A multi-million dollar gold transaction involving a foreign investor and a Ghanaian firm is under investigation by the Special Investigations Unit (SIU) of the Ghana Police Service.
The case arises from a petition filed on behalf of TAVEST FZCO, represented by Rahman Sahsenas through legal counsel Tony Lithur. According to the petition, TAVEST entered into an agreement on May 25, 2025, with JG Resources Limited, represented by Kwaku Appiah Yeboah, for the supply of 50 kilogrammes of gold bars.
Investigators indicate that a total of $14.315 million was transferred to JG Resources through an account with Access Bank as payment for the consignment. However, only part of the agreed quantity was delivered, with gold valued at approximately $7.515 million supplied, leaving an outstanding balance of about $6.8 million in either undelivered gold or unreturned funds.
Attempts to resolve the matter through refund or completion of delivery proved unsuccessful, leading to police involvement.
Arrests and Statements
Following the complaint, the SIU recorded a statement from Sahsenas, who identified three directors of JG Resources Limited: Kwaku Appiah Yeboah, Papa Yaw Owusu Ankomah, and Maame Akosua Asama Kuranchie. Police subsequently arrested Yeboah and Ankomah, both of whom have since been granted bail pending further investigations.
During interrogation, the suspects stated that the gold was sourced from multiple suppliers, including Goldline Mining Limited, Frank City Mineral and Oil Company Limited, Demensah Company Limited, and Sesi Edem Company Limited.
As part of the probe, Frank Kofi Adjetey Wood, Chief Executive Officer of Frank City Mineral and Oil Company Limited, was arrested, cautioned, and later granted bail.
Similarly, Gabriel Kwamigah Kwabla, Chief Executive Officer of Sesi Edem Company Limited, was invited by investigators and provided a statement alongside contractual documentation.
Ongoing Investigation
Preliminary findings indicate that JG Resources Limited—incorporated on April 7, 2025—had entered into a supply agreement with Sesi Edem Company Limited for 50 kilogrammes of gold. Of this, 32.8 kilogrammes have reportedly been delivered.
The Ghana Police Service noted that, based on current evidence, no conclusive findings of criminal wrongdoing have been established. Investigations remain ongoing to determine responsibility for the outstanding balance and whether any offences have been committed.
