Data Scientist and Policy Analyst, Alfred Appiah, has detailed that Ghana’s Gold smuggling problem is shrinking under Ghana Gold Board (GoldBod).
The policy analyst, in a post, analysed that Goldbod impact on ASM gold smuggling by comparing Ghana’s reported exports to the UAE and India against those countries’ reported imports from Ghana.
He disclosed that reported exports rose from 64% of partner imports in 2023 to 71% in 2024 and 87% in 2025, narrowing the relative gap.
Alfred Appiah detailed that under the GoldBod, the ratio has improved, with Ghana’s gold exports at 87% worth $12.4 billion to the two countries in 2025. The countries reported $14.3 billion in gold imports from Ghana, but the gap still stood at 1.9 billion dollars in 2025, only slightly below the 2.1 billion in 2024.
The policy analyst’s chart data shared highlighted the progress via the domestic gold purchase program but noted persistent smuggling challenges to these main destinations.
In a post on X, the Policy analyst wrote, “One of the value propositions of the Ghana Gold Board is reducing the amount of ASM gold that is smuggled out of the country. The UAE and India have historically been the main destinations for that gold. More than 90% of ASM gold is shipped there.
One way to test the extent of smuggling is to compare what Ghana reports as gold exports to a country against what that country reports as gold imports from Ghana. The difference gives an estimate of what is leaving undeclared, barring any data integrity issues.
In 2023, our reported gold exports to the two countries were 64% of what they reported as imports from Ghana. That improved to 71% in 2024 as the government took more interest in ASM gold through the domestic gold purchase programme. Under GoldBod, the ratio has improved further, with our exports now at 87% of what those countries report. Ghana said it exported gold worth $12.4 billion to the two countries in 2025. The countries reported $14.3 billion in gold imports from Ghana.
In absolute terms, though, the gap still stood at 1.9 billion dollars in 2025, only slightly below the 2.1 billion in 2024. GoldBod became the sole ASM exporter only from May 2025, so this covers eight months of the new regime.
Some progress made, but a lot more work to be done”.
Meanwhile, in 2025, GoldBod CEO Sammy Gyamfi Esq. announced the arrest of three individuals in connection with a gold smuggling case.
The three suspects linked to Rafmoh Gold Ltd. & NK Benark Enterprise have been accused of smuggling 100 kilograms of gold, estimated to be worth GH¢100 million, out of the country over the past two months.
It will be recalled that on September 17, 2025, the Goldbod issued a wanted notice for two Indian nationals and two Ghanaians over their alleged involvement in illegal gold smuggling and dealing.
The Ghana Gold Board placed a GH¢1 million bounty to be awarded for any credible information which would lead to their arrest.
Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board, announced that the four are part of a group of seven individuals engaged in the illicit trade.
According to him, three of the seven suspects have been arrested and are in the custody of the National Intelligence Bureau (NIB).
However, GoldBod issued a fresh update on the GH¢1million bounty placed on four gold-smuggling suspects.
In a statement signed by Prince Kwame Minkah, Media Relations Officer, the GoldBod apologised and issued a correction after mistakenly publishing the wrong photograph of a suspect.
The statement clarified that the image that accompanied the announcement of suspect Mohammed Nandoli Rafeeq, also known as Salaam, was not accurate; however, it added that the details released about the suspect were accurate.
“The picture circulated was actually that of Mr Shamlal Ahamed, Managing Director of International Operations at Malabar Gold and Diamonds,” the statement detailed.
They formally apologise to Mr Ahamed and Malabar Gold and Diamonds for any reputational harm caused.
The GoldBod has since released the correct photograph of Mohammed Nandoli Rafeeq and also called on media houses that shared the wrong image to update their publications.
See the post below:
One of the value propositions of the Ghana Gold Board is reducing the amount of ASM gold that is smuggled out of the country. The UAE and India have historically been the main destinations for that gold. More than 90% of ASM gold is shipped there.
— Alfred (@CallmeAlfredo) August 4, 2026
One way to test the extent of… pic.twitter.com/95bq1FruQT
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