NACOC returns 17 seized gold bars worth $1.7M to GoldBod

NACOC returns 17 seized gold bars worth $1.7M to GoldBod

By: Nii Ammui Fio | 4 mins read

Seventeen gold bars, valued at $1.7 million and previously seized at the Paga Border, have officially been handed over to the Ghana Gold Board (GoldBod) by the Narcotics Control Commission (NACOC).

The transfer took place on Tuesday, July 29, at a brief ceremony held at the Ministry of the Interior in Accra.

The gold, intercepted by officers of NACOC’s Upper East Regional Command, was being illegally transported by two Burkinabe nationals attempting to cross the border with the precious minerals. GoldBod’s Chief Executive Officer, Sammy Gyamfi (Esq.), received the bars on behalf of the institution.

Present at the handover were key government and institutional figures, including Mrs. Doreen Annan, Chief Director at the Ministry of the Interior; Brigadier General Maxwell Obuba Mantey, Director General of NACOC; and senior officials from both NACOC and GoldBod.

Sammy Gyamfi extended his appreciation to the leadership of NACOC and emphasized the need for continued cooperation between state security agencies. He stressed that such collaboration is essential in safeguarding Ghana’s gold resources and improving the country’s revenue performance.

“I want to thank the Director-General of NACOC for this successful handover,” Gyamfi said. “We must strengthen the partnerships between agencies to ensure we win this fight.”

Interior Minister Muntaka Mohammed-Mubarak assured GoldBod of ongoing governmental support. He reiterated the state’s commitment to backing the institution in its quest to manage Ghana’s mineral wealth more effectively.

Meanwhile, the two individuals arrested during the smuggling attempt have been formally charged with offenses relating to gold transportation and dealing without authorization.

The development comes amid growing concerns about illegal gold smuggling. Finance Minister Dr. Cassiel Ato Forson recently revealed that during Ghana’s peak economic crisis in 2022, approximately 60 tonnes of gold—worth around $1.2 billion at the time—were smuggled out of the country.

Over the past decade, it is estimated that Ghana has lost about 600 tonnes of gold through illegal channels, representing more than $12 billion in value.

As part of measures to curb the trend, President John Dramani Mahama, on July 8, launched a dedicated task force under the Ghana Gold Board to combat illegal mining and smuggling. During the launch, he issued a stern warning to the members of the task force.

“To the task force, let me be clear. Abuse of your authority will not be tolerated. If any of you is found engaging in misconduct, you will face immediate sanctions, and this could include dismissal, prosecution, and forfeiture of your entitlement,” the President stated.

He also announced a new whistleblower incentive aimed at encouraging public involvement in the fight against illegal gold trading.

“So whistleblowers, get ready. If you blow the whistle on anybody and gold is retrieved or cash is received, you’d get 10 percent of the value of both,” he declared.

The newly constituted task force has been granted special powers equivalent to those of police officers, enabling them to operate decisively in cracking down on gold-related crimes.

According to Sammy Gyamfi, this move will be instrumental in plugging revenue leakages in the gold sector.

“This will help the state combat and defeat the phenomenon of gold smuggling, the canker of illegal gold trading, and price disruptions that deprive the state of the needed revenue, profit, and the needed forex for our economy and the development of our country,” he said.

He cautioned all stakeholders in the gold trading space to obtain the proper licenses before operating, stressing that GoldBod will not hesitate to pursue illegal traders.

“But for those who are hell bent on trading illegally without the licenses, we are serving notice that we are coming after you,” he warned.

GoldBod has in recent months taken a hard stance against corruption within the licensing process. In a June 5 meeting with the Chamber of Licensed Gold Buyers, Gyamfi clarified that no bribes are taken in exchange for permits.

“I don’t take or demand bribes before I issue a licence,” he said, adding that the current licensing procedure is fully transparent and automated.

“We have removed the human interface element, and so there is no corruption, bribery, inducements, or favouritism. It is a very transparent and competitive process, and once you qualify, you get the license,” Gyamfi explained.

Since Gyamfi assumed leadership, GoldBod has recorded significant milestones. According to him, the institution surpassed $5 billion in gold export value in the first half of 2025—outpacing the entire 2024 figure of $4.6 billion.

“In the whole of 2024, gold exports stood at 66 tons with an export value of $4.6 billion. We have done only six months, and yet we have crossed the $4.6 billion. We have gone beyond $5 billion, and in terms of volumes, we have done 50 tons and over, and we are optimistic that by the end of next month, we will have hit 60 tons,” he projected.

About GoldBod

GoldBod, established by Act 1140 of 2025, operates under the oversight of the Ministry of Finance and holds exclusive rights to buy, sell, assay, refine, and export gold and other precious minerals in Ghana. The Board assumed the functions and assets of the former Precious Minerals Marketing Company (PMMC), which has evolved through various legal transitions since the 1960s.

The current restructuring is part of broader government efforts to sanitize Ghana’s mineral trading sector, improve revenue generation, and increase the country’s gold reserves. With its strengthened mandate, GoldBod is expected to play a central role in combating illicit activities and modernizing the mineral value chain.