The seized items
Ten Chinese nationals have been arrested by National Security (NS) operatives for engaging in illegal gold trading in the Western Region without the requisite licence or approval from the Ghana Gold Board (GoldBod).
The arrests were made as part of a crackdown on unlicensed gold trading operations, which authorities say are undermining the country’s economic stability.
A cache of weapons and suspicious materials were also seized during the operation, including pump-action guns, numerous cartridges, casino cards, and pieces of gold bars.
The Chief Executive Officer of GoldBod, Sammy Gyamfi, who disclosed the development, described the suspects as “extremely dangerous” and said their operations were in clear violation of national laws.
“We have seized pump-action guns, which you can see on the table. These individuals are extremely dangerous, engaging in activities that Ghanaians would not typically condone. We are collaborating with the police to verify whether these weapons are licensed,” he stated.
According to Mr. Gyamfi, the presence of gold bars among the seized items suggests the suspects had access to a foundry.
“Gold is typically mined in nugget or powder form. The fact that these suspects were able to smelt it into bars means they had significant resources at their disposal,” he explained.
He also highlighted the broader economic implications of such illegal operations, warning that they undermine Ghana’s foreign reserves and affect the nation’s balance of trade.
“Smuggling gold deprives the Bank of Ghana of critical foreign reserves, affects balance of trade payments, and contributes to inflation. A strong economy depends on regulated trade. These illegal activities threaten our national stability,” he warned.
The arrests occurred just a day after GoldBod announced a major policy shift, declaring that all gold trading without a valid GoldBod licence is now illegal. The new directive renders previous licences, such as those issued by the Precious Minerals Marketing Company (PMMC) or the Ministry of Lands and Natural Resources, invalid under the current legal regime.
“If you are not licensed by the Ghana Gold Board, you are committing a crime by engaging in any form of gold trading. We will no longer honour licences issued under the old regime,” Mr. Gyamfi emphasised.
He added that while enforcement will be firm, the Gold Board is still accepting applications from Ghanaians seeking to regularise their operations.
“Ignorance of the law is no excuse. We have repeatedly communicated with stakeholders across the country. Anyone who still wishes to trade in gold can apply for a GoldBod licence at any time,” he clarified.
Mr. Gyamfi warned that the era of unregulated gold trading in Ghana has come to an end.
By Prince Fiifi Yorke