Curbing gold smuggling could save US$2bn annually – GoldBod

By Kizito CUDJOE

With illegal gold trading and smuggling estimated to be draining about US$2billion from national coffers each year, the Ghana Gold Board (GoldBod) says tackling the menace could recover significant lost revenue and strengthen the country’s gold export earnings.

It is in line with this that the Deputy Chief Executive Officer (D-CEO) of GoldBod, Richard Nunekpeku, said the authority is stepping up efforts to reduce the impact of illegal gold trading on the economy.

“As of October 15, we’ve done about US$8billion in gold exports. If you add an additional  US$2billion that’s lost through smuggling, our total could have reached around US$10billion and the impact would have been even greater,” he said.

“So, for us, the enforcement actions are targetted at reducing the impact of gold smuggling on our economy. Ultimately, if we succeed in weeding out these syndicates and individuals involved in this trade, it would mean an additional US$2 to US$5billion annually and increased gold aggregation from the licenced small-scale mining sector.”

Mr. Nunekpeku – who was addressing media in Accra on the back of the arrest of some 25 persons, including foreigners, over illegal gold trading, smuggling and assaying – disclosed that several individuals are currently being prosecuted for indulging in gold-related offences that are in breach of the country’s laws.

He said GoldBod, in collaboration with its task force and National Security, apprehended the suspects involved in illegal fabrication, trading and smuggling of gold out of the country without licences.

“The arrests were made following weeks of intelligence-led surveillance and coordinated enforcement actions aimed at protecting Ghana’s natural resources and strengthening accountability within the gold value chain,” he said.

“In the first case, five individuals consisting of four Indian nationals and one Ghanaian conspired to commit crime by 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),” he explained.

The suspects were arrested for fabricating gold without licence, producing jewellery without approval and trading gold without the necessary permits. GoldBod said the intercepted gold has since been secured, with the suspects currently assisting law enforcement agencies in further investigations.

Items seized during the operation included GH?22,670 in cash, 34 pieces of assorted rings, one chain necklace, 22 additional rings, 50 rings, two cufflinks, six lockets and two pairs of earrings, among others. Additionally, three gold bars valued at GH?453,033 were retrieved from the suspects.

During the second raid and arrests, the team also recovered eight metal bars suspected to be gold concealed in various parts of the premises of Legend Precious Metal. Further searches uncovered several legal documents, including purchase and sale agreements for gold trading between the accused persons, as well as assaying reports and receipts.

A total of US$112,500 and GH?64,014 were also retrieved from the scene, it was disclosed.

GoldBod reaffirmed its commitment to promoting transparency, compliance and due process within Ghana’s gold industry.

“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,” the Deputy CEO said while addressing 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. GoldBod remains resolute in its mission to safeguard Ghana’s gold wealth for the collective benefit of all citizens.”

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