Police seize millions worth of gold bars at Kotoka International Airport, arrest suspects in smuggling operation.
Accra, Ghana (EPICSTORIAN) – 17 boxes of gold bars have been seized by the Accra Regional Police after intercepting a van belonging to the Precious Minerals Marketing Company (PMMC).
The van, reportedly en route to Dubai, has drawn significant attention due to its alleged connection to Ghana’s Gold-for-Oil (G40) initiative, Modern Ghana reported.
The G40 program, launched in December 2022, was introduced as a bold economic strategy aimed at stabilizing Ghana’s economy. Under the initiative, gold purchased by the central bank was exchanged for oil imports, with the dual objectives of bolstering Ghana’s foreign currency reserves and easing the financial pressures of rising living costs.
According to a November 2023 statement by Bank of Ghana Governor Dr. Ernest Addison, the G40 program had achieved its primary goals and was set to be phased out.
However, subsequent reports suggested that the initiative was still active as of August 2024, albeit with a capped financial contribution from the central bank.
The interception of the PMMC van raises pressing questions about the transparency and current status of the G40 initiative. Critics have highlighted the lack of clarity surrounding the program’s operations, particularly in light of its purported conclusion.
Speculation has mounted over whether the seized gold bars were legitimately part of the program or an illicit attempt to divert resources under its guise.
The Gold Shipment
Police officials are conducting investigations to determine the intended purpose of the gold shipment and whether it adhered to regulatory frameworks.
“This development underscores the need for greater oversight and transparency in government programs involving strategic resources,” said a political analyst familiar with Ghana’s resource management challenges.
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The government has yet to issue a formal statement regarding the seizure, leaving the public and economic analysts alike questioning the implications for Ghana’s resource management and economic stability.
