Kandifo Institute petitions AG, OSP and EOCO over alleged unlawful dealings in GoldBod operations

The Kandifo Institute has petitioned three key anti-corruption and enforcement agencies over what it describes as “serious and credible” red flags in Ghana’s GoldBod regime and associated gold value chain activities.

In a detailed 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 is calling for urgent investigations into the role of Mr. Roger Frimpong Kwakye, Managing Director of Goldstrom Ghana, in current GoldBod operations.

The Institute says its intelligence suggests Mr. Kwakye — allegedly already under OSP investigation in connection with the 2024 MIIF Gold-for-Forex operations — has re-emerged as a key actor in core GoldBod functions, including assaying, smelting, pricing and refinery-related work, in apparent violation of the GoldBod Act and related regulations.

Kandifo alleges that Mr. Kwakye has contracted a foreign refinery linked to Goldstrom, operating in the Swiss Port area of Kotoka International Airport, to assay and smelt gold for BAWA-ROCK Limited on behalf of Ghana GoldBod.

The Institute questions the legal and regulatory basis for this arrangement, insisting that neither Mr. Kwakye nor Goldstrom is licensed under any tier of the GoldBod licensing framework, yet they are allegedly performing functions reserved strictly for certified entities.

It further claims that GoldBod pricing decisions and fund distribution to Tier 1 and Tier 2 licence holders are being coordinated via informal digital channels, including WhatsApp, from inception. If substantiated, Kandifo says, these practices would directly breach statutory provisions limiting assaying, smelting, refining, pricing and aggregation of GoldBod gold to duly certified and licensed operators.

The petition also flags governance and due-process issues surrounding Mr. Kwakye’s continued interface with the scheme.

Kandifo alleges that on 19 November 2025, despite being under active investigation and after allegedly attempting to leave Ghana without proper notification, Mr. Kwakye was engaged to organise and facilitate GoldBod traceability training for licence holders, reportedly without any competitive procurement process.

The Institute is demanding clarity on:

How an individual under serious financial crime investigation could meet “fit and proper” criteria to shape GoldBod operations.

Who conducted due diligence on the collaboration between BAWA-ROCK Limited and Mr. Kwakye, and how BAWA-ROCK allegedly became the sole recipient of GoldBod disbursements.

The petition further asserts that Goldstrom is foreign-owned as of January 2025 and is neither a Ghanaian company nor a certified GoldBod entity, yet is allegedly undertaking refinery-related roles within the GoldBod ecosystem.

Kandifo warns that such an arrangement runs counter to the intent of Parliament, which designed the GoldBod Act to prioritise certified, compliant local refineries in order to:

Protect national strategic interest and prevent capital flight

Enhance transparency, traceability and auditability across the gold value chain

Safeguard state revenue and minimise regulatory arbitrage

The Institute says it is “deeply alarmed” that Mr. Kwakye is allegedly operating “behind the scenes”, influencing pricing, training content and decisions on where GoldBod gold is assayed and refined, despite ongoing investigations into his previous role in the Gold-for-Forex programme.

Kandifo is therefore requesting that the Attorney-General, OSP and EOCO:

Launch coordinated investigations into the alleged unlawful activities within GoldBod operations

Examine potential breaches of the GoldBod Act, public procurement rules and anti-money laundering standards

Take corrective and, where warranted, prosecutorial action to protect the integrity of Ghana’s gold sector and the GoldBod framework

The think tank frames the matter as a critical test of Ghana’s commitment to value-chain governance, institutional credibility and the proper ring-fencing of strategic mineral revenues from private abuse.