Sammy Gyamfi stated that the approval is done by the governing board of GoldBod, not him
CEO of GoldBod, Sammy Gyamfi, has reacted to allegations that the institution was creating an unfair monopoly in the gold purchasing market over its licensing procedures.
Speaking on Joy FM’s NewsFile on Saturday, January 3, 2026, Gyamfi responded to concerns raised by the Minority in Parliament, who questioned why only one company, Bawa Rock Company Limited, was granted an aggregator licence during GoldBod’s inaugural operational year in 2025.
He dismissed claims of deliberate market manipulation, attributing the situation to a public “misunderstanding” of the board’s multi-tiered system.
The CEO explained that GoldBod operates a four-tier licensing structure, all authorised to purchase gold on behalf of the state-owned entity.
These are:
– Tier One Buyers: Grassroots buyers licensed to purchase directly from small-scale miners;
– Tier Two Buyers: Licensed to buy from both miners and Tier One buyers;
– Self-Financing Aggregators: Entities that use their own capital to buy gold for GoldBod; and
– Aggregators: Entities primarily funded by GoldBod to conduct purchases on its behalf.
According to Gyamfi, all four categories contribute to the board’s gold supply chain, not solely aggregators.
‘They are either hallucinating or dreaming’ – Sammy Gyamfi on claims of GoldBod making losses
Providing figures from 2025, he disclosed that GoldBod issued a total of 900 buying licenses, which included 269 Tier One licences, 578 Tier Two licences, and 52 Self-Financing Aggregator licenses.
In contrast, only one standard aggregator license was issued to Bawa Rock Company Limited.
He clarified that this was not due to a lack of interest, stating that GoldBod received 31 applications for the aggregator category.
However, after a rigorous vetting process, he said “only Bawa Rock met the eligibility criteria required for approval in 2025.”
Gyamfi explained that while management makes recommendations, the ultimate authority to grant or deny licenses rests solely with the independent governing board of GoldBod.
“That license application and approval process is done by the governing board of GoldBod, not Sammy Gyamfi, the CEO. The CEO and management only recommend; the board grants approval for the aggregator license,” he noted.
He reassured stakeholders that the licensing process for aggregators is dynamic and ongoing, noting that “the number of aggregators can change at any time.”
He also gave a detailed breakdown of the processes involved in securing a license, including gold trading experience, three gold buying offices in the country, a bullion van, and a bank guarantee.
According to him, Bawa Rock was the only company to have met such criteria and more to be granted the license.
“He’s the only aggregator because he’s the only one who has made eligibility criteria. He has given us an advance payment guarantee covering a trade capital support of GH¢2 billion. That is why the board approved the application.
“If some people had done that when they had the opportunity to do gold trading in this country, they would not be chasing the aggregators today for causing financial losses to the state,” he clapped back.
This explanation follows persistent calls from the parliamentary Minority for greater transparency and increased competition in the state’s gold purchasing operations.
GoldBod maintains that its decisions are strictly guided by regulatory compliance and operational eligibility, not market exclusivity.
ID/AE
