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Business News of Tuesday, 15 March 2016

Source: citifmonline.com

Minerals Commission to punish gold smugglers


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The Minerals Commission has served notice to deal with any person or companies found culpable in smuggling gold out of Ghana.
According to the Commission, the country stands to lose huge revenue as long as smuggling continues.

The Commission’s warning comes after the country lost an average of 1.925 billion dollars from the smuggling of gold to India over the years.

Also recently, the Customs Division of the Ghana Revenue Authority (GRA) impounded 12 boxes which contained gold bullion weighing about 480kg at the Kotoka International Airport valued at US$18 million.

Commenting on the development, the Chief Executive Officer of the Minerals Commission, Dr. Tony Aubynn told Citi Business News, the commission will deal with any person found to have participated in the smuggling of gold outside Ghana.

“The matter is under investigation but it is really terrible to phantom that our gold will be smuggled as it passes through our ports. It would be a major scar on us if we will allow gold of that magnitude to pass through the airport and to go to the plane without any checks. I would wait for the outcome of the investigations currently ongoing and if the investigations turns out that any person or companies were involved in that, then obviously, the law must go heavy on them.” the Minerals Commission boss stressed.

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