Three (3) suspected gold smugglers have been arrested by the GoldBod Security Taskforce. The suspects Goutam Katriya, 35, Miraj Sarvaych, 22, and Manash Damani, 42, all Indian nationals, are said to be involved in gold trading activities in Kumasi and Accra under the company name Unique MM, allegedly owned by one Musah Salifu.
They were picked up at a private residence near Atinga Junction in Kumasi, which had been converted into an illegal gold trading centre. Their arrest followed a tip-off from a patriotic whistleblower who reported that the suspects were purchasing gold at “black market” rates for the purpose of smuggling.
Following their arrest, the suspects were arraigned before the Achimota Circuit Court on Monday, April 28, where they were remanded into custody for two weeks.
Addressing a press conference in Accra on Tuesday, April 29, Chief Superintendent Osman Alhassan, Director of Investigations at National Security, revealed that a significant quantity of evidence was retrieved during the operation. This included GH¢1.9 million, 4,500 Indian rupees, 4.363 kilograms of gold, two counting machines, a CCTV recorder, and an Indian passport. According to him, preliminary investigations have established that none of the suspects possess a valid licence to buy or trade gold in Ghana.
In addition, the three individuals, who have reportedly operated in Ghana’s gold sector for over a decade, have failed to provide any evidence of a residence permit, work permit, or tax payment records. Further revelations indicated that Musah Salifu, the listed Ghanaian shareholder of Unique MM, is only a front for Goutam Katriya, who is said to be the true beneficial owner and controller of the company.
Chief Superintendent Alhassan warned both locals and foreigners against flouting the Ghana Gold Board Act and other laws governing the country’s gold trade.
“This arrest is only the beginning of GoldBod’s ruthless war against illegal gold trading and gold smuggling. We know that the arrested suspects smuggle gold through unapproved border points into India. This has serious negative consequences for the Ghanaian economy. We are still gathering intelligence on several illegal gold traders and smugglers. And very soon, we shall take necessary action,” he said.
The suspects will remain in the custody of the National Intelligence Bureau (NIB) until they reappear before the court on May 12, 2025. Meanwhile, the GoldBod has reiterated its earlier directive that all foreigners in the gold trading sector must exit the market by April 30, 2025.
It has also instructed that all gold transactions be conducted in Ghana cedis and at the Bank of Ghana Reference Rate.
According to a press release issued by GoldBod on April 23, 2025, any breach of these directives will be considered a punishable offence under the GoldBod Act, 2025 (Act 1140).
What is the position of the law ?
On 2nd April 2025, the President of Ghana assented to the Ghana Gold Board Act, 2025 (Act 1140). Section 1 of Act 1140 establishes a body corporate known as the Ghana Gold Board. According to section 2 of Act 1140, the object of the Gold board is to
(a) oversee, monitor and undertake the buying, selling, assaying, refining, exportation or other related activity in respect of gold;
(b) generate foreign exchange for the country and
(c) support the accumulation of gold reserves by the bank of Ghana.
As part of the functions of the Ghana Gold Board under section 3 of Act 1140 is to develop and implement measures to combat the smuggling of gold. The Ghana Gold Board has the sole authority under Section 3(2) to export gold produced by mining companies other than a large-scale mining company from the country.
Section 26(1) of Gold Board Act states;
A person shall not engage in a business or a related activity in the gold trading and marketing industry unless that person has been granted a licence by the Gold board
According to section 28 of 1140, a person who qualifies to apply for a licence under Act 1140 must be a citizen of Ghana and be eighteen years or above or a company, a partnership, an association or other body which is wholly owned by a citizen. A person who smuggles gold commits an offence and is liable on summary conviction to a fine of not less than fifty thousand penalty units and not more than two hundred thousand penalty units or to a term imprisonment of not less ten years according to section 26(5) of Act 1140.
Source: Citinewsroom
