Three suspected foreign nationals have been arrested in a bold crackdown on gold smuggling by the Ghana Gold Board (GoldBod) Security Taskforce, in what authorities noted marks the beginning of a renewed war on illicit gold trade.
The suspects—Goutam Katriya, 35, Miraj Sarvaych, 22, and Manash Damani, 42—are Indian nationals believed to have been operating an underground gold trading hub from a private residence in Kumasi.
Acting Chief Executive Officer of GoldBod, Sammy Gyamfi, disclosed in an official statement that the arrests were made possible following a tip-off from a whistleblower.
“The suspects were arrested at their private residence around Atinga Junction in Kumasi, which has been converted into a gold trading center. The arrest was based on a tip-off from a patriotic whistleblower that the suspects were purchasing gold at a ‘black market’ rate for the purpose of smuggling.”
Sammy Gyamfi
The operation uncovered what appeared to be a well-coordinated illegal business front.
The three men, said to be working for Unique MM, a company allegedly owned by one Musah Salifu, were reportedly active in both Kumasi and Accra, dealing in significant quantities of gold.
However, investigations have revealed that Salifu may just be a proxy. “It’s been revealed that Musah Salifu… is only a front for Goutam Katriya, the real beneficial owner and alter ego of the company,” Gyamfi revealed.
At a press briefing in Accra, the Director of Investigations at National Security, Chief Superintendent Osman Alhassan, provided additional details, saying the raid yielded 4.363 kilograms of gold, GHS 1.9 million, 4,500 Indian rupees, two counting machines, a CCTV recorder, and an Indian passport.
The statement indicated that none of the suspects had a valid license to deal in gold, nor did they possess residence permits, work permits, or tax records for their operations.
Foreign Syndicate Faces Court Charges Over Gold Smuggling
According to Gyamfi, the suspects were arraigned before the Achimota Circuit Court and remanded into custody for two weeks, with their next court appearance scheduled for May 12, 2025. Until then, they will remain in the custody of the National Intelligence Bureau (NIB).
The bust sends a strong signal that the days of unregulated gold trade in Ghana may be numbered.
Authorities indicated that this incident is not an isolated case but part of a broader pattern of gold smuggling that has evaded regulation for years.
Gyamfi minced no words, declaring: “This arrest is only the beginning of GoldBod’s ruthless war against illegal gold trading and gold smuggling.”
According to National Security, the syndicate is suspected of routing smuggled gold through unapproved border points into India, a move that not only violates Ghanaian laws but also drains the country of valuable resources.
“This has serious negative consequences for the Ghanaian economy,” said Chief Superintendent Alhassan, adding that surveillance is ongoing to identify and apprehend more members of the smuggling network.
The GoldBod and National Security appear to be in lockstep, with both institutions calling for vigilance and warning both local and foreign actors against breaching Ghana’s gold trading laws.
Alhassan reiterated that any breach of the GoldBod Act or other regulatory provisions will be met with the full force of the law.
As part of its clampdown measures, GoldBod has issued a directive demanding that all foreigners in the gold trading sector exit the market by April 30, 2025.
Traders are also required to conduct all transactions in Ghana cedis and at the Bank of Ghana Reference Rate.
“A breach of these directives shall constitute a punishable offense under the GoldBod Act, 2025 (ACT 1140),” the Board warned in a press release dated April 23, 2025.
These developments arrive at a critical time for Ghana’s mining sector, which has long been plagued by illegal mining and smuggling.
With the government’s renewed focus on accountability and economic stabilization, the enforcement of the GoldBod directives could serve as a litmus test for how serious authorities are about reform.
While some may question whether the focus on foreign traders distracts from local complicity, it is clear that cracking down on gold smuggling requires an all-hands-on-deck approach.
The arrest of these suspects offers both a deterrent and a challenge: the system must not only punish, but also prevent.
READ ALSO: Ghana’s 91-Day Treasury Yield Falls to 15.32% Amid Auction Success
