The missing "Goldbod cash" - Exclusive details

Fresh details have emerged in a major gold trading case involving Raymond Okai-Woode, a licensed Tier-2 gold dealer, who has been arraigned before the High Court in Accra over the alleged misuse of more than GH¢121.79 million advanced for the purchase and supply of gold.

The case has drawn significant attention within Ghana's gold trading industry, raising concerns about accountability, fund management and oversight under the Ghana Gold Board's aggregator system.

According to investigations, Raymond Okai-Woode, owner of McWoode Ray 24 Enterprise and a Tier-2 licence holder under the Ghana Gold Board, allegedly approached fellow licensed dealer William Akatsi, popularly known as Dela, with a proposal to supply 100 kilograms of gold.

Mr. Akatsi, who owns Yassbel Gold Enterprise, also operates as a Tier-2 dealer and receives funding through the Ghana Gold Board's approved aggregator, Bawa Rock, to purchase and supply gold.

Investigators say Okai-Woode represented that he already had the 100 kilograms of gold available and could complete delivery within 24 hours.

Relying on those assurances, Akatsi reportedly advanced GH¢121,790,725.00 to Okai-Woode during July 2026 to facilitate the transaction.

Despite receiving the full amount, investigators say the promised gold was never supplied.

Records indicate that on July 8, 2026, Okai-Woode delivered only 3.86504 kilograms of gold, valued at approximately GH¢5.55 million, representing only a small fraction of the agreed quantity.

The outstanding balance of the gold was never delivered, prompting repeated attempts by Akatsi to contact him.

Authorities say those efforts proved unsuccessful as Okai-Woode allegedly went into hiding after receiving the funds.

Following his arrest, Okai-Woode reportedly admitted during investigations that he had diverted the money for purposes unrelated to the gold transaction.

According to investigators, he allegedly told authorities that he used the funds to settle outstanding personal debts.

He further claimed that Dominic Bonsu Ventures, identified as a sub-aggregator within the gold supply chain, owed him money and that he had expected those funds to enable him to repay Akatsi.

Investigations conducted by the Ghana Gold Board concluded that Okai-Woode had breached several conditions attached to his Tier-2 dealer licence.

According to the Board, the alleged conduct amounted to fraudulent activity prohibited under the licensing framework governing gold dealers.

The investigation also found that he allegedly supplied false information during the transaction, leading to the advancement of the funds.

Okai-Woode has since been arraigned before the High Court (Criminal Division) in Accra, where he faces two charges under the Ghana Gold Board Act, 2025 (Act 1140).

The charges include:

• Failing to comply with the terms and conditions of a Ghana Gold Board licence, contrary to Section 63(1)(c) and (2).
• Providing false information, contrary to Section 63(1)(b) and (2) of the Act.

The matter is expected to proceed through the judicial process as prosecutors present evidence relating to the alleged misuse of the funds.

The case has renewed public attention on Ghana's gold trading sector, particularly the financing arrangements under the Ghana Gold Board's aggregator model.

Industry observers say the incident highlights the importance of stronger monitoring systems, enhanced due diligence and stricter compliance mechanisms to safeguard funds advanced to licensed dealers for gold purchases.

Authorities are expected to continue reviewing internal controls aimed at protecting public and private investments within Ghana's rapidly expanding gold trading industry while ensuring accountability among licensed operators.