They are: Dickson Kumadzro, 42; Kwaku Atatsi, 22; Adjevi Yao, 35; Kofi Amewugah, 28; and Divine Mawuli, 30.
The Kasoa Divisional Police Command headed by ACP David Agyemang Agyem, at a press conference, said the suspects were arrested upon a tip-off from the Wassa Akropong police.
He said the five suspects stole GHS272,000 and 7.5 kilogrammes of gold worth GHS1.4 million.
A dagger and a pistol were found in the compartment of their car which was suspected to have been used for robbery.
An Indian citizenship ID card and driver’s licence were also retrieved from their car.
The suspects were running from the Wassa Akropong police where they allegedly committed the crime.