The Ghana Gold Board (GoldBod) has uncovered a gold smuggling syndicate valued at more than GH¢120 million, describing it as the most elaborate operation since the Board was established.
The Chief Executive Officer of GoldBod, Mr Sammy Gyamfi, disclosed this at a press briefing in Accra on Tuesday, September 16, 2025.
He explained that the syndicate, which had been under surveillance for weeks, involved some licensed GoldBod traders working with foreign partners to smuggle gold out of Ghana.
According to Mr Gyamfi, intelligence received on August 26 led to the interception of a vehicle at Winneba Junction the following day. The vehicle was transporting gold from Tarkwa. A Guinean courier, Abdul Razak, was arrested and found with three packs of gold weighing a net 8.5 kilogrammes with a purity of 92.5 per cent. The gold was valued at more than GH¢10.2 million at the time.
He said Razak, recruited by his cousin Abdul Karim, was paid GH¢500 per trip and had made about four trips to Tarkwa in recent months.
The gold, he explained, was supplied by NK Benak Enterprise, owned by Bernard Nkroma, a licensed GoldBod trader. Mr Nkroma, Razak and another accomplice, Arim Yao, were later arrested and arraigned before the court on September 5, 2025.
Investigations further revealed that Rafmoh Gold Limited, owned by shareholder Rafik Mohammed Nandoli, also known as Salam, was the sponsor and mastermind of the smuggling network. Mr Gyamfi said Rafmoh, though not licensed by GoldBod, had bought no less than 100 kilogrammes of gold between June and August 2025, valued at more than GH¢120 million.
“The shareholder of the company by name Rafik Mohammed Nandoli, Rafmoh for short, who is also called Salam, is the mastermind and sponsor of this whole gold smuggling syndicate we’ve been tracking for a couple of months now,” Mr Gyamfi said.
Three suspects are currently before the court, but four others remain on the run. They include Abdul Karim, the recruiter of couriers; Mohammed Afsal Putalan, an Indian national said to be Rafmoh Gold’s Tarkwa operations manager; Sadiq Abubakar, who allegedly handled transport operations; and Mr Nandoli himself.
The four have been declared wanted. GoldBod has placed a GH¢1 million bounty on each of them and published their details, calling on the public to provide information to aid their arrest.
As part of its enforcement measures, GoldBod has suspended the licence of NK Benak Enterprise and closed all its trading offices. Rafmoh’s gold trading office at Osu has also been shut down, together with its jewellery outlet at Palace Mall.
Mr Gyamfi said all suspects had been charged with offences including dealing in gold without authorisation, facilitating gold smuggling, transporting gold without authorisation and attempting to smuggle gold.
He added that the Attorney-General, the Deputy Attorney-General and the Director of Public Prosecutions were directly involved in the case.
Mr Gyamfi further disclosed that the syndicate was engaged in illegal foreign exchange operations, using proceeds from smuggled gold to supply dollars in Ghana through black market networks and informal settlement systems such as mobile transfers and hawala.
“We are determined and resolved to enforce the Gold Board Act and other laws of our land without fear or favour. Your political affiliations will not save you. Even if John Mahama is your father, they will enforce the law,” Mr Gyamfi said, warning that all licensed traders must comply strictly with their permit conditions.
He urged the public to share information with GoldBod or the Police, stressing that the Board was working with Interpol and state security agencies to dismantle the syndicate and restore integrity to Ghana’s gold trade.
