Former Managing Director of the Precious Minerals Marketing Company (PMMC), Nana Akwasi Awuah, has dismissed allegations that the company incurred financial losses during his tenure between 2021 and 2024.
In an industry-focused clarification, Awuah refuted claims that the company’s participation in the Domestic Gold Purchase Programme (DGPP) negatively impacted its balance sheet, emphasizing that no empirical evidence supports such assertions for the 2022 to 2024 fiscal years.
He noted that the narrative of systemic loss-making is factually inconsistent with the company’s audited performance, particularly regarding the Gold for Reserve program, which he maintains remained financially sound throughout his administration.
“Yesterday, I had the opportunity to debunk the story that the Precious Minerals Marketing Company (PMMC) which I led as Managing Director from 2021 to 2024 incurred losses as a result of its role in the Domestic Gold Purchase Program. I also pointed out that there has been no offer of proof to back the claim that PMMC incurred losses for the years 2022, 2023 and 2024. In particular there was and has never been any loss associated with the Gold for Reserve Program during my tenure.”
Nana Akwasi Awuah
Expanding on these findings, the former Director highlighted a significant financial turnaround that transitioned the PMMC from a deep-seated crisis in 2017 to a peak profit position by the end of 2024.
Upon the NPP’s assumption of office, the company was burdened by a legacy debt exceeding $5 million and GHC 30 million, the latter of which surged to GHC 81 million due to accrued interest.
This crisis was so severe that the iconic Diamond House was nearly auctioned by judgment creditors; however, innovative debt-restructuring and operational reforms enabled the company to liquidate the dollar debt and ringfence cedi liabilities before the 2025 transition.
By 2024, the PMMC recorded a staggering 1,548.56% increase in net profits, climbing from GHC 10.8 million in 2023 to GHC 178 million, as verified by the State Ownership Report.
Macroeconomic Stability and the DGPP Success
The Domestic Gold Purchase Programme (DGPP) proved to be an essential pillar for Ghana’s extractive economy during a period of global volatility.
By enabling the Bank of Ghana (BoG) to purchase locally-mined gold through the PMMC, the state successfully bolstered its gross international reserves from a mere 8.7 tonnes to over 34 tonnes by 2025. This strategic accumulation provided a much-needed buffer for the Cedi, reducing the central bank’s reliance on external borrowing and easing the persistent demand for foreign exchange.
Furthermore, the program facilitated the “Gold-for-Oil” initiative, which effectively lowered domestic fuel prices and stabilized inflationary pressures by utilizing gold as a direct medium of exchange for critical energy imports.
Strategic Transition to GoldBod Operations
As the Bank of Ghana prepares to exit the DGPP, the newly established Ghana Gold Board (GoldBod) is set to assume full-scale trading responsibilities. To ensure the sustainability of this monopoly, Nana Akwasi Awuah has cautioned against a return to the “colossal legacy debt” era of 2012–2016, which nearly collapsed the PMMC.
He advocates for the implementation of strict, pragmatic measures to manage the transition efficiently and avoid the $214 million “trading loss” recently flagged by the IMF in the 2025 Gold-for-Reserves reports.
By maintaining the rigorous assaying standards and digital traceability systems established during the 2021–2024 turnaround, GoldBod can mitigate the “downside risks” of large-scale trading while continuing to formalize the small-scale mining sector and curbing illicit gold smuggling.
Navigating Downside Risks in Gold Trading
The IMF’s observation of a $214 million loss in 2025 serves as a stark reminder of the complexities involved in sovereign gold trading.
While these figures are often attributed to pricing spreads and operational costs of sourcing from small-scale miners, experts suggest that GoldBod must prioritize transparency and commercial discipline to safeguard national assets.
The former Director’s tenure demonstrates that the company can thrive when trading is divorced from the “reckless” patterns of the past.
As GoldBod takes the helm, the focus must shift toward optimizing the $8 billion in foreign exchange typically generated by the sector while ensuring that the transition does not compromise the fiscal integrity of the state’s primary precious minerals marketer.
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