RAFMOH Gold Ltd. and its founder, Rafeeq Muhammed Nandoli, have strongly denied any involvement in an alleged gold smuggling syndicate in Ghana, describing the claims as “unfounded and prejudicial.”
The denial follows an announcement by the Ghana Gold Board at a press conference in Accra on Tuesday, September 16, 2025, where the regulator disclosed enforcement actions and ongoing investigations into what it called a “gold smuggling network.”
The Board specifically mentioned RAFMOH Gold and Mr. Nandoli in connection with the probe.
“The shareholder of the company by name Rafik Mohammed Nandoli, Rafmoh for short, who is also called Salam, is the mastermind and sponsor of this whole gold smuggling syndicate we’ve been tracking for a couple of months now,” Mr Gyamfi said at the press conference.
But in a sharp rebuttal, the company described the accusations as unfounded.
“RAFMOH Gold and Mr. Nandoli take these matters extremely seriously. We fully support the Gold Board’s mandate to safeguard Ghana’s mineral sector and remain confident that a thorough process will establish that neither RAFMOH Gold nor Mr. Nandoli has engaged in any unlawful activity.”
The company also stressed that since it began operation in Ghana years ago, it has always operated within the law.
“RAFMOH Gold has a long history of operating strictly within Ghanaian law. Until April 2025, the Company was duly licensed to purchase and export gold from Ghana, with all exports undertaken with the full approval of state authorities including the PMMC and other relevant agencies,” the statement stressed.
RAFMOH explained that its operations ceased earlier this year after the passage of the Ghana Gold Board Act, 2025 (Act 1140), which introduced new licensing rules.
“By reason of section 28 of the Act and its nationality requirements, RAFMOH Gold and Mr. Nandoli became ineligible to apply for licenses. Consequently, we ceased buying and exporting gold from Ghana,” the company clarified.
Categorically denying the specific allegations, RAFMOH said:
- “We have not purchased any gold from NK Bernark Enterprise at Tarkwa or elsewhere in the past two months as alleged.”
- “We are neither the purchasers nor the owners of the 9.2kg of gold recently seized by the Gold Board.”
- “We have not authorized any person or group to purchase gold on our behalf since ceasing operations in Ghana.”
The company maintained: “Accordingly, any suggestion that RAFMOH Gold and Mr. Nandoli are part of a gold smuggling syndicate is unfounded.”
RAFMOH further expressed concern about the closure of its sister company, RAFMOH Jewelry Ltd., on September 2, 2025, after the Gold Board alleged links to illegal gold trading.
“That allegation is both factually incorrect and prejudicial. RAFMOH Jewelry is a separate company engaged solely in legitimate retail jewelry business. The Gold Board is urged to reconsider this matter in light of the facts,” the statement urged.
Reaffirming its commitment to ethical practices, RAFMOH noted: “As a member of the Africa Responsible Mineral Sourcing Initiative (ARMSI) under the Africa Minerals Strategy Group, RAFMOH Gold remains committed to the highest standards of transparency, traceability, and responsible sourcing.”
“We look forward to the conclusion of the investigations, which we trust will clear our names and allow us to continue contributing positively to responsible mineral trade in Africa.”
By: Starrfm.com.gh
