Speaking on the achievements, he said the recognition by the State Interests and Governance Authority reflects a transformation journey driven by strong leadership and accountability systems he instituted.

Mr. Awuah noted that one of his key priorities upon assuming office was to restore financial stability and eliminate inefficiencies that had plagued the organisation for years.

“We were dealing with a near-moribund institution, but through focused leadership, we turned it into a high-performing and profitable entity,” he said.

He added that regular performance reviews with SIGA and a willingness to adopt corrective measures were central to the turnaround.

“We listened, we adapted, and we executed reforms decisively,” he stated, underscoring his hands-on role in driving the process.

The former Managing Director maintained that the awards serve as validation of the foundation he laid, expressing confidence that the systems and structures he introduced will continue to yield results.

He described the recognition as “a testament to what disciplined leadership and clear vision can achieve.”

In a statement issued in Accra on March 20, Mr. Awuah said the recognition of PMMC—now operating as GoldBod—as Overall Best Specified Entity, State-Owned Enterprise of the Year, and Most Profitable State-Owned Enterprise reflects the reforms he spearheaded while in office.

Describing the journey as one of “debt to dominance,” he stated that the company was in severe financial distress when he assumed leadership.

“We inherited a loss-making, debt-ridden company that was struggling to pay staff salaries and had years of outstanding statutory obligations,” he said.

Through decisive leadership and strategic reforms, Mr. Awuah said the company’s fortunes were reversed, leading to profitability by the end of 2024.

“I feel honoured and proud to have led the team that worked assiduously to turn around the fortunes of a near-moribund company,” he added, stressing that the awards validate the impact of those interventions.

He further noted that continuous engagement with SIGA and responsiveness to performance evaluations played a key role in the turnaround.

Mr. Awuah expressed optimism that the Board, Management, and Staff will sustain the progress, adding that the awards should serve as motivation to build on the foundation established under his leadership.

In a detailed public statement, Mr Awuah said there is no evidence to support assertions that PMMC made losses in 2022, 2023, or 2024, stressing that the Gold for Reserve Programme did not record any losses while he was in charge.

He described such claims as misleading and lacking factual basis.

“I had the opportunity to debunk the story that PMMC incurred losses as a result of its role in the Domestic Gold Purchase Programme,” he stated. “There was and has never been any loss associated with the Gold for Reserve Programme during my tenure.”

Mr Awuah contrasted these claims with findings by the International Monetary Fund (IMF), which reported a trading loss of about $214 million in 2025 under the Gold for Reserve Programme. He noted that the IMF also cautioned that the programme’s expanding scale, particularly after the establishment of GoldBod, presents significant downside risks.

He concluded by urging the public to distinguish between PMMC’s performance up to 2024 and developments that occurred after his exit from office.

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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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Speaking on Asempa FM’s Ekosii Sen show, Mr. Opoku attributed the losses to gold purchases for national reserves and widespread smuggling in the artisanal mining sector.

According to the minister, 45.3 tonnes of gold were purchased for reserves in 2024, valued at approximately 3.1 billion dollars at the time. However, the Bank of Ghana later reported losses amounting to 4.84 billion cedis, which he said translates to roughly 460 million dollars.

Mr. Opoku explained that these losses and supply gaps prompted the introduction of GoldBod, a system designed to curb smuggling and ensure transparency between gold supply and profits. He added that companies operating under the new system, including Bawarock, have passed all required assessments and are fully guaranteed.

The minister also defended National Communications Officer of the NDC, Sammy Gyamfi, against criticisms over the Bank of Ghana’s reported 214 million dollar losses. He attributed the attacks to Gyamfi’s long-standing criticisms of the NPP, insisting that Gyamfi had done nothing wrong.

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The new law, which was passed by Parliament on 29th March 2025 and assented to by the President on 2nd April 2025, revokes all licences previously issued by the Precious Minerals Marketing Company (PMMC) and the Minister responsible for Mines, except for those held by large-scale mining companies.

“All licences issued by the PMMC and/or the Minister to a person other than a large-scale mining company to deal in gold have ceased to be valid,” a statement from GoldBod clarified.

Under the new framework, GoldBod is now the sole authorised body permitted to buy, sell, assay, and export gold produced by the Artisanal and Small-Scale Mining (ASM) sector.

The statement stressed: “No person other than the Ghana Gold Board (GoldBod) is permitted to export ASM gold from Ghana.”

Additionally, the statement made clear that no individual or company can purchase or trade in gold unless licensed as a buyer, aggregator, or service provider by GoldBod.

The restructuring, according to GoldBod, is intended to sanitise the local gold market and promote transparency and compliance across the sector.

To ease the transition, GoldBod announced that it will temporarily honour PMMC- and Minister-issued licences until 30th April 2025. During this window, all gold transactions must be conducted in Ghana cedis and priced according to the Bank of Ghana’s Reference Rate.

“All licensed persons or entities buying gold from the local market must do so in Ghana cedis,” the statement directed.

Ghanaian individuals and businesses whose licences have lapsed, along with new entrants, are encouraged to apply for new GoldBod licences starting 22nd April 2025, either online or in person at the GoldBod headquarters in Accra.

In a decisive move, the statement also ordered all foreign nationals to exit the local gold trading market by 30th April 2025. Foreign participants may still apply to purchase gold directly from GoldBod but will no longer be allowed to operate within the domestic gold value chain.

The statement concluded with a stern warning: “It shall constitute a punishable offence for a person to purchase or deal in gold in the country without a licence issued by the Ghana Gold Board, effective 1st May 2025.”

He indicated that stakeholder engagements have already begun, with meetings held in Accra and Kumasi, while other regions will soon be engaged.

“We are looking at a game-changer for the industry, and the enthusiasm we have seen so far is a clear indication that Ghana is ready for this,” he noted.

Mr. Gyamfi further disclosed that the Goldbod draft bill has received approval from the Finance Ministry, the Ministry of Lands and Natural Resources, and the Attorney General’s office.

Once passed, he emphasized that Goldbod would take over PMMC with enhanced powers to exclusively buy, sell, and export gold.

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Read the full post below:

The Managing Director, Nana Akwasi Awuah has stated there was due process and transparency in transporting the gold bars which belonged to the Bank of Ghana (BoG).

In an interview on Adom FM’s morning show Dwaso Nsem, Thursday, he noted that all relevant stakeholders, including representatives from President-elect, John Mahama’s transition team.

Nana Akwasi gave the names of the National Democratic Congress(NDC) representatives as Alhaji Yahaya and lawyer Afenu.

The seal of the relevant stakeholders, he explained was to ensure that nobody tampers with the boxes of the gold.

“The bullion was at the Accra Regional Police Command but the agreement was that they don’t have the facility for a vault.

“So by close of day on Wednesday, we moved it to the Bank of Ghana and the NDC transition team had their seals on the boxes. By so doing, it doesn’t give the impression that someone will tamper with the boxes,” he said.

The clarification comes after the National Organiser of the National Democratic Congress (NDC), Joseph Yamin on Tuesday allegedly led a group to attack the National Assay Centre at the Aviance Cargo Terminal in Accra.

The mob reportedly tried to seize bullion bars which according to PMMC were intended for processing by the Bank of Ghana(BoG) under the false belief that the gold was being secretly smuggled out of the country by political figures.

However, Nana Akwasi has described the claims as baseless, emphasising the transparency and integrity of the PMMC’s gold processing system.

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According to the Managing Director, Nana Akwasi Awuah, there is no way anybody can smuggle gold bars through PMMC.

Nana Akwasi disclosed this on Adom FM’s morning show, Dwaso Nsem, emphasising that, this is due to the transparency with which PMMC operates.

He has therefore admonished the general public to disregard reports of the alleged smuggling.

“I can emphatically tell you that it is false, and I have told you that there is a paper trail for all of this. There is a documentary evidence for all of this. Once you bring the gold through PMMC, there is too much transparency, you can’t hide anything about it.

“Everybody in the industry or has knowledge about our operations is aware that there is no way anybody can smuggle gold through PMMC because there is full transparency due to our robust system,” he said.

His comment comes after the National Organiser of the National Democratic Congress (NDC), Joseph Yammin allegedly led a group to attack the National Assay Centre at the Aviance Cargo Terminal in Accra.

The mob reportedly tried to seize bullion bars which according to PMMC were intended for processing by the Bank of Ghana(BoG) under the false belief that the gold was being secretly smuggled out of the country by political figures.

However, the Managing Director has categorically rejected the accusations, reassuring the public that the PMMC’s procedures are designed to maintain full accountability and prevent any illicit activities.

“We input every thing and we do not work alone. We have GRA, Customs, NACOB, Aviation security so you have several state agencies in place. So it beats my imagination that anyone would think people will smuggle gold through PMMC,” he added.

Play attached audio for more

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The company now operates as the government’s national assayer with the sole mandate of assaying all gold that leaves the country.

The company is also the sole implementing agency for the Kimberley Process Certification Scheme (KPCS), the global regime for the trade in diamonds.

Jewelry production is also a core function of the company, operating under the subsidiary name PMMC Jewelry Ltd (PJL).

The company is located in the Diamond House building in Accra, situated on Kinbu Road, adjacent to the Registrar-General’s Department and next to the Ministry of Foreign Affairs.

Achievements

In 2018, Ghana was adjudged the best gold producer in Africa. The country also placed 6th globally in the same category that year.

In 2023, Ghana once again emerged as the top gold producer in Africa, surpassing South Africa and other major players.

Challenges

Before Nana Akwasi Awuah assumed the role of Managing Director in 2021, PMMC faced significant financial challenges, including debts owed to local partners totaling over 70 million Ghana cedis and an additional amount of about USD$5 million owed to international creditors.

Strategy

In a documentary produced by the State Interests and Governance Authority (SIGA) on State-Owned Enterprises (SOEs), the PMMC Managing Director revealed that the company has diligently worked to settle these outstanding obligations.

Nana Awuah noted that PMMC has successfully paid off the foreign debt and has established a plan to liquidate the local debt through an arrangement with the receiver.

The Managing Director attributed PMMC’s remarkable turnaround to the implementation of new reforms spearheaded by the Vice President of the Republic, which have been instrumental in transforming the company into a profitable state agency.

These strategic interventions have enabled PMMC to overcome its past financial challenges and emerge as a thriving enterprise.

Technology

Nana Akwasi Awuah disclosed that the company has made strategic investments in cutting-edge 3D technology, which has enabled it to design and produce high-quality gold and diamond jewelry that can compete with the best in the world.

This technological advancement has been a game-changer, empowering PJL to manufacture intricate jewelry and other gold-based products with precision and efficiency.

He also disclosed that the company has taken advantage of the digitalization drive led by the Vice President to develop an e-commerce website in order to market and sell its premium jewelry online.

Working Environment

Nana Awuah emphasized PMMC’s commitment to employee welfare, ensuring that no staff member is owed salary arrears or long-service payments, unlike in previous years before 2017.

He added that those who have demonstrated remarkable efficiency over the years, whether it be 5, 10, 15, or 20 years of service, have been rewarded with motivational sums in accordance with the Collective Bargaining Agreement (CBA).

This strategic approach, he explained, is aimed at stimulating growth and profits through a highly motivated and engaged workforce.

Exploits and Refinery

The CEO credited the government’s decision to restructure PMMC as a key factor in the company’s success.

This restructuring has culminated in the opening of a new state-of-the-art refinery by the Vice President, where about 400 kilograms of gold are expected to be processed each day.

This initiative is part of the government’s broader strategy to ensure that Ghana mines and refines its gold deposits for export and the manufacturing of jewelry, thereby promoting full value beneficiation of the mineral resource and reducing the need for Ghanaians to travel abroad to purchase such products.

Corporate Social Responsibility

Nana Awuah highlighted PMMC’s active engagement in corporate social responsibility (CSR) initiatives, noting that the company provides support to healthcare agencies, NGOs, and outfits focused on breast cancer awareness campaigns and other health campaigns.

Additionally, PMMC has been supporting students with funding for educational projects, including scholarships and other incentives for needy and vulnerable students through a partnership with student organizations such as the National Union of Ghana Students (NUGS), University Students Association of Ghana (USAG), and others.

Vision

The Managing Director expressed his vision to oversee the continued reforms and growth of PMMC, ensuring that the company obtains the necessary international certification and enables Ghana’s jewelry to penetrate the international market.

He also emphasized the company’s collaboration with government agencies to crack down on illegal activities in the mining sector, ensuring that the gold it uses in production is responsibly sourced, free from conflict, child labor, and environmental degradation.

Commendation of the Board, Management, and Staff

Nana Awuah also expressed appreciation to the board, management, and staff of the company for their continued support and contribution to PMMC’s success story.

He stated that their collective efforts have been instrumental in the company’s remarkable turnaround and transformation into a profitable state-owned enterprise.

“Our team has been the driving force behind PMMC’s success,” the CEO emphasized. “Their unwavering commitment, hard work, and shared vision have been crucial in overcoming the challenges we faced and positioning the company for long-term growth and profitability.”

Nana Awuah’s commendation of his team’s dedication underscores the pivotal role they have played in elevating PMMC to become a leading player in Ghana’s mining sector and a source of national pride.

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According to PMMC, the gold scammers presented fake photos and videos of gold available for sale.

 “Some of these eventually turn out to be gold-plated tungsten,” the PMMC said in a statement.

The fraudsters are able to convince their victims to provide huge amounts for the purposes of transporting the gold from the mining sites or specific locations to Accra for a sale transaction.

Transportation

“Once the money for the supposed transportation of the gold is received by the scammers, various excuses are now given as reasons for their failure to deliver the gold to Accra.

 The scammers use these excuses to claim more money to facilitate the delivery of the gold,” the statement said.

In addition to this, the scammers also export some gram or a kilo of gold, purposely to win the confidence and trust of their victims and also to prove their capacity to supply larger quantities.

Once the victim’s trust is won, demands for huge sums of money are made after which the fraudsters disappear, leaving their victims frustrated.

Scammers

The statement advised the public and individuals interested in the purchase of gold to be cautious and not to fall prey to the fraudulent schemes of the scammers.

Prospective gold buyers have been encouraged to conduct due diligence to ensure that they are getting value for money.

“At all times the usual caveat emptor precautions should be adhered to,” the statement added.

The statement signed by the Managing Director of the PMMC, Nana Akwasi Awuah, advised prospective gold buyers to contact PMMC, the only recognised national assayer, to supervise their gold purchase transactions.

In recent years, it has been home to a multi-billion-dollar industry which, according to the Observatory of Economic Complexity, accounts for nearly half of the country’s exports.

But this rich resource has also attracted a network of scammers who, posing as legitimate gold traders, dupe buyers out of their money.

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The Precious Minerals Marketing Company has allayed the fears of Ghanaians that the government’s gold-for-oil deal is a revision of the controversial Agyapa Royalties deal.

According to the Managing Director, Nana Akwasi Awuah, such claims are part of the numerous misinformation the deal has been fraught with and must be disregarded.

Nana Akwasi said these on Adom FM’s Dwaso Nsem with the admission that the deal broker, Alphastream was the same that handled the controversial Agyapa deal.

He, however, cautioned the fact that the Agyapa deal failed doesn’t mean the gold for oil will also fail, adding the first consignment of 40,000 tonnes which has come into Ghana proves they are on course.

“Alpha stream was the deal broker for Agyapa and has been brought for the oil for gold but they were proposed by the international oil company. This is a reputed company in UAE and they are just doing their jobs and the fact that they failed the first time doesn’t mean they should just fold their hands,” he defended.

The Gold for Oil (G4O) Programme is an initiative of the Government of Ghana to use the existing Bank of Ghana (BoG) Domestic Gold Purchase (DGP) Programme to support the import of petroleum products into Ghana.

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The sole objective is to use additional foreign exchange resources from the BoG’s DGP programme to provide foreign currency for the importation of petroleum products for the country which currently stands at about USD350 million per month.

Alphastream, with primary investors in a UAE Sovereign Wealth Fund, brands itself as a multi-commodity royalty streaming company.

Meanwhile, former President John Mahama has stated that the deal is currently shrouded in complete secrecy with only government officials who are involved in the transaction knowing the details.