Details have emerged of how more than GH¢121 million advanced to a licensed gold dealer for the supply of gold was allegedly diverted for personal use, in a case that has raised fresh concerns about oversight within Ghana’s newly established gold trading regime.
The Ghana Gold Board (GoldBod) has suspended the licence of McWoode Ray 24 Enterprise and its proprietor, Raymond Okai-Woode, is currently standing trial before the High Court, Criminal Division, Accra, on two counts of regulatory offences under the Gold Board Act, 2025 (Act 1140) .
How the Deal Unfolded
According to sources close to the investigation, Okai-Woode, a Tier-2 licence holder, approached fellow Tier-2 dealer William Akatsi, also known as Dela, owner of Yassbel Gold Enterprise, with a proposal that he had 100 kilogrammes of gold ready to supply.
Akatsi, who like Okai-Woode is advanced funds by GoldBod through its licensed aggregator, Bawa Rock Company Limited, to purchase and supply gold, took the bait . Within July 2026, he advanced the full amount of GH¢121,790,725.00 to Okai-Woode, on the strength of a booking in which Okai-Woode allegedly misrepresented that he had the gold in hand and could deliver within twenty-four hours.
The gold never came — at least, not most of it. On July 8, 2026, Okai-Woode supplied just 3.86504 kilogrammes, valued at GH¢5,551,817.00 — a fraction of what had been paid for. The remainder was never delivered, and Okai-Woode is said to have gone into hiding, with Akatsi’s efforts to reach him proving futile.
When he was eventually tracked down and arrested, Okai-Woode reportedly admitted during interrogation that he had used the money advanced by Akatsi to settle his own debts. He is said to have claimed that Dominic Bonsu Ventures, a sub-aggregator, owed him money, and that he had been waiting on that payment to be able to pay off Akatsi.
Charges and Court Proceedings
Investigations by GoldBod established that Okai-Woode breached the terms and conditions of his licence, which criminalises fraudulent or illegal conduct, and that he had also supplied false information in the course of the transaction .
He has since been arraigned before the High Court, Criminal Division, Accra, on two counts: failing to comply with the terms and conditions of his Gold Board licence, contrary to Section 63(1)(c)&(2) of the Gold Board Act, 2025 (Act 1140), and providing false information, contrary to Section 63(1)(b)&(2) of the same Act. The court has remanded him into police custody pending the continuation of the criminal proceedings .
The Aggregator System Under Scrutiny
The case is the latest to surface involving Tier-2 gold dealers operating under the Board’s aggregator system, raising fresh questions about how funds advanced for gold supply within the sector are being tracked and safeguarded.
Under the current framework, only licensed Aggregators are permitted to receive funds directly from GoldBod and, by extension, the state . Bawa-Rock Company Limited currently holds the sole aggregator licence, having been the only applicant to meet the strict eligibility criteria, which include a minimum working capital of US$2 million and three years of operational experience .
The aggregator then distributes funds to Tier-2 buyers at its own risk. With the aggregator’s approval, some Tier-2 buyers also extend funding to other Tier-2 and Tier-1 buyers within the supply chain . This arrangement is designed to finance the local Artisanal and Small-Scale Mining (ASM) gold trade in a structured and de-risked manner .
However, critics have questioned the concentration of state-backed funding through a single aggregator. In November 2025, Okaikwei Central lawmaker Patrick Boamah indicated his intention to file an urgent question in Parliament to unravel the source of funding for GoldBod, questioning how the Board was able to buy and sell without funds from the Ministry of Finance . The GoldBod Act requires the Board to publish quarterly reports on its website covering operations, revenue, contracts, expenditure, and responsible sourcing .
GoldBod’s Response
GoldBod has responded with a series of compliance measures aimed at tightening oversight. In June 2026, the Board issued a directive requiring all licensed gold buyers to book purchase transactions within five minutes of each purchase to ensure real-time visibility across the value chain .
The Board has also set strict eligibility thresholds for licence renewals, with Tier-2 licence holders required to demonstrate a minimum trading volume of at least 5 kilogrammes within the preceding 12 months .
In a statement announcing the suspension of McWoode Ray 24 Enterprise, GoldBod said the action forms part of its efforts to enforce compliance with the country’s mining and gold trading laws and to protect the integrity, transparency, and orderly operation of Ghana’s gold trading sector . The Board warned that any individual or organisation found assisting or conducting gold transactions with the suspended company during the period of the suspension would face enforcement and regulatory action .
“The Compliance Directorate of GoldBod will continue to take firm action against individuals and companies that fail to comply with the laws, licence conditions, and trading directives governing the industry,” the Board stated .
A Pattern of Gold Fraud Cases
The case is not an isolated incident. In May 2026, an Accra Circuit Court refused bail to two businessmen, Kenneth Torbizo and Ernest Kofi Nyatorgbe, who allegedly defrauded a gold purchasing firm of GH¢49,595,816.00 under the pretext of supplying 32 kilogrammes of gold . The accused, operating under the name Torbiken Enterprise, collected the money in January 2026 but failed to deliver the gold or refund the amount .
Industry watchers say such cases highlight the challenges facing GoldBod as it seeks to formalise Ghana’s gold trading sector and eliminate illicit flows that have long plagued the industry . The Board, which replaced the Precious Minerals Marketing Company (PMMC) under Act 1140, has been tasked with regulating and overseeing the purchasing, refining, exporting, and sale of gold .
For now, Okai-Woode remains in police custody as his case continues before the High Court, and all eyes will be on how GoldBod navigates the growing scrutiny over its oversight mechanisms and whether further reforms will be introduced to safeguard state-backed funds in the gold supply chain.
