GoldBod Suspends Licence of McWoode Ray 24 Enterprise Over Breach of Trading Rules

The Ghana Gold Board has with immediate effect suspended the gold trading licence of McWoode Ray 24 Enterprise for breaching the terms of its licence and trading directives.

This was contained in a Compliance Notice issued by the GoldBod and signed by the Compliance Directorate.

According to the Board, the suspension follows a determination that McWoode Ray 24 Enterprise violated conditions of its licence as well as Trading Directives issued by GoldBod, contrary to the Ghana Gold Board Act, 2025 (Act 1140).

The notice stated that the proprietor of the enterprise has been arrested and is currently being prosecuted before the High Court in Accra.

The person has been remanded into Police custody by order of the High Court pending the continuation of criminal proceedings.

Consequently, McWoode Ray 24 Enterprise has been prohibited from engaging in the purchase, sale, aggregation, transportation or any other transaction involving gold with immediate effect.

GoldBod directed all licensed buyers, aggregators, self-financing aggregators and miners to cease all trading, commercial dealings or other business engagements with McWoode Ray 24 Enterprise relating to gold transactions until further notice.

The Board warned that any person or entity found facilitating, assisting, or engaging in gold transactions with the suspended company during this period shall be liable to appropriate enforcement and regulatory measures under Act 1140.

GoldBod said it remains committed to ensuring strict compliance with the laws, licence conditions, and trading directives governing Ghana’s gold trading sector, and will continue to take decisive enforcement action against all persons and entities that undermine the integrity, transparency, and orderly operation of the industry.

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