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BoG Suspends UBA Ghana and Five Money Transfer Operators Over Regulatory Breaches
The Bank of Ghana (BoG) has begun a one-month suspension of the remittance partnerships of five Money Transfer Operators (MTOs) and the Foreign Exchange Trading Licence of United Bank for Africa (UBA Ghana).
The decision, announced in a statement dated September 4, 2025, took effect on Thursday, September 18, 2025. The move forms part of the central bank’s ongoing efforts to sanitize the remittance sector and enforce strict regulatory compliance.
The suspension impacts five MTOs—Taptap Send, Top Connect, Remit Choice, Send App, and Afriex—over their involvement in unauthorised remittance transactions with Payment Service Providers (PSPs) through UBA Ghana as their settlement bank.
According to the BoG, the affected MTOs may only resume operations once their partner PSPs or banks reapply for approval after the suspension period.
UBA Ghana’s one-month suspension follows multiple breaches of foreign exchange market regulations, including violations of the Updated Guidelines for Inward Remittance Services by PSPs (2023), as amended by the Bank of Ghana.
The International Monetary Fund (IMF) has lauded the central bank’s latest enforcement measures, describing them as an important step toward reinforcing the cedi’s role as the sole legal tender while enhancing transparency and stability in Ghana’s foreign exchange market.
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Akonta Mining Operations Manager Granted GH¢10 Million Bail in Illegal Mining Case
An Accra court has granted bail in the sum of GH¢10 million to Kwadwo Owusu Bempah, Operations Manager of Akonta Mining, with three sureties, one of whom must be justified.
Mr. Owusu Bempah is the fifth accused person in an ongoing trial involving Akonta Mining and three others, including the Ashanti Regional Chairman of the New Patriotic Party, Bernard Antwi Boasiako, popularly known as Chairman Wontumi. The case centres on alleged illegal mining activities in the Tano Nimiri Forest Reserve.
Although earlier reports suggested that Mr. Owusu Bempah was on the run, his lawyer, Andrew Vortia, told the media that his client voluntarily presented himself to the police about three weeks ago. He was subsequently granted police enquiry bail but was re-arrested on Monday, January 12, 2026, for failing to report as required.
Appearing before the court on Wednesday, January 14, 2026, Mr. Owusu Bempah pleaded not guilty to charges of engaging in mining operations without a licence, abetting the unauthorised felling of trees, and abetting the unauthorised construction of structures within the forest reserve.
The prosecution maintains that Akonta Mining holds valid mining concessions at Samreboi and Abekoase in the Western Region, both located outside the Tano Nimiri Forest Reserve. However, an application by the company to mine within the reserve was rejected. Prosecutors allege that despite this refusal, Chairman Wontumi unlawfully entered the reserve, felled trees, and put up structures without authorisation.
According to the charge sheet, Chairman Wontumi, described as a shareholder representing Akonta Mining, and Edward Akuoko, the company’s General Manager, were arrested and arraigned before the court. Kwame Antwi, another shareholder, and Mr. Owusu Bempah were initially declared at large. While Mr. Owusu Bempah has since been arrested, Kwame Antwi remains at large.
Meanwhile, in November 2025, the state informed the court of its decision to withdraw charges against Edward Akuoko and to use him as a prosecution witness. The prosecution has also indicated plans to amend the charge sheet to formally remove Mr. Akuoko as an accused person.
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Police Arrest Five Suspected Kidnappers, Rescue Two Victims in Nsawam Operation
Police Arrest Five Suspected Kidnappers, Rescue Two Victims in Nsawam Operation
The Nsawam District Police Command has arrested five individuals in connection with the kidnapping of two men travelling from Accra to Anyinam, following a coordinated intelligence-led operation. The victims were rescued safely and are in stable condition.
Police reports indicate that on January 10, 2026, the Command received credible intelligence that the two men had been abducted and moved to an undisclosed location. The suspects allegedly demanded a ransom of GH¢400,000 from the victims’ family and later instructed them to make an initial payment of GH¢5,000.
Acting on the information, officers from the Nsawam District Police, with support from the Suhum Police Command, mounted an operation that led to the arrest of the suspects at a drinking spot near the Suhum Roundabout.
The suspects have been identified as Suleman Salifu, 24; Godfred Owusu, 26; Antwi Bismark, 27; Anas Salis, 38; and Gyamfi Isaac, 33. The victims, Seidu Sambiane, 28, and Ibrahim Alhassan, 42, were rescued during the operation without harm.
A search of an unregistered Acura 4×4 vehicle allegedly used by the suspects resulted in the recovery of several items, including forged GH¢100 and GH¢200 notes, specimen papers cut to the size of currency notes, and an amount of GH¢4,600 in cash. Police also retrieved a pistol, a cutlass, talismans and amulets, as well as five mobile phones.
The suspects are currently in police custody and are assisting with ongoing investigations as police prepare to take further legal action.
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GoldBod Denies Buying Gold from Illegal Miners, Explains Sourcing Process
The Ghana Gold Board, known as GoldBod, has rejected allegations that it buys gold from illegal miners, commonly called galamseyers.
In a set of frequently asked questions released on Monday, January 5, 2026, the board clarified that it does not purchase gold directly from miners. Instead, GoldBod buys gold only through licensed aggregators.
According to the statement, GoldBod’s role as a public corporation is guided by law. Under Section 3(1)(f) of Act 1140, the board is mandated to promote the formalisation of small-scale mining by ensuring responsible sourcing, a sustainable supply chain, full traceability of gold, and compliance with international standards. Another provision, Section 3(1)(g), requires the board to support environmentally responsible and sustainable mining practices.
GoldBod stressed that all gold-buying licenses it issues strictly prohibit licensed buyers from sourcing gold from illegal miners. These conditions, the board noted, are publicly available on its website.
To strengthen oversight and accountability, GoldBod revealed that it is developing a blockchain-based track-and-trace system. The system, which will verify the origin of every gram of gold bought from licensed buyers, is part of efforts to ensure responsible sourcing. The board noted that it has been in operation for only eight months.
The board also pointed to wider government actions against illegal mining, led by the National Anti-Illegal Mining Operations Secretariat, NAIMOS. These efforts have so far resulted in the eviction of illegal miners from nine forest reserves, the revocation of Legislative Instrument 2462 that allowed mining in forest reserves, restrictions on excavator imports, and the arrest and prosecution of offenders.
GoldBod explained that gold has been mined and traded in Ghana for decades without proper traceability. It said the establishment of the board marks the first time a state institution has been tasked with ensuring full value chain traceability within a defined timeframe.
The board dismissed criticism from political opponents, describing such attacks as attempts to discredit its progress in formalising the gold sector.
GoldBod concluded by reaffirming its commitment to ending illegal mining and confirmed that the blockchain track-and-trace system will be rolled out in 2026 after a competitive tender process.
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