite GoldBod’s own registry showing that such licenses are reserved for compliant, often wholly Ghanaian-owned entities under the Act 1140 framework.
Threats to Traceability and National Interest
Industry experts warn that allowing unlicensed intermediaries to manage the “assaying, smelting, and pricing” of gold undermines the very essence of the GoldBod Act.
By centralizing these roles, the state intended to eliminate the $1.5 billion annual revenue leakage caused by smuggling; however, the involvement of “uninvestigated and uncertified” actors threatens the “integrity of the gold-for-reserves scheme.”
The petitioners argue that if service providers do not pass the mandatory “fit and proper test,” the traceability of Ghana’s artisanal gold becomes compromised, potentially exposing the state to international sanctions and further financial losses.
Implications for Transparency and Global Compliance
The call for a comprehensive probe is expected to have a significant impact on GoldBod’s transparency ratings.
As the sole legal aggregator and exporter, GoldBod’s credibility rests on its ability to enforce a “zero-tolerance policy against bribery and improper payments” among its partners.
If unlicensed entities are indeed facilitating payments for Tier 1 and Tier 2 license holders via digital platforms, it creates a “parallel regulatory environment” that masks the beneficial ownership of gold wealth.
Experts suggest that a failure to address these petitions could erode the gains made in boosting national gold reserves, which reached 37.06 tonnes in late 2025.
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