Ghana Gold Exports Gold smuggling syndicate springs up, CEPS on guard

This follows information from the Customs Exercise and Preventive Serves, CEPS, that it has received a number of tip- offs from anonymous sources to the effect that some individuals are planning to to smuggle more fine jewels through the Kotoka International Market.

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Concerns are heightening over the development of a precious minerals smuggling syndicate in the country.

This follows  information from the Customs Exercise and Preventive Services, CEPS, that it has received a number of tip- offs from anonymous sources to the effect that some individuals are planning to  smuggle more fine jewels through the Kotoka International Market.

According to Customs officials, exporting gold without any documentation is a daily occurrence at the Kotoka International Airport; and most licensed gold exporters in the country are engaged in such activities to avoid paying appropriate taxes.

CEPS seized  a large amount of gold bullion meant for export without declaration and proper documentation.

The Customs Division of the Ghana Revenue Authority (GRA), acting on a tip-off last week, impounded 12 boxes which contained gold bullion weighing about 480kg at the Kotoka International Airport -- valued at US$18million.

The seized bullion belonged to two Indian firms and three Ghanaian companies, and was abound for Asia and the Middle East – particularly India and Dubai.

 This has led people to question the restriction placed on private minerals exporting companies from exporting Gold from the country. The new rules which will took effect from Tuesday, September 15, 2015 will affect all gold exports.

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According to the central bank per the new measures all exports of gold must be done only through the Precious Minerals Marketing Company Limited (PMMC). PMMC is a limited liability company operating under the Companies’ Code, with the Government of Ghana as the sole shareholder.


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