In response to a recent GhanaWeb documentary exposing illicit gold trading hubs in Wassa Akropong, the Ghana Gold Board (GoldBod) has launched a series of raids targeting illegal operators and foreign nationals engaged in unauthorised gold transactions.
In a coordinated operation with National Security, GoldBod arrested 10 foreign nationals suspected of participating in illegal gold trading in Asankragua, in the Western Region.
The suspects were apprehended at a private residence where they were trading without valid licenses. Authorities seized 1.3 kg of gold (valued at nearly GH¢1.4 million), an equivalent amount in cash, a pump-action gun, and several alleged money-laundering casino cards.
The action by GoldBod and National Security follows GhanaWeb’s investigation into several trading hotspots in Wassa Akropong, which revealed a thriving black market operating outside official oversight.
The documentary, titled “The Gold Market That Fuels Galamsey,” highlighted the proliferation of unlicensed gold shops in Wassa Akropong, where the lucrative nature of gold trading has contributed to the widespread illegal small-scale mining activities (galamsey).
The compelling report, which has generated intense conversations and reactions on the GhanaWeb TV YouTube channel, uncovered numerous gold shops operating without the necessary permits.
GhanaWeb uncovered the names of some of these illegal shops, including China Market Gold Buying Agent, Amanone Gold Refinery, Champion Gold Refinery, Nyame Na Ayɛ Gold – High Price, Anane Gold Buying Agent, High Price Gold Refinery Base, Givers Never Lack Gold Buying Agent, among others.
The team also sat down with some individuals engaged in the unlicensed trade, who provided insight into their operations. These persons, who spoke on condition of anonymity, detailed how the illegal gold trading network functions.
GoldBod CEO speaks out following raids
Following two successive press conferences in the past week, GoldBod Chief Executive Officer, Sammy Gyamfi, addressed the media on June 30, 2025, issuing a strong warning that both domestic and foreign individuals or entities must cease trading gold without a valid GoldBod license or face arrest and prosecution.
“If you are not licensed by the Ghana Gold Board, you are committing a crime if you buy gold or engage in any form of gold trading,” he cautioned.
He emphasised that licenses previously issued under the now-defunct Precious Minerals Marketing Company (PMMC) regime are no longer valid unless the holders reapply under the new GoldBod licensing system.
“We will no longer recognise licenses issued under the old regime,” Sammy Gyamfi stressed.
Touching on enforcement, Gyamfi revealed that President John Dramani Mahama is set to inaugurate the GoldBod Taskforce on July 8, 2025 to clamp down on illegal gold trading, gold smuggling, and price distortions in Ghana’s gold market.
“We mean business, and this time around, you cannot engage in illegal gold trading and gold smuggling and go scot-free. The grace period is over. We have given countless warnings. When you are arrested now, there will no longer be anything like deportation,” he declared.
Just 48 hours after the June 30 briefing, Gyamfi held another press conference on July 2, 2025, where he confirmed the arrest of the 10 foreign nationals engaged in illegal gold trading in Asankragua.
He reiterated that the suspects were apprehended at a private residence where they were trading without valid licenses. Authorities recovered 1.3 kg of gold, nearly GH¢1.4 million in cash, a pump-action gun, and multiple casino cards suspected to be linked to money laundering activities.
Gyamfi confirmed that the suspects would face prosecution under Ghanaian law and that they had already been arraigned before the courts.
In an earlier public address, Gyamfi issued a stern warning, “For those trading gold illegally without a license, we’re coming after you.”
National crackdown in motion
This latest enforcement action, along with the nationwide ban on foreign participation in Ghana’s gold trade announced just days before the raids, seems to be gaining momentum.
GoldBod’s decisive response closely aligns with GhanaWeb’s investigation, which uncovered entrenched illegal trading schemes in key hubs like Wassa Akropong.
GhanaWeb Special: The gold market that fuels galamsey
