Ghanaian authorities have arrested three Indian nationals suspected of orchestrating a long-running gold smuggling operation believed to have siphoned off significant quantities of the country’s gold reserves over more than a decade.
The suspects, aged 35, 22, and 42, were detained in Kumasi, where their residence had allegedly been transformed into an illicit gold trading hub, according a press statement released on Tuesday 29 April by the newly formed regulatory body GoldBod. The trio, who pleaded guilty during their initial court appearance, are being held in custody ahead of a hearing scheduled for 12 May.
The arrests mark a major test for GoldBod, Ghana’s state-backed gold trading agency, established in March to curb smuggling and formalise purchases from small-scale miners. Under the new framework, foreign firms can no longer buy gold directly from miners and must go through GoldBod to obtain the metal. Authorities revealed that the operation recovered 4.36 kilogrammes of gold, cash totalling 1.9 million Ghanaian cedis and 4,500 Indian rupees, as well as surveillance equipment and documentation suggesting unregistered commercial activity. Crucially, the suspects reportedly failed to provide valid residence permits, work authorisations, or tax records.
GoldBod has raised concerns over the scale of smuggling, which it says costs Ghana and other African nations billions in lost revenue each year. Much of the illicitly extracted gold is believed to be funnelled to India, China, and the United Arab Emirates. “We lose when our gold is smuggled out,” said Prince Kwame Minkah, a spokesperson for the regulator. The case has thrown a spotlight on Ghana’s efforts to tighten control over its lucrative gold sector and ensure foreign investment operates within a transparent and regulated framework.