Nana Akwasi Awuah, Esq., the former Managing Director of the Precious Minerals Marketing Company (PMMC), has strongly refuted claims emerging from Parliament’s Public Accounts Committee (PAC) engagement alleging that the state-owned institution failed to conduct financial audits between 2020 and 2024.
In an official reaction to statements made during GOLDBOD’s appearance before the committee, the former executive clarified that his administration proactively initiated the comprehensive auditing process long before leaving office.
He emphasized that the delayed presentation of audited statements stemmed entirely from administrative bottlenecks within the statutory appointing authorities rather than executive negligence or financial concealment.
“I wish to state unambiguously that as far back as 2nd September, 2024, as Managing Director, I had written to the Auditor General requesting for a multi-year audit of the books and accounts of the Precious Minerals Marketing Company (PMMC) for the years 2020 to 2024. The delay over the years was through no fault of Management but rather as a result of the bureaucracy at the time associated with appointing a new External Auditor by the Ghana Audit Service to conduct a financial audit of the company. It is also worthy to note that during my tenure, the company was subjected to a Performance Audit in the year 2023 by the Auditor General, the first of its kind in about two decades.”
Nana Akwasi Awuah, Esq
PMMC Efforts towards Financial Audit
Elaborating on the timeline of events, Awuah explained that on September 2, 2024, he formally wrote to the Auditor General requesting a multi-year audit covering the financial operations from 2020 through 2024.
The prolonged delay in completing the books during previous years was attributed to structural bureaucracy surrounding the appointment of a new External Auditor by the Ghana Audit Service.
To further demonstrate management’s commitment to accountability during his tenure, the company submitted to a comprehensive Performance Audit in 2023 marking the first operational evaluation of its kind at PMMC in nearly twenty years.
Parliamentary Support and Audit Completion
Institutional backing for the multi-year exercise was reinforced when the Parliamentary Select Committee on State Enterprises urged the Auditor General to expedite Awuah’s audit requisition.
Responding to the combined executive and legislative requests, the Auditor General deployed an audit team that officially commenced field operations in September 2024.
The field exercises and financial reconciliations were subsequently concluded, culminating in signed final audit reports submitted in April and June of 2025 respectively.
The finalized audit documentation provided a transparent account of the state enterprise’s financial trajectory across the five-year period. While the early financial statements highlighted historical operational struggles, the subsequent reports detailed a steady corporate turnaround achieved by the close of 2024.
This financial stabilization created the structural and operational groundwork required for the establishment of PMMC’s successor entity, GOLDBOD.
Structural Reforms in Ghana’s Extractive Sector
Understanding the context of this initiative requires examining the broader structural reforms governing Ghana’s precious minerals domain.
Historically, state-owned mineral trading entities encountered recurring audit backlogs due to centralized procurement hurdles at the Ghana Audit Service, where external auditor selection frequently stalled routine accounting validation.
For extractive industry stakeholders, resolving historical financial liabilities and establishing verified balance sheets was an essential prerequisite prior to transitioning corporate assets and mandates into GOLDBOD.
By executing multi-year audits alongside unprecedented operational performance reviews, the initiative sought to eliminate legacy balance-sheet opacity, restore public confidence, and institutionalize regulatory compliance.
Ensuring clean financial records provided the necessary regulatory foundation for Ghana to modernize its national gold-buying operations, optimize artisanal gold export tracking, and support foreign exchange management strategies under the newly established national gold authority.
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