RAFMOH Gold Ltd. and its Chief Executive Officer, Rafeeq Muhammed Nandoli, have strongly denied allegations linking them to a gold smuggling network currently under investigation by the Ghana Gold Board.
In a statement issued on Wednesday, September 17, 2025, the company said it fully supports the ongoing investigations but insisted it has not engaged in any unlawful activity.
The firm explained that until April 2025, it operated legally with approvals from the Precious Minerals Marketing Company (PMMC) and other state agencies to purchase and export gold. However, following the passage of the Ghana Gold Board Act, 2025 (Act 1140), it no longer qualified for a license due to nationality restrictions and voluntarily ceased operations.
RAFMOH Gold further rejected claims that it purchased gold from NK Benark Enterprise in Tarkwa, owned the 9.2kg of gold recently seized by the Board, or authorised anyone to trade on its behalf since halting operations.
The company also raised concerns about the September 2 closure of its sister firm, RAFMOH Jewelry Ltd., describing the action as “factually incorrect and prejudicial,” stressing that the jewelry outfit is strictly a retail business.
Reaffirming its commitment to ethical and transparent practices, RAFMOH Gold cited its membership in the Africa Responsible Mineral Sourcing Initiative (ARMSI) and expressed confidence that the investigation will eventually clear its name.
Source: Adomonline
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