Ghana's Gold Trade Faces $17 Million Due Diligence Challenge

A complex gold trading dispute involving $17 million has highlighted critical gaps in due diligence practices within Ghana's precious metals sector, presenting both challenges and opportunities for strengthening the country's position as a leading gold exporter.

The Case Details

Turkish company Tayvest FZCO transferred over $17 million to Ghanaian firm JG Resources Limited for gold purchases, but claims a $6.8 million balance remains unfulfilled. The case, now under Criminal Investigations Department review, involves multiple Ghanaian companies including RMB Mining Company Limited, Sesi Edem Limited, and Goldline Mining Limited.

Significantly, JG Resources Limited, incorporated in April 2025, received the substantial funding within two months despite lacking proper gold concessions or Ghana Gold Board licensing. This timeline has raised questions about international investors' verification processes when engaging with Ghanaian gold traders.

Positive Market Response

Sesi Edem Limited, owned by Council of State member Gabriel Tanko Kwamigah-Atokple, has demonstrated strong corporate governance by substantially fulfilling its obligations, delivering 32.8 kilogrammes valued at GH₵45 million. The company maintains only 17 kilogrammes worth GH₵12 million remains outstanding, well within the contractual delivery window ending June 2026.

The company's proactive legal response includes filing suit against all parties and applying for contempt proceedings against JG Resources, demonstrating how legitimate Ghanaian businesses are protecting their reputations in international markets.

Regulatory Framework Strengths

The case showcases Ghana's robust regulatory environment. Sesi Edem operates under proper licenses from PMMC, the Government of Ghana, and Goldbod, with Bank of Ghana confirmation of its participation in the Domestic Gold Purchase Programme. This regulatory framework provides international investors with clear pathways for legitimate gold trading.

Learning Opportunities

This situation presents valuable lessons for Ghana's gold sector. The Economic and Organised Crime Office's swift response in freezing accounts demonstrates effective regulatory oversight, while the High Court's December 2025 interim preservation orders show judicial efficiency in commercial disputes.

For international investors, the case emphasizes the importance of thorough due diligence when engaging Ghanaian gold companies. Legitimate operators like Sesi Edem, with proper licensing and regulatory compliance, offer secure investment opportunities.

Market Implications

Ghana's gold sector continues attracting significant international investment, with this $17 million transaction representing growing confidence in the country's precious metals market. The transparent legal proceedings and regulatory responses should strengthen investor confidence in Ghana's commitment to maintaining high standards in gold trading.

The case is scheduled for judicial review on March 5, 2026, with Justice Doris Awuah-Dabanka-Bekoe presiding. Multiple legal proceedings are ongoing, demonstrating Ghana's commitment to resolving commercial disputes through proper legal channels.