The Ghana Gold Board (GoldBod) says curbing illegal gold trading and smuggling could recover up to US$2 billion in lost revenue annually and significantly strengthen the country’s mineral export earnings as enforcement operations intensify against unlicensed dealers.
Deputy Chief Executive Officer Richard Nunekpeku revealed that 25 individuals, including foreign nationals, were recently arrested following intelligence-led surveillance operations targeting illegal gold fabrication, trading and smuggling activities in Accra. The arrests mark a major escalation in efforts to sanitize Ghana’s gold sector and protect national mineral resources.
Speaking at a media briefing in Accra on Monday, November 10, 2025, Nunekpeku disclosed that Ghana exported approximately US$8 billion worth of gold as of October 15, 2025. He explained that eliminating smuggling syndicates could have pushed total exports to around US$10 billion, representing a substantial opportunity cost to the national economy.
“If you add an additional US$2 billion that’s lost through smuggling, our total could have reached around US$10 billion and the impact would have been even greater,” the Deputy CEO stated. “Ultimately, if we succeed in weeding out these syndicates and individuals involved in this trade, it would mean an additional US$2 to US$5 billion annually and increased gold aggregation from the licenced small scale mining sector.”
The first operation led to the arrest of five individuals, comprising four Indian nationals and one Ghanaian, at a jewellery shop in Dome Pillar 2. Authorities charged the suspects with fabricating gold without a licence, contrary to Section 23(1) of the Criminal Offences Act, 1960 (Act 29) and Sections 26(3) and (5) of the GoldBod Act, 2025 (Act 1140).
Items seized during this operation included 26 pieces of GRA moissante emerald stones, 19 rings suspected to be gold, six pieces of 10 karat yellowish metals, multiple mobile phones, a CCTV decoder and a locked metallic safe. Cash totaling GH₵22,670 was also recovered, along with 34 pieces of assorted rings, one chain necklace, additional rings totaling 72 pieces, two cufflinks, six lockets and two pairs of earrings. Three gold bars valued at GH₵453,033 were retrieved from the suspects.
In a separate operation at Legend Precious Metals in Achimota Akweteman, 20 more suspects were arrested for similar offences involving unlicensed gold trading, smuggling and assaying. Those apprehended included both Ghanaian and foreign nationals from Belarus, the United Kingdom, the United States, Argentina, Sweden and Russia.
During the second raid, the joint task force recovered eight metal bars suspected to be gold that had been concealed in various parts of the premises. Further searches uncovered several legal documents, including purchase and sale agreements for gold trading between the accused persons, assaying reports and receipts. Authorities retrieved US$112,500 and GH₵64,014 in cash from the scene.
Some suspects were also found with unlicensed firearms, which have since been confiscated. The weapons were seized from suspects Clement Agbaglo and Emmanuel McAddy at the time of arrest, adding illegal firearms possession charges to the gold trading violations.
Nunekpeku explained that the arrests followed weeks of coordinated intelligence gathering and surveillance conducted jointly by the GoldBod Task Force and National Security operatives. The enforcement actions aimed at protecting Ghana’s natural resources and strengthening accountability throughout the gold value chain.
The Deputy CEO emphasized that GoldBod would maintain independence and resist political interference in discharging its mandate. He assured stakeholders that the agency operates strictly within legal frameworks while respecting the rights of arrested individuals, including access to legal representation.
“At GoldBod, if you fall foul of the law, we don’t know any party colour. No call from anybody will make us succumb to pressure,” Nunekpeku declared. “We will continue to do our work within the confines of the law, respect the rights of every individual we arrest, and give them the fair opportunity to defend themselves.”
Since GoldBod’s inauguration, the institution has not received any calls seeking to influence its operations, signaling broad acceptance of its professional and independent approach. This political neutrality remains critical to restoring discipline and credibility within Ghana’s gold trading sector.
All suspects have been granted police inquiry bail, with some already arraigned before court while others remain under investigation. Nunekpeku disclosed that several individuals are currently being prosecuted for indulging in gold related offences that breach the country’s laws.
The Deputy CEO reaffirmed GoldBod’s commitment to promoting transparency, compliance and due process within Ghana’s gold industry. He warned that gold smuggling undermines the integrity of the country’s gold reserves, deprives the nation of critical revenue and distorts efforts to build a credible and sustainable domestic gold sector.
“Gold smuggling undermines the integrity of Ghana’s gold reserves, deprives the nation of critical revenue and distorts efforts to build a credible and sustainable domestic gold industry,” Nunekpeku told journalists. “The Board is cautioning all stakeholders in the gold trade, licenced buyers, exporters and dealers, to comply strictly with established procedures and transact only with the Ghana Gold Board.”
He urged members of the public to verify the authenticity of companies claiming to operate as licensed gold dealers by checking GoldBod’s official website at www.goldbod.gov.gh. The platform provides updated information on authorized dealers, helping prevent unsuspecting individuals from engaging with illegal operators.
The enforcement operations reflect GoldBod’s mandate to regulate and oversee all aspects of Ghana’s gold trade, from mining through processing to export. The authority works to ensure that gold extracted from the country’s mineral resources benefits Ghanaians through proper taxation, royalties and employment while maintaining environmental standards.
Gold represents one of Ghana’s most valuable natural resources and a crucial foreign exchange earner. The mining sector contributes significantly to government revenue, employment creation and regional development, particularly in mining communities across Western, Central, Ashanti and Eastern regions.
However, illegal mining activities, commonly known as galamsey, and associated gold smuggling networks have long challenged regulatory efforts. These illicit operations not only deprive the state of revenue but also cause severe environmental degradation, pollute water bodies and undermine safety standards that protect workers.
The GoldBod Act, 2025 (Act 1140) established the authority with enhanced powers to license, regulate and monitor the gold value chain. The legislation aims to formalize small scale mining operations, improve traceability of gold from source to export, and strengthen enforcement capabilities against illegal actors.
International markets demand increasingly rigorous due diligence regarding the origin of gold to combat conflict financing, money laundering and environmental crimes. Ghana’s ability to demonstrate transparent and well regulated gold trade enhances the country’s reputation and market access for legitimate exporters.
The arrests demonstrate GoldBod’s operational readiness and willingness to confront well established smuggling networks that have operated with relative impunity in previous years. Nunekpeku assured that enforcement operations would continue intensifying across the country to protect Ghana’s mineral wealth and ensure compliance with regulatory standards.
Market analysts suggest that successfully curbing gold smuggling could substantially improve Ghana’s fiscal position while strengthening the formal mining sector. The additional revenue could support infrastructure development, social programs and debt servicing as the country continues economic recovery under its International Monetary Fund (IMF) program.
GoldBod concluded by emphasizing its resolve to safeguard Ghana’s gold wealth for the collective benefit of all citizens. The authority called on law abiding stakeholders to cooperate with enforcement agencies and report suspicious activities that may indicate illegal gold trading or smuggling operations.
Source: newsghana.com.gh
