The Precious Minerals Marketing Company Limited (PMMC), the National Assayer mandated by law to oversee Ghana’s precious minerals trade, has expressed grave concern over a chaotic incident that unfolded at the National Assay Centre at the Aviance Cargo Terminal.
The incident, which occurred on Tuesday, December 17, 2024, involved a mob led by Mr. Joseph Yammin, National Organizer of the National Democratic Congress (NDC). The group reportedly disrupted the ongoing assay process alleging the bars were being smuggled out of the country.
“The bullion bars belong to the Bank of Ghana as part of the ongoing Domestic Gold Purchase Program (DGPP) which was launched as far back as June 2021.
“The bullion bars were being assayed to confirm their weights, purity and consequently value.”
Precious Minerals Marketing Company Limited (PMMC)
According to the PMMC statement, Mr. Yammin and his group alleged that the bullion bars were being smuggled out of Ghana by political actors, a claim PMMC firmly refuted as false.
The PMMC expressed deep concern over the broader consequences of this incident. Ghana, as a leading gold producer in Africa, relies heavily on its reputation as a trustworthy and transparent player in the global bullion market.
Disruptions of this nature, according to PMMC, undermine international buyers’ confidence in Ghana’s regulatory systems and cast doubt on the country’s ability to ensure secure and legitimate gold trade practices.
“This unlawful action is deeply regrettable and has the potential to cause significant harm to Ghana’s reputation on the international bullion market,” the PMMC stated.
The PMMC also highlighted the personal risks faced by staff during the incident. Employees performing their lawful duties were subjected to threats and intimidation by the mob.
This hostile environment not only endangers the safety of workers but also undermines the integrity of Ghana’s systems designed to ensure accountability and transparency in the minerals trade.
“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.”
Precious Minerals Marketing Company Limited (PMMC)
Preventable Misunderstanding
The PMMC criticized the actions of Mr. Yammin and his supporters, stating that a simple verification with the relevant authorities, including PMMC and the Bank of Ghana, could have resolved any doubts about the legitimacy of the bullion’s assay process.
Instead, the mob’s actions have embarrassed Ghana on the international stage and jeopardized the integrity of its gold trade operations.
The statement underscored the importance of following due process and engaging with authorized institutions for clarification on such sensitive matters. PMMC remained committed to fostering transparency and collaboration to avoid similar incidents in the future.
PMMC reaffirmed its dedication to maintaining the highest standards in Ghana’s gold trade. The company emphasized its commitment to transparency, accountability, and compliance with all legal and regulatory standards.
It pledged to work closely with stakeholders, including the Bank of Ghana, law enforcement, and the private sector, to uphold Ghana’s position as a trusted participant in the global bullion market.
“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,” the release remarked.
The PMMC called for all stakeholders to work together to uphold the transparency, accountability, and compliance that underpin Ghana’s precious minerals industry.
For now, the bullion bars remain in police custody, awaiting resolution. The outcome of this incident will likely have far-reaching implications for Ghana’s gold sector, its reputation on the international stage, and the confidence of both local and foreign stakeholders in the country’s regulatory framework.
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