RAFMOH Gold Ltd. and its Chief Executive Officer, Rafeeq Muhammed Nandoli, have denied allegations linking them to an alleged gold smuggling syndicate under investigation by the Ghana Gold Board.
In a statement issued on Wednesday, September 17, 2025, the company said it fully supports the ongoing investigations but insists it has not engaged in any unlawful activity.
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RAFMOH Gold clarified that until April 2025, it was duly licensed to purchase and export gold from Ghana in line with the law, with approvals from the Precious Minerals Marketing Company (PMMC) and relevant state agencies. However, following the enactment of the Ghana Gold Board Act, 2025 (Act 1140), the company became ineligible for a license due to nationality restrictions and subsequently ceased operations.
The company and its CEO categorically denied claims that they had purchased gold from NK Benark Enterprise in Tarkwa, owned the 9.2kg of gold seized by the Board, or authorized anyone to trade on their behalf since halting operations.
RAFMOH further expressed concern that its sister company, RAFMOH Jewelry Ltd., which operates solely in the retail jewelry business, was shut down on September 2, 2025, over alleged links to illegal trading—an accusation it described as “factually incorrect and prejudicial.”
The company reaffirmed its commitment to transparency and responsible mineral sourcing, noting its membership in the Africa Responsible Mineral Sourcing Initiative (ARMSI). It expressed confidence that ongoing investigations would clear its name.
