Bawah Rock no ‘mushroom company’, licensed gold trader for nine years – Sammy Gyamfi

Ghana Goldbod Chief Executive Officer Sammy Gyamfi says Bawah Rock Company Limited has legally traded gold since 2016, dismissing claims it was hastily incorporated to gain an advantage.

Mr Gyamfi disclosed this on Newsfile on Saturday while responding to allegations by the opposition New Patriotic Party that Goldbod granted Bawah Rock unfair preference as an aggregator.

According to him, official records show the company was incorporated under Ghanaian law in January 2015 and has operated continuously within the precious minerals sector.

“This is not a mushroom company that just surfaced in the gold trading space,” he said, adding, “The documents are clear and verifiable.”

He explained that Bawah Rock obtained its first licence from the Precious Minerals Marketing Company in March 2016, barely a year after incorporation, authorising it to trade in gold. “From 2016 up to 2025, the company renewed its gold trading licence every single year,” Mr Gyamfi stated.

To counter claims that Bawah Rock was registered only for farming or fishing, the Goldbod CEO referenced the company’s stated objects.

“Its principal activities include mining, dealing in precious minerals, trading in general goods, construction, farming, oil and gas, and import and export,” he said. “So the claim that it has nothing to do with gold trading is simply not true.”

Mr Gyamfi further disclosed that Bawah Rock was among major suppliers under the Minerals Income Investment Fund’s gold-for-reserves programme in 2024.

“They supplied gold to aggregators under MIIF when the previous administration rolled out that programme,” he noted, describing this as evidence of long-standing participation in the sector.

Addressing accusations of favoritism, he argued that Goldbod’s decisions are grounded in regulatory compliance and track record.

“We are dealing with facts, licences and documented history, not propaganda,” he said.

The NPP has accused Goldbod of tilting the playing field by favouring Bawah Rock, an allegation Mr Gyamfi rejected as misleading.

“Anyone genuinely interested in the truth can examine the certificates, licences and renewal records,” he added.

He said copies of incorporation documents and licences were available for public scrutiny, stressing that transparency, not political convenience, must guide discussions on Ghana’s gold trading framework.