In a dramatic operation, a van belonging to the Precious Minerals Marketing Company (PMMC) with registration number GS 2197-11 was intercepted by the Accra Regional Police at Kotoka International Airport.
The van, reportedly en route to Dubai, was found to contain 17 boxes of gold bars.
Sources disclosed that security experts, acting on intelligence allegedly received from the Bank of Ghana headquarters, tracked the van to Aviance, a ground handling and cargo company at the airport.
The police were alerted and swiftly intervened, seizing the gold bars.
Initial investigations revealed that the gold bars were being transported as part of the government’s Gold-for-Oil (G4O) initiative.
This program, launched in December 2022, was designed to bolster Ghana’s foreign currency reserves by enabling the Bulk Oil Storage and Transportation Company Limited (BOST) to exchange gold purchased by the central bank for oil imports. The initiative sought to stabilize the Ghanaian cedi and curb rising living costs.
However, the program’s status has been the subject of conflicting reports. While Bank of Ghana Governor Dr. Ernest Addison announced on November 28, 2023, that the G4O initiative had achieved its goals and was being phased out, subsequent updates suggested the program was still ongoing as of August 2024.
Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, told the Public Accounts Committee of Parliament in August that the program remained operational, albeit with a capped financial contribution from the central bank.
The interception has raised pressing questions about the destination and purpose of the seized gold bars, particularly in light of the government’s shifting stance on the G4O initiative.
Authorities are yet to clarify whether the gold was part of a legitimate transaction or an unauthorized export.
However, the seizure has sparked public concern about transparency and accountability in managing the nation’s gold resources.
Investigations are ongoing to determine the circumstances surrounding the attempted export.
