The suspects, aged 22, 35, and 42, were apprehended at a residence in the southern city of Kumasi, which investigators say had been transformed into an illicit gold trading hub.

They pleaded guilty during their initial court appearance and will remain in custody until their next hearing on May 12, GoldBod said.

The regulator revealed that the individuals were found with 4.363 kilograms of gold, 1.9 million Ghanaian cedis (approx. $134,000), 4,500 Indian rupees (around $53), two cash counting machines, a CCTV recorder, and an Indian passport.

The suspects reportedly failed to provide valid residence permits, work authorizations, or tax records connected to their operations.

To curb rampant smuggling, Ghana established GoldBod in March to oversee gold purchases from small-scale miners and ensure foreign buyers acquire gold exclusively through the new agency.

GoldBod aims to boost miners’ earnings and stem the annual loss of billions of dollars in gold through illegal exports.

“Much of the smuggled gold ends up in India, China, and the United Arab Emirates — and we lose,” said GoldBod spokesperson Prince Kwame Minkah.

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The ban, announced by the newly-established Ghana Gold Board (GoldBod), follows the passage of a law earlier this month that grants the state body exclusive control over the purchase, sale, and export of gold produced by the artisanal and small-scale mining (ASM) sector.

“All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025,” said GoldBod spokesperson Prince Kwame Minkah in a statement.

As Africa’s top gold producer and the sixth largest globally, Ghana has long grappled with widespread illegal mining—known locally as galamsey—and growing environmental degradation.

The decision to centralize gold trading is seen as part of President John Mahama’s renewed crackdown on illicit mining and a step toward formalizing the gold sector.

The new directive revokes the licenses of all local gold dealers, though a grace period has been granted to allow for a smooth transition. During this time, all gold transactions must be conducted in Ghana’s local currency, the cedi, and priced in line with official Bank of Ghana rates.

While foreigners are now prohibited from operating within the domestic gold value chain, they can still apply for permits to purchase or off-take gold directly from GoldBod.

“It shall constitute a punishable offence for a person to purchase or deal in gold in the country without a licence issued by the new board,” GoldBod warned.

The government has earmarked $279 million for GoldBod to buy and export at least three tonnes of gold weekly, a move Finance Minister Cassel Ato Forson says will increase foreign exchange inflows and help stabilise the national currency.

However, industry players have raised concerns. Kwaku Effah Asuahene, chairman of the Chamber of Bullion Traders Ghana, told the BBC that while they support the reform, local traders should have been allowed to collaborate with foreign investors under GoldBod’s framework.

Despite not being explicitly designed to tackle illegal mining, the new policy is expected to limit the avenues through which illicitly mined gold is sold, potentially curbing the sector’s expansion.

Chinese nationals have been among the most active foreign participants in Ghana’s informal mining operations and have frequently been accused of disregarding environmental regulations.

Over 60% of Ghana’s water bodies are currently affected by pollution linked to illegal mining activities.

The gold reform marks the first major regulatory action under President Mahama’s new administration, following campaign promises to clamp down on galamsey and bring order to the gold sector.

In 2024, Ghana’s gold exports surged by 53.2% to $11.64 billion—nearly $5 billion of which came from legal small-scale miners.

Gold prices reached a record $3,200 per ounce last week amid global market uncertainties, making the stakes even higher for Ghana’s gold-dependent economy.

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