AG, OSP petitioned over Goldbod operations

The Kandifo Institute has petitioned state anti-graft agencies over alleged unlawful conduct within GoldBod, warning that the claims raise serious questions about legality, oversight, and national interest.

In a petition addressed to the Attorney-General and Minister for Justice, the Office of the Special Prosecutor (OSP), and the Economic and Organised Crime Office (EOCO), the policy think tank said it was acting as concerned citizens of Ghana following intelligence it describes as credible and troubling.

The Institute alleges that an individual currently under investigation for causing financial loss to the state has resurfaced within Ghana’s gold value chain in a manner that may breach the GoldBod Act and related regulations.

The petition identifies the individual as Roger Frimpong Kwakye, Managing Director of Goldstrom Ghana, who was linked to the defunct Mineral Income Investment Fund (MIIF) Gold-for-Forex programme in 2024 and is said to be under active investigation by the OSP.

Despite this status, the Institute claims Mr Kwakye is playing influential roles in GoldBod-linked activities, including gold assaying, smelting, pricing, and refinery coordination—functions the petition argues are tightly regulated under the GoldBod framework.

According to the Institute, Mr Kwakye is alleged to have engaged a foreign refinery located within the Swiss Port enclave at Kotoka International Airport, associated with Goldstrom, to process gold for BAWA-ROCK Limited on behalf of GoldBod.

The petition questions the legality of this arrangement, asserting that neither Mr Kwakye nor Goldstrom holds any licence or certification under the GoldBod licensing regime.

The Institute further alleges that gold pricing decisions and payments to Tier 1 and Tier 2 GoldBod licence holders have, since the scheme’s launch, been coordinated through informal digital channels, including WhatsApp.

“These actions, if proven, constitute a clear violation of the GoldBod Act,” the petition states, stressing that the law reserves assaying, smelting, refining, pricing, and aggregation strictly for duly licensed entities.

Concerns are also raised about procurement and due diligence. The Institute claims that on November 19, 2025, Mr Kwakye, while still under investigation and after an alleged attempt to leave the country without proper notice, was engaged to organise GoldBod traceability training for licence holders, allegedly without any competitive procurement process.

Among the questions posed to authorities are how an individual under criminal investigation could satisfy “fit and proper” standards to influence GoldBod operations, and who authorised due diligence that allegedly enabled BAWA-ROCK Limited to work with him and receive sole disbursements from GoldBod.

The petition also flags concerns about ownership, alleging that Goldstrom became foreign-owned earlier this year, is not a Ghanaian entity, and lacks GoldBod certification, yet has allegedly been tasked with refinery-related work.

The Institute argues this contradicts Parliament’s intent to prioritise compliant local refineries to protect state revenue, limit capital flight, and strengthen traceability.

The Kandifo Institute is urging the Attorney-General, the OSP, and EOCO to act swiftly to investigate the allegations and safeguard the integrity of Ghana’s gold governance framework.