Latest news with #KwameMinkah
The Herald
30-04-2025
- Business
- The Herald
Ghana arrests three Indian nationals over suspected gold smuggling ring
Three Indian nationals have been arrested in Ghana on suspicion of operating a gold smuggling syndicate that authorities believe has been taking tons of the precious metal out of the country for more than a decade, the West African country's gold trading regulator said on Tuesday. The three pleaded guilty at their arraignment and will remain in custody until a court hearing scheduled for May 12, said a spokesperson for the regulator GoldBod. Ghana and other African countries have been losing billions worth of gold every year due to smuggling. The country established a new government body known as GoldBod in March to streamline gold purchases from small-scale miners, increase their earnings and reduce the impact of smuggling. Under the new system, foreign companies can only get the precious metal from GoldBod. The regulator said on X the suspects, who are aged 35, 22 and 42, were apprehended at their residence in the southern city of Kumasi, which investigators said had been converted into an unauthorised gold trading centre. GoldBod said they were in possession of 1.9m cedis (R2.4m), 4.3kg of gold, two counting machines, a CCTV recorder and an Indian passport. The regulator said the suspects had not provided GoldBod with residence permits, work authorisations or tax payment records related to their business activities. GoldBod spokesperson Prince Kwame Minkah told Reuters: "Much of the smuggled gold is exported to India, China and the United Arab Emirates and we lose." Reuters
TimesLIVE
30-04-2025
- Business
- TimesLIVE
Ghana arrests three Indian nationals over suspected gold smuggling ring
Three Indian nationals have been arrested in Ghana on suspicion of operating a gold smuggling syndicate that authorities believe has been taking tons of the precious metal out of the country for more than a decade, the West African country's gold trading regulator said on Tuesday. The three pleaded guilty at their arraignment and will remain in custody until a court hearing scheduled for May 12, said a spokesperson for the regulator GoldBod. Ghana and other African countries have been losing billions worth of gold every year due to smuggling. The country established a new government body known as GoldBod in March to streamline gold purchases from small-scale miners, increase their earnings and reduce the impact of smuggling. Under the new system, foreign companies can only get the precious metal from GoldBod. The regulator said on X the suspects, who are aged 35, 22 and 42, were apprehended at their residence in the southern city of Kumasi, which investigators said had been converted into an unauthorised gold trading centre. GoldBod said they were in possession of 1.9m cedis (R2.4m), 4.3kg of gold, two counting machines, a CCTV recorder and an Indian passport. The regulator said the suspects had not provided GoldBod with residence permits, work authorisations or tax payment records related to their business activities. GoldBod spokesperson Prince Kwame Minkah told Reuters: "Much of the smuggled gold is exported to India, China and the United Arab Emirates and we lose."
Yahoo
15-04-2025
- Business
- Yahoo
Ghana bans foreigners from trading in its gold market to boost revenue
Ghana has banned all foreigners from trading in its local gold market as part of efforts to boost national revenue and streamline the country's mining sector. It follows the enactment of a new law earlier this month that grants exclusive authority of gold mining to a new state body, the Ghana Gold Board (GoldBod). "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. Ghana is Africa's largest gold producer and the sixth largest in the world, but it is struggling to address widespread illegal gold mining, locally called "galamsey". The mineral-rich West African country has been facing harsh economic times with a high cost of living. It is the world's second largest cocoa producer but sees little of the profits from chocolate. Fuelled by rising gold prices and youth unemployment, illegal gold mining has been growing in Ghana, despite military operations to shut down galamsey activities. It was a big campaign issue in the lead up to last December's elections. Ghana's illegal gold mining industry causes environmental disaster The deadly dig for Ghana's gold - Galamsey Chinese nationals have been active in Ghana's informal mining and along with Ghanaian nationals, they have been repeatedly accused of ignoring environmental concerns. Under the new law passed by parliament last month and assented to by President John Mahama on 2 April, GoldBod is the sole buyer, seller and exporter of all gold produced by the artisanal and small-scale mining (ASM) sector. However, foreigners are allowed to apply to buy or off-take gold directly from the GoldBod but can no longer operate within the local gold value chain. The licenses of local dealers have also been revoked but given a grace period to allow a smooth transition before the directive takes effect next month. During this period, gold transactions would only be carried out in Ghana cedis, the local currency, and priced based on the Bank of Ghana rates. GoldBod warned that "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. The government has allocated $279m (£212) to the new body to purchase and export at least three tonnes of gold per week. The move is meant to help boost foreign exchange inflows and stabilise the local currency, said Finance Minister Cassel Ato Forson. But Kwaku Effah Asuahene, the chairman of the Chamber of Bullion Traders Ghana, fears that the government may not be able to raise enough revenue to purchase all the gold. He told BBC that while they support the initiative, they would have preferred to be allowed to partner with foreign investors to purchase the gold and export it through GoldBod. Although GoldBod has not been created to specifically deal with illegal mining, the new directive could also make it difficult for illegal miners to sell gold in the country. Ghana has been dealing with severe environmental pollution caused by the activities of illegal miners, and over 60% of the country's water bodies have been affected. The ban is seen as the first concrete step by the new administration of President Mahama to tighten regulation and control of the gold sector and deliver on its anti-galamsey campaign promises. "It sends a strong message to foreign actors - especially Chinese operatives - who have circumvented local laws for years," Nana Asante Krobea, a mining governance consultant, told the AFP news agency. He said if properly applied, the new law could bolster government revenue and "bring some order to the chaos in the gold sector". Ghana's gold exports grew by 53.2% to $11.64bn last year - nearly $5bn of that was from legal small-scale miners. Gold prices shot up to $3,200 per ounce last week due to trade tensions between the US and China, which has forced investors to seek refuge in the commodity because of uncertainties. Ghana wants more for its cashews, but it's a tough nut to crack Reporter who sued MP and won $18m hopeful he will pocket the money Why some Ghanaians are fighting in insurgency-hit Burkina Faso Can Ghana's new president meet the voters' high expectations? Go to for more news from the African continent. Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica Africa Daily Focus on Africa
BBC News
15-04-2025
- Business
- BBC News
Ghana gold: Foreigners ordered to exit local trading market
Ghana has banned all foreigners from trading in its local gold market as part of efforts to boost national revenue and streamline the country's mining follows the enactment of a new law earlier this month that grants exclusive authority of gold mining to a new state body, the Ghana Gold Board (GoldBod). "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 is Africa's largest gold producer and the sixth largest in the world, but it is struggling to address widespread illegal gold mining, locally called "galamsey". The mineral-rich West African country has been facing harsh economic times with a high cost of living. It is the world's second largest cocoa producer but sees little of the profits from chocolate. Fuelled by rising gold prices and youth unemployment, illegal gold mining has been growing in Ghana, despite military operations to shut down galamsey activities. It was a big campaign issue in the lead up to last December's illegal gold mining industry causes environmental disasterThe deadly dig for Ghana's gold - GalamseyChinese nationals have been active in Ghana's informal mining and along with Ghanaian nationals, they have been repeatedly accused of ignoring environmental concerns. Under the new law passed by parliament last month and assented to by President John Mahama on 2 April, GoldBod is the sole buyer, seller and exporter of all gold produced by the artisanal and small-scale mining (ASM) foreigners are allowed to apply to buy or off-take gold directly from the GoldBod but can no longer operate within the local gold value chain. The licenses of local dealers have also been revoked but given a grace period to allow a smooth transition before the directive takes effect next this period, gold transactions would only be carried out in Ghana cedis, the local currency, and priced based on the Bank of Ghana rates. GoldBod warned that "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. The government has allocated $279m (£212) to the new body to purchase and export at least three tonnes of gold per week. The move is meant to help boost foreign exchange inflows and stabilise the local currency, said Finance Minister Cassel Ato Forson. But Kwaku Effah Asuahene, the chairman of the Chamber of Bullion Traders Ghana, fears that the government may not be able to raise enough revenue to purchase all the gold. He told BBC that while they support the initiative, they would have preferred to be allowed to partner with foreign investors to purchase the gold and export it through GoldBod has not been created to specifically deal with illegal mining, the new directive could also make it difficult for illegal miners to sell gold in the has been dealing with severe environmental pollution caused by the activities of illegal miners, and over 60% of the country's water bodies have been ban is seen as the first concrete step by the new administration of President Mahama to tighten regulation and control of the gold sector and deliver on its anti-galamsey campaign promises."It sends a strong message to foreign actors - especially Chinese operatives - who have circumvented local laws for years," Nana Asante Krobea, a mining governance consultant, told the AFP news said if properly applied, the new law could bolster government revenue and "bring some order to the chaos in the gold sector". Ghana's gold exports grew by 53.2% to $11.64bn last year - nearly $5bn of that was from legal small-scale prices shot up to $3,200 per ounce last week due to trade tensions between the US and China, which has forced investors to seek refuge in the commodity because of uncertainties. You may also be interested in: Ghana wants more for its cashews, but it's a tough nut to crackReporter who sued MP and won $18m hopeful he will pocket the moneyWhy some Ghanaians are fighting in insurgency-hit Burkina FasoCan Ghana's new president meet the voters' high expectations? Go to for more news from the African us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica
Arab Times
15-04-2025
- Business
- Arab Times
Ghana prohibits foreigners from trading gold in the country starting May 1
ACCRA, Ghana, April 15, (AP): A newly created regulatory body for gold exports from Ghana announced Monday that foreigners would no longer be allowed to buy or trade artisanaly mined gold in the country, Africa's biggest gold producer. Starting May 1, gold must be bought with licenses from the new Ghana Gold Board, also known as GoldBod, according to a statement from the new body. Licenses previously issued by the Precious Minerals Marketing Co, which used to market minerals produced in the country, will no longer be valid. The statement said beginning next month no entity can purchase or deal in gold in the country apart from GoldBod, which was created to oversee gold trading and maximize revenue from its export. Under the law, GoldBod becomes the sole buyer, seller, assayer and exporter of all gold produced by licensed small-scale miners in Ghana, and those who do so without a license from the board will be charged criminally. Traditionally, local and foreign companies with export licenses had been able to buy and export gold from small-scale Ghanaian miners. On March 29, Parliament passed the Ghana Gold Board bill, which was signed into law by President John Dramani Mahama on April 2. Prince Kwame Minkah, spokesman for GoldBod, told The Associated Press that "the trading activities of GoldBod is expected to culminate into building the needed reserves to enhance our forex and by extension deal with gold smuggling.' The chronic challenge of illegal gold mining - known locally as "galamsey' - was a major issue during Ghana's presidential election campaign last year and a source of concern for voters, triggering protests and criticism against the outgoing government. Ghana is the world's sixth largest gold producer, but the commodity has been increasingly mined illegally as people become more desperate to find jobs in a crumbling economy. The mining has polluted rivers and other parts of the environment, despite government actions to clamp down on the practice. Speaking before Parliament passed the bill, Minister of Finance Dr. Cassiel Ato Forson, said: "The GoldBod will ensure that Ghana harnesses the entire gold value chain - from extraction to refining, value addition, and marketing - both locally and internationally.'
