THREE Indian nationals have pleaded guilty in a Ghanaian court to charges related to operating a gold smuggling syndicate that authorities believe has been illegally exporting tons of gold from Ghana for more than a decade, according to Reuters. The suspects-aged 35, 22, and 42-were apprehended at their residence in Kumasi, which investigators say had been converted into an unauthorised gold trading centre.
Reuters reports that the arrests were made by Ghana’s gold trading regulator, GoldBod, following a tip-off that the men were purchasing gold at black market rates for the purpose of smuggling it out of the country, primarily to India. Upon their arrest, authorities seized 1.9 million Ghanaian cedis (about $134,000), 4,500 rupees, 4.363 kilograms of gold, two counting machines, a CCTV recorder, and an Indian passport.
At their arraignment, all three pleaded guilty and were remanded in custody until a court hearing scheduled for May 12, 2025, Reuters reports. Preliminary investigations revealed that none of the suspects possessed valid licenses to purchase or deal in gold, nor could they provide residence permits, work authorisations, or tax payment records related to their business activities in Ghana.
Reuters notes that Ghana and other African countries have been losing billions of dollars’ worth of gold annually due to smuggling. In response, Ghana established GoldBod in March 2025 to centralise gold purchases from small-scale miners, increase their earnings, and reduce the impact of smuggling. Under the new system, foreign companies can only acquire gold through GoldBod.
GoldBod has also directed all foreign nationals in the gold trading sector to exit the market by April 30, 2025, and mandated that all gold transactions be conducted in Ghana cedis at the Bank of Ghana Reference Rate, with violations constituting a punishable offence under the GoldBod Act, 2025 (Act 1140).
According to Reuters, much of the smuggled gold is exported to India, China, and the United Arab Emirates, resulting in significant losses for Ghana’s economy.
