The Ghana Gold Board (GGB), in collaboration with the National Security Task Force, has apprehended 25 individuals for their alleged involvement in illegal gold trading, fabrication, and smuggling operations.
This coordinated enforcement underscores the Board’s unwavering commitment to ensuring transparency and accountability throughout the gold value chain.
“All suspects have been granted police inquiry bail, some suspects have already been arraigned before court, while others remain under investigation.”
Richard Nunekpeku, Esq., Deputy CEO,
The Ghana Gold Board (GGB) also warned that gold smuggling not only undermines the integrity of the nation’s reserves but also deprives the country of much-needed revenue.
Illegal Gold Fabrication Syndicate
GoldBod in details, revealed that five suspects, including four Indian nationals and one Ghanaian, were arrested at Dome Pillar 2 for allegedly fabricating and trading gold without the necessary licenses.
The suspects, operating under the company name Mahalaxmi Ghana Limited, were found in possession of various items, including 26 pieces of GRA moissante emerald stones, 19 rings suspected to be gold, and six pieces of 10-karat yellowish metals.
Further searches disclosed a locked safe containing ₵22,670 in cash, three gold bars, and assorted jewelry items.
In a related development, another operation at Legend Precious Metals in Achimota-Akweteman led to the arrest of 20 suspects involved in unlicensed gold trading and smuggling. The Authority also recovered eight gold bars, $112,500 in cash, and ₵64,014, along with several documents including sales agreements, assay reports, and receipts. Some suspects were also found in possession of unlicensed firearms.
Transparency and Compliance
The Ghana Gold Board, the government agency responsible for the regulation and management of Ghana’s gold industry reaffirmed its continued dedication to enforcing transparency, compliance, and due process in the gold sector.
“The Ghana Gold Board remains resolute in its mission to safeguard Ghana’s gold wealth for the collective benefit of all citizens.”
Richard Nunekpeku, Esq., Deputy CEO,
The Board’s primary mandate includes ensuring the proper accounting and valuation of gold, promoting local value addition, and curbing the illicit trade of the precious metal.
To combat the activities of gold smuggling, the Board intensified its enforcement efforts, leveraging intelligence-led operations and collaborating with the National Security Task Force. This latest crackdown on illegal gold trading, fabrication, and smuggling activities signals the Board’s unwavering commitment to upholding the integrity of Ghana’s gold industry.
Gold Wealth and National Interests
The arrests of the 25 individuals, comprising both foreign nationals and Ghanaians, underscore the sophisticated and transnational nature of the gold smuggling networks operating within Ghana.
GoldBod by dismantling these illicit operations, sends a clear message that such activities will not be tolerated, as they do not only deprive the country of vital revenue but also undermine the nation’s efforts to develop a robust and transparent gold sector.
The Gold Board through its Deputy CEO, Richard Nunekpeku, Esq. reaffirmed the Board’s commitment to sanitizing Ghana’s gold trade, warning that all unlicensed gold dealings are prohibited and offenders will face full legal sanctions.
This resolute stance reflects the critical importance of the gold industry to Ghana’s economic development and the urgent need to ensure that the country’s natural resources are harnessed for the greater good of the country.
While the Board continues to intensify its crackdown on illegal gold activities, it sends signals that the Board is determined to protect Ghana’s gold wealth and ensure that the industry operates in a manner that aligns with the national interests.
Working closely with law enforcement agencies and leveraging intelligence-driven strategies, the Board is poised to further strengthen the integrity and transparency of Ghana’s gold industry, setting the stage for sustainable growth and development in the years to come.
READ ALSO: ‘I’m not hurt by Grammy snub’ – Black Sherif
