{"id":196988,"date":"2016-03-08T08:26:20","date_gmt":"2016-03-08T08:26:20","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=196988"},"modified":"2016-03-08T08:26:20","modified_gmt":"2016-03-08T08:26:20","slug":"ghana-loses-6m-in-taxes-through-gold-smuggling-to-india","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/03\/ghana-loses-6m-in-taxes-through-gold-smuggling-to-india\/","title":{"rendered":"Ghana loses $6m in taxes through gold smuggling to India"},"content":{"rendered":"
Available information from Indian government agency, Zauba Technologies & Data Services, showed that between January 2014 and January 2016, a total of 101,179 kilogrammes of gold valued at $3,607,415,756.36 was shipped out of Ghana to India without going through the necessary processes, a situation that ripped off the state an amount of $6,367,088.81 in revenue in terms of royalty.<\/p>\n
Sources told Business Day that the smuggling of gold by the Licensed Gold Exporters (LGEs) is a daily occurrence at the KIA.<\/p>\n
[contextly_sidebar id=”uwilSj8EigWUidkNn0uWGXdCSb4ZqTgg”]It was said that the companies do this to avoid paying the appropriate taxes to the state and also to avoid the repatriation of the gold proceeds back into the country.<\/p>\n
This contributes to put undue pressure on the Cedi.<\/p>\n
\u201cThe country has lost over $6 million to gold smuggling between January 2014 and January 2016,\u201d the source told Business Day Newspaper.<\/p>\n
Two weeks ago, some dedicated and patriotic customs officials stationed at the Kotoka International Airport (KIA), busted a syndicate attempting to smuggle 12 boxes of gold weighing 480 kilogrammes and priced at $18 million out of the country.<\/p>\n
The security officers, upon a tipoff, impounded the 12 bullion boxes at the cargo section of the airport on its way out of Ghana, without the necessary documentation.<\/p>\n
The Indian exporters, through the connivance of some unscrupulous Ghanaians, were flying the $18 million gold onboard Emirates Airlines without any form of inspection and taxes payable.<\/p>\n
The two Indian companies involved in the attempted smuggling were; BGC International and K. K. Enterprises. The names of their Ghanaian collaborating companies were given as A.A. Minerals, Italtec Ghana Limited, and Guldrest Resources.<\/p>\n