Former Managing Director of PMMC, Nana Akwasi Awuah, has cautioned the new GoldBod management to adopt strict and pragmatic measures as it prepares to take over full-scale gold trading activities.
His warning comes in the wake of reports that the Bank of Ghana is set to exit the Domestic Gold Purchase Programme this year, leaving GoldBod to assume responsibility for gold trading. Mr Awuah stressed that lessons must be learned from PMMC’s earlier trading history, which left the company with substantial legacy debts in 2017.
“It is instructive to note that PMMC’s trading activities from 2012 to 2016 resulted in the colossal legacy debt we had to manage,” he said. “Strict and pragmatic measures must be put in place to ensure that gold trading is run efficiently and sustainably.”
He also referenced the International Monetary Fund’s disclosure of a $214 million trading loss in 2025 under the Gold for Reserve Programme, describing it as a reminder of the risks associated with large-scale gold trading if not properly managed.
“I humbly advise that care is taken to avoid losses such as the $214 million, which has become so topical today,” Mr Awuah said, emphasizing the need for discipline and transparency to safeguard the country’s financial interests.
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