Dr. Kwaku Asiedu-Nketiah Jr., National Vice Chairman of the National Democratic Congress (NDC) Youth Working Committee, has expressed deep concerns over the Precious Minerals Marketing Company (PMMC) following a troubling incident at the National Assay Centre in Accra on Tuesday, December 17, 2024.
The incident, which involved a mob allegedly led by NDC National Organiser Joseph Yammin attempting to seize bullion bars belonging to the Bank of Ghana, has raised serious questions about the security and integrity of Ghana’s gold trade.
Dr. Asiedu-Nketiah Jr. highlighted troubling discrepancies in PMMC’s operations, including governance issues and non-compliance with established procedures.
He pointed to the lack of a Corporate Affairs or Public Affairs department within the company, despite PMMC’s statement claiming it was issued by the “Corporate Affairs” unit.
“Investigations have revealed that PMMC does not have a designated Corporate Affairs or Public Affairs department,” Dr. Asiedu-Nketiah Jr. said.
“This absence exposes a significant gap in PMMC’s governance structure and raises questions about the legitimacy and authorship of their statements. Effective communication and crisis management are crucial for an organization handling precious resources such as gold.”
He stressed the importance of addressing these governance lapses to safeguard the nation’s reputation in the international bullion market.
He emphasised that compounding these issues is the revelation that PMMC’s audit department was not informed about the movement of the gold from the Diamond House to the Aviance Cargo Terminal.
“According to standard operating procedures, any transfer of valuable items, particularly gold bullion, requires thorough oversight by the audit department. This protocol ensures that all movements are documented, verified, and accounted for, thus safeguarding against potential theft, loss, or mismanagement.
“The audit department’s ignorance of this critical movement indicates a serious breach of protocol. Typically, the audit team plays a vital role in tracking inventory, verifying the integrity of stock, and ensuring compliance with regulatory standards. Their lack of involvement in this instance not only undermines the transparency of PMMC’s operations but also raises alarm bells about how such significant decisions are made within the organisation,” he stated.
Asiedu-Nketiah Jr underscored that the implications of these discrepancies are far-reaching as Ghana’s gold trade is a significant component of its economy, and the country’s reputation as a reliable participant in the international gold market is paramount.
“Incidents that cast doubt on the integrity and transparency of operations can deter legitimate international buyers and investors, potentially leading to revenue loss and damaging the country’s standing in global markets.
“Furthermore, the absence of a Corporate Affairs unit and the audit department’s unawareness of the gold’s movements indicate deeper systemic problems within PMMC. This situation prompts concerns regarding the company’s overall governance and management practices, which should be responsible for overseeing such significant national resources,” he stated.
