Former Managing Director of the Precious Minerals Marketing Company (PMMC), Nana Akwasi Awuah, has clarified that the $214 million trading loss reported by the International Monetary Fund (IMF) under the Gold for Reserve Programme occurred after he left office and should not be attributed to his tenure.
Mr Awuah stated that PMMC recorded no losses from the Domestic Gold Purchase and Gold for Reserve programmes between 2022 and 2024, noting that this is confirmed by audited financial statements and the 2024 State Ownership Report.
“The IMF reported a trading loss of $214 million from the Gold for Reserve Programme in 2025,” he said, adding that the Fund also warned that the programme’s expanding scale, particularly after the creation of GoldBod, presents significant downside risks.
He emphasized that PMMC’s financial performance improved markedly under his leadership, transitioning from a loss position to sustained profitability, with net profits rising sharply in 2024.
“These results make it factually inaccurate to link PMMC’s record during my tenure to losses reported after 2024,” Mr Awuah noted.
He urged policymakers and GoldBod managers to draw lessons from PMMC’s past trading challenges and implement strict risk controls to prevent similar large-scale losses in future gold trading operations.
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