IERPP Demands Full Disclosure of GH¢2bn GoldBod Guarantee

The Institute of Economic Research and Public Policy (IERPP) has demanded the release of the full contractual agreement between GoldBod and Bawa Rock Company Limited, citing public interest and potential financial risks to the state.

The call for transparency follows a disclosure by GoldBod CEO Sammy Gyamfi that Bawa Rock provided an advanced payment guarantee of GH¢2 billion, which underpinned its approval as the country’s sole gold aggregator. Critics, including the Parliamentary Minority, have raised concerns that the exclusive license reduces competition and transparency in Ghana’s artisanal gold sector.

Sammy Gyamfi stressed that the guarantee was one of several rigorous eligibility criteria assessed by GoldBod’s independent governing board. He explained that the CEO and management only recommend licenses; the board grants final approval.

Bawa Rock reportedly met all requirements, including gold trading experience, multiple buying offices, a bullion van, a bank guarantee, and the GH¢2 billion advance. “He’s the only aggregator because he’s the only one who has met the criteria,” Gyamfi said, defending the licensing decision.

However, the IERPP insists that such a significant figure demands full disclosure. The institute has formally requested access to:

•             Principal contracts, MOUs and related agreements;

•             Legal opinions and escrow or comfort letters;

•             Board minutes approving the guarantee;

•             Procurement documentation and conflict-of-interest declarations;

•             Financial records showing how the guarantee was recognized and managed.

In its statement, the IERPP emphasized the broader implications for Ghana’s economy. “Ghanaians deserve clarity on how strategic national assets are managed, who bears the financial risk, and whether due process was followed,” it said.

Concerns have also been raised about whether Ghanaian banks have the capacity to issue a GH¢2 billion guarantee without breaching regulatory limits, highlighting potential systemic risks.

The demand for transparency comes amid ongoing debates over GoldBod’s four-tier licensing system for gold buyers and aggregators. While the number of aggregators can change, Bawa Rock remains the only company to meet the full requirements at this time.

The IERPP has pledged to keep the public informed on all developments, including any failure to comply with the Right to Information Act, 2019.