Reports that Bawa-Rock is the sole licensed buyer funded to purchase gold for the state have been disputed by the Ghana Gold Board.

While multiple licensed buyers participate in gold purchases for the GoldBod, Bawa-Rock is currently the only company that receives funding directly from GoldBod as Bawa-Rock holds an Aggregator license, which entitles it to receive state-backed funds to buy gold on behalf of GoldBod.

Under the current framework, only licensed Aggregators are permitted to receive funds directly from GoldBod and by extension, the state.

Other licensed buyers are financed indirectly through an Aggregator, rather than receiving funds from GoldBod directly.

In practice, the licensed Aggregator distributes funds it receives to other licensed buyers at its own risk.

These buyers, classified as Tier 2 and Tier 1 operators, purchase gold locally and supply it onward through the Aggregator for delivery to GoldBod.

Bawa-Rock currently works with 53 licensed Tier 2 buyers it considers credible. These Tier 2 buyers are funded directly by Bawa-Rock to purchase gold for onward supply ultimately to GoldBod.

With the Aggregator’s approval, some of these Tier 2 buyers also extend funding to other Tier 2 and Tier 1 buyers within the supply chain.

The arrangement is designed to finance the local Artisanal and Small-Scale Mining (ASM) gold trade in a structured and de-risked manner, while maintaining oversight and accountability across the supply chain.

Bawa-Rock’s role as the sole recipient of direct GoldBod funding is based strictly on its status as a licensed Aggregator that has met the required eligibility criteria.

Other licensed buyers are nonetheless funded to participate in gold purchases, albeit indirectly, through the Aggregator system.

Claims suggesting Bawa-Rock is the only company funded by GoldBod to buy gold are misleading and fail to reflect how the ASM gold trade financing framework currently operates.