One of the companies accused of engaging in illegal trading of gold by the GoldBod, RAFMOH Gold Ltd says the accusation is unfounded.
At a press briefing on Tuesday, the Gold Board announced enforcement actions and ongoing investigations, naming RAFMOH Gold and its Chief Executive, Rafeeq Muhammed Nandoli, in connection with suspected illegal trading.
In a statement issued Wednesday, the company said it “takes these matters extremely seriously” and pledged full cooperation with investigators.
RAFMOH Gold explained that until April 2025 it operated legally under licenses granted by the Precious Minerals Marketing Company (PMMC).
Following the passage of the Ghana Gold Board Act, 2025 (Act 1140), which introduced stricter nationality requirements, the company became ineligible for new licenses and ceased gold buying and export operations.
The company and its CEO specifically denied claims that they purchased gold from NK Bernark Enterprise at Tarkwa, owned the 9.2 kilograms of gold recently seized by the Gold Board, or authorized anyone to trade gold on their behalf.
“Accordingly, any suggestion that RAFMOH Gold and Mr. Nandoli are part of a gold smuggling syndicate is unfounded. To avoid jeopardizing the ongoing investigations, no further public comments will be made. Instead, they will pursue the appropriate legal avenues, while extending full cooperation to the Gold Board and law enforcement authorities,” the statement issued by the company’s lawyers indicated.
The statement also protested the closure of RAFMOH Jewelry Ltd. on September 2, describing the action as “factually incorrect and prejudicial,” since the retail jewelry business is separate from gold trading.
The company said it will pursue legal remedies while cooperating with authorities.
RAFMOH Gold further highlighted its membership in the Africa Responsible Mineral Sourcing Initiative (ARMSI), pledging continued adherence to global standards on transparency and responsible sourcing.
The company expressed confidence that ongoing investigations would clear its name and reaffirm its role in legitimate mineral trade.
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