The Precious Minerals Marketing Company (PMMC) has accused Joseph Yammin, the National Organiser of the National Democratic Congress (NDC), of leading a mob in an alleged attempt to seize bullion bars being processed for the Bank of Ghana.
According to a statement by PMMC, the incident occurred on Tuesday, December 17, 2024, between 4:00 p.m. and midnight. The company condemned the act, describing it as a threat to national security and its operational mandate.
PMMC clarified that the bullion bars were part of the Domestic Gold Purchase Programme (DGPP) launched in June 2021 and were undergoing assay to verify their weight, purity, and value.
The company refuted allegations from Mr. Yammin and the mob that the bars were being smuggled out of Ghana, labeling the claims as baseless.
Together with the Bank of Ghana, PMMC said they called for the intervention of the Police, and after several hours of stand-off, it was agreed that the bullion bars be moved to the Greater Accra Regional Police Command for safekeeping until this morning with the hope of a resolution to the issue.
The company said a private exporter, who is duly licensed to carry out exports, was also affected by this unfortunate incident, as the gold being processed for export by the private licensed exporter was also added to the bullion belonging to the Bank of Ghana.
“This unlawful action is deeply regrettable and has the potential to cause significant harm to Ghana’s reputation on the international bullion market. Such disruptions not only undermine the confidence of legitimate international gold buyers but also threaten the country’s standing as a trusted player in the global gold trade. Furthermore, these acts place the Ghanaian men and women who are lawfully discharging their duties at significant risk.
“The dedicated staff, who are committed to ensuring compliance with Ghana’s strict regulatory standards, should not have to face threats or intimidation while performing their legitimate responsibilities. This creates a hostile environment and undermines the very systems designed to ensure transparency and integrity in Ghana’s gold trade,” it stated.
PMMC said a simple verification with it and the Bank of Ghana would have clarified the legitimacy of the process and avoided such an embarrassing and damaging situation.
“The management of PMMC stands resolute in its commitment to ensuring transparency, accountability, and compliance with all legal and regulatory standards governing the export of gold. We will continue to collaborate with relevant stakeholders to safeguard the integrity of Ghana’s gold trade. PMMC reiterates its commitment to upholding its mandate as National Assayer and will not relent in promoting responsible gold trade to protect and advance the interests of Ghana’s precious minerals industry,” it added.
