One of the firmed accused by GoldBod of engaging in illegal gold business and smuggling Rafmoh Gold Limited has denied the claim. GoldBod in a press conference yesterday accused Rafmoh Gold and NK Bernark Enterprise of being part of the biggest smuggling syndicate in the country. But in a statement signed by lawyer for RAFMOH Gold Ltd. and Rafeeq Muhammed Nandoli who was also accused by GoldBod, James Gawuga Nkrumah, Esq. disclosed the company ceased operations in Ghana since the establishment of GoldBod which bars foreigners from the gold trading business.
“On Tuesday, 16th September, 2025, at a press conference in Accra, the Ghana Gold Board announced enforcement actions and investigations into an alleged gold smuggling syndicate.
The Gold Board mentioned RAFMOH Gold Ltd. and Mr. Rafeeq Muhammed Nandoli in connection with these allegations.”
“RAFMOH Gold and Mr. Nandoli take these matters extremely seriously. They acknowledge the importance of the Gold Board’s mandate to safeguard Ghana’s mineral sector and they fully support the ongoing investigations. They remain confident that a thorough process will establish that neither RAFMOH Gold nor Mr. Nandoli has engaged in any unlawful activity.
For clarity, RAFMOH Gold has a long history of operating strictly within Ghanaian law.”
“Until April 2025, the Company was duly licensed to purchase and export gold from Ghana. All exports were undertaken with full approval of state authorities including the Precious
Minerals Marketing Company Ltd (PMMC) and other relevant agencies, and after payment of the prescribed fees.
Following the enactment of the Ghana Gold Board Act, 2025 (Act 1140), which introduced a new licensing regime, RAFMOH Gold and Mr. Nandoli became ineligible to apply for licenses by reason of section 28 of the Act due to nationality requirements.” He stressed
The company expressed confidence investigations will eventually vindicate it and its MD who has had a million cedis bounty placed on his head.
Rafmoh Gold and Rafeeq Muhammed have also denied any business dealings with NK Bernark Enterprise which has now had its license suspended by the GoldBod. The firm has consequently appealed to the GoldBod to reconsider its stance based on the now available facts.
“They have not purchased any gold from NK Bernark Enterprise at Tarkwa or elsewhere in the past two months as alleged.
They are neither the purchasers nor the owners of the 9.2kg of gold recently seized by the Gold Board.
They have not authorized any person or group to purchase gold on their behalf since ceasing operations in Ghana. 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.”
“It is important to note that RAFMOH Jewelry Ltd, a separate company engaged solely in legitimate retail jewelry business, has also been affected by these developments. On 2nd
September, 2025, the Gold Board shut down the operations of RAFMOH Jewelry. The closure was on the basis of alleged links to illegal gold trading, which allegation is both factually incorrect and prejudicial. The Gold Board is urged to reconsider this matter in light of the facts.”
Find Below the full statement:
PRESS STATEMENT
RAFMOH GOLD LTD. AND RAFEEQ MUHAMMED NANDOLI DENY
INVOLVEMENT IN ALLEGED GOLD SMUGGLING SYNDICATE IN GHANA.
On Tuesday, 16th September, 2025, at a press conference in Accra, the Ghana Gold Board announced enforcement actions and investigations into an alleged gold smuggling syndicate.
The Gold Board mentioned RAFMOH Gold Ltd. and Mr. Rafeeq Muhammed Nandoli in connection with these allegations.
RAFMOH Gold and Mr. Nandoli take these matters extremely seriously. They acknowledge the importance of the Gold Board’s mandate to safeguard Ghana’s mineral sector and they fully support the ongoing investigations. They remain confident that a thorough process will establish that neither RAFMOH Gold nor Mr. Nandoli has engaged in any unlawful activity.
For clarity, RAFMOH Gold has a long history of operating strictly within Ghanaian law. Until
April 2025, the Company was duly licensed to purchase and export gold from Ghana. All exports were undertaken with full approval of state authorities including the Precious
Minerals Marketing Company Ltd (PMMC) and other relevant agencies, and after payment of the prescribed fees.
Following the enactment of the Ghana Gold Board Act, 2025 (Act 1140), which introduced a
new licensing regime, RAFMOH Gold and Mr. Nandoli became ineligible to apply for licenses
by reason of section 28 of the Act due to nationality requirements. Consequently, the
Company ceased buying and exporting gold from Ghana. In this regard, RAFMOH Gold and
Mr. Nandoli categorically state that:
- They have not purchased any gold from NK Bernark Enterprise at Tarkwa or elsewhere
in the past two months as alleged.
- They are neither the purchasers nor the owners of the 9.2kg of gold recently seized by
the Gold Board.
- They have not authorized any person or group to purchase gold on their behalf since
ceasing operations in Ghana.
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.
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It is important to note that RAFMOH Jewelry Ltd, a separate company engaged solely in
legitimate retail jewelry business, has also been affected by these developments. On 2nd
September, 2025, the Gold Board shut down the operations of RAFMOH Jewelry. The closure
was on the basis of alleged links to illegal gold trading, which allegation is both factually
incorrect and prejudicial. The Gold Board is urged to reconsider this matter in light of the
facts.
Finally, as a member of the Africa Responsible Mineral Sourcing Initiative (ARMSI) under the
Africa Minerals Strategy Group, RAFMOH Gold remains committed to the highest standards
of transparency, traceability, and responsible sourcing. RAFMOH Gold Ltd. and Mr. Rafeeq
Muhammed Nandoli, accordingly, look forward to the conclusion of the investigations, which
they trust will clear their names, and allow them to continue contributing positively to
responsible mineral trade in Africa.
– End –
[SGD]
James Gawuga Nkrumah, Esq
Lawyer for RAFMOH Gold Ltd. and Rafeeq Muhammed Nandoli
Cc:
The Ghana Gold Board
RAFMOH Gold Ltd.
Rafeeq Muhammed Nandoli
RAFMOH Jewelry Ltd.
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