RAFMOH Gold, Director Deny Links to Alleged Gold-Smuggling SyndICATE

By Isaac Boamah Darko

Accra, 17 September 2025

RAFMOH Gold Ltd. and its director, Mr. Rafeeq Muhammed Nandoli, have denied any involvement in an alleged gold-smuggling syndicate that the Ghana Gold Board said it was investigating at a press conference in Accra on 16 September.

In a statement issued on Wednesday, the company and Mr. Nandoli said they “take these matters extremely seriously” and support the Gold Board’s mandate to safeguard the country’s mineral sector. They added they are confident a full investigation will show that neither the company nor Mr. Nandoli engaged in unlawful activity.

The statement from RAFMOH’s lawyers said the company was properly licensed to purchase and export gold until April 2025 and that all exports were carried out with the approval of state authorities, including the Precious Minerals Marketing Company (PMMC), and after payment of prescribed fees. The company says it ceased buying and exporting gold after the passage of the Ghana Gold Board Act, 2025 (Act 1140), which introduced a new licensing regime and — they say — made them ineligible to apply for licenses under section 28 because of nationality requirements.

RAFMOH and Mr. Nandoli made three specific denials in the release:

•   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 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 they ceased operations in Ghana.

The statement added that RAFMOH and Mr. Nandoli regard suggestions linking them to a smuggling syndicate as “unfounded.” They said they will refrain from further public comment so as not to jeopardize ongoing investigations, will cooperate with the Gold Board and law enforcement, and will pursue appropriate legal avenues.

The release also says RAFMOH Jewelry Ltd., a separate company that operates retail jewelry stores, was shut down by the Gold Board on 2 September on allegations of links to illegal gold trading. RAFMOH called that allegation “factually incorrect and prejudicial” and urged the Gold Board to reconsider.

RAFMOH noted its membership in the Africa Responsible Mineral Sourcing Initiative (ARMSI) and reiterated a commitment to transparency, traceability and responsible sourcing.

The Gold Board announced enforcement actions and investigations into alleged illegal gold trading at its 16 September briefing and reportedly named RAFMOH Gold Ltd. and Mr. Nandoli in connection with its probe. RAFMOH’s lawyers — James Gawuga Nkrumah, Esq., of Gawuga@Law — issued the response on behalf of the company and Mr. Nandoli.

Investigations by the Gold Board are ongoing. Requests for further comment from the Gold Board were not addressed in RAFMOH’s statement.