Gold smuggling spikes as GRA seizes $18m worth of the commodity

Concerns about gold receipts to the country have further heightened following the detection and seizure of 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 raised further eyebrows in government circles about the depth of smuggling and under-declaration in the mineral sector, why they claim has starved the country to shore-up the local currency.

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.

According to figures from the Bank of Ghana, in 2015 at total of $3.2 billion worth of gold was exported from Ghana by both large and small-scale miners.

Source: http://www.myjoyonline.com/business/2016/February-22nd/gold-smuggling-spikes-as-gra-seizes-18m-worth-of-the-commodity.php