Nana Akwasi Awuah has revealed that PMMC transitioned from a severe financial crisis to sustained profitability during his tenure as Managing Director from 2021 to 2024.
He explained that the company inherited significant financial challenges when the New Patriotic Party assumed office in 2017, including legacy debts from gold trading activities between 2012 and 2016.
These comprised a dollar-denominated debt of around $5 million and a cedi component of approximately GH¢30 million, which had grown to about GH¢81 million by 2024 due to accumulated interest.
“The situation was so dire that the very building housing PMMC, popularly known as Diamond House, was attached in execution by a judgment creditor and put up for auction,” Mr Awuah disclosed. He added that staff salaries and statutory obligations were also in arrears.
Mr Awuah said the company’s turnaround was achieved through “diligent hard work, creative and innovative solutions,” which restored PMMC to financial stability. By the time he handed over in 2025, the dollar component of the legacy debt had been fully cleared, while the cedi component had been ringfenced under a formal settlement arrangement.
PMMC’s performance peaked in 2024, with net profits rising from GH¢10.8 million in 2023 to GH¢178 million. “These figures are confirmed by the company’s audited accounts and the 2024 State Ownership Report,” he said, adding that it would be “factually inaccurate” to suggest the company made losses that year.
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