Ghana’s Gold Board (GoldBod) says the country could recover as much as US$2 billion in lost revenue each year by curbing the illegal trade and smuggling of gold; a practice that continues to drain the national economy and undermine legitimate exports.
Speaking to the media in Accra, Deputy Chief Executive Officer of GoldBod, Richard Nunekpeku, said decisive enforcement actions are underway to clamp down on illegal gold traders and strengthen oversight within the value chain.
“As of October 15, we’ve done about US$8 billion in gold exports. If you add an additional US$2 billion that’s lost through smuggling, our total could have reached around US$10 billion,” Mr. Nunekpeku noted.
“If we succeed in weeding out these syndicates, Ghana could gain between US$2 to US$5 billion annually through increased gold aggregation from the licensed small-scale mining sector.”
The comments follow the arrest of 25 individuals, including foreign nationals, over illegal gold trading, smuggling and assaying operations. The arrests were part of an intelligence-led operation conducted by GoldBod in collaboration with the National Security Task Force.
Nunekpeku disclosed that the suspects were involved in the fabrication and sale of gold without licences, in violation of 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 added that several of the accused persons are already facing prosecution for gold-related offences.
During the operations, officials seized GH₵22,670 in cash, 34 assorted gold rings, three gold bars valued at GH₵453,033, and other jewellery pieces including necklaces, cufflinks and earrings. In a separate raid at Legend Precious Metal, authorities recovered eight metal bars suspected to be gold, US$112,500 in cash, GH₵64,014, and several legal documents linked to gold transactions.
Nunekpeku stressed that such enforcement actions are vital to protect Ghana’s natural resources and ensure the credibility of its gold export system.
“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,” he said.
He urged all licensed buyers, exporters and dealers to comply strictly with Ghana Gold Board regulations and trade only through official channels.
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