Gold buying in Ghana is profitable, but it is also full of scams. If you don’t know the tricks used by fraudsters, you can lose a lot of money. Here are five common gold scams in Ghana and how to protect yourself.
1. Fake Gold Bars or Nuggets
Some scammers sell fake gold that looks real. They use metals like brass or copper and coat them with gold dust to deceive buyers.
How to Avoid This Scam:
- Always test the gold with proper equipment before paying.
- Use a reputable refinery or testing center like PMMC.
- Do not trust appearances—real gold must pass purity tests.
2. The "Low Price" Trick
Scammers often lure buyers by offering gold below market price. They claim they need urgent money or have special connections. In reality, there is no cheap gold—if it is too good to be true, it is a scam.
How to Avoid This Scam:
- Check the current gold price before buying.
- Never rush because of pressure or "limited offers."
- Buy only from licensed dealers or refineries.
3. Switching Real Gold for Fake
Some scammers bring real gold for testing at a refinery. But after testing, they swap it for fake gold before handing it over. This happens if the gold leaves your sight after testing.
How to Avoid This Scam:
- Never let the gold leave your hands after testing.
- Complete payment and take the gold immediately after testing.
- Involve the refinery in the final transaction.
4. The "Advance Payment" Fraud
Scammers will ask for upfront payments for taxes, export fees, or documentation before you even see the gold. Once you pay, they disappear.
How to Avoid This Scam:
- Never pay for anything before seeing and testing the gold.
- Do not pay for logistics, documents, or police clearance before full purchase.
- Buy through a legal, registered process.
5. Fake Seller Licences
Some scammers show fake PMMC licences or documents from the Ghana Minerals Commission. They claim to be "government-approved" to gain your trust.
How to Avoid This Scam:
- Verify licences directly from PMMC or the Minerals Commission.
- Visit official offices before doing business.
- If possible, involve a trusted gold buying agent.
Final Advice
Gold buying in Ghana is profitable, but only if you do it right. To stay safe:
✅ Always test before buying.
✅ Never pay in advance.
✅ Buy from licensed dealers only.
✅ Avoid "too good to be true" offers.
If you follow these steps, you won’t fall for scams and can safely invest in gold.
0 Comments