Policy analyst and natural resource governance advocate, Dr Steve Manteaw, has applauded the Ghana Gold Board (GoldBod) for what he describes as a bold and promising start in the fight against illegal gold trading and smuggling.
His remarks follow the recent arrest of three Indian nationals by the GoldBod Security Taskforce in Kumasi, who were found engaging in unlicensed gold trading activities believed to be linked to smuggling operations. The suspects, reportedly fronting for a company named Unique MM, were apprehended with 4.3 kilograms of gold and large sums of money in multiple currencies.
Reacting to the development, Dr. Manteaw stated:“Sanitizing the gold trade in Ghana — GoldBod is off to a great start. A better and prosperous Ghana is possible.”
Dr. Manteaw’s endorsement is significant, as he has long advocated for greater accountability and transparency in Ghana’s mineral resource sector. His support signals broader policy community confidence in GoldBod’s renewed commitment to reforming the gold trade through decisive action and regulatory enforcement.
The recent crackdown is part of a wider strategy by GoldBod under the new GoldBod Act, 2025 (Act 1140), which seeks to formalize and regulate the gold market, eliminate smuggling, and ensure value retention within the Ghanaian economy. The law mandates that all gold transactions be conducted in Ghana cedis and at the Bank of Ghana reference rate, and requires the exit of all foreign nationals from retail gold trading by April 30, 2025.
In recent months, concerns over illegal gold exports and revenue losses have dominated public discourse, prompting a national push for sector reform. The arrest of the Indian nationals is viewed as a high-profile example of GoldBod’s intention to back policy with action.
As GoldBod intensifies efforts to clamp down on illegal activity and streamline gold trading in the country, stakeholders such as Dr. Manteaw believe that a disciplined and transparent approach could significantly transform Ghana’s gold industry for the better.
