Dr. Kwaku Asiedu-Nketiah Jr., National Vice Chairman of the NDC Youth Working Committee, has criticized the Precious Minerals Marketing Company (PMMC) over significant lapses in oversight and governance following an attempted seizure of bullion bars at the National Assay Centre in Accra on December 17, 2024.
The incident, allegedly led by NDC National Organizer Joseph Yammin, involved an attempt to seize gold bullion belonging to the Bank of Ghana. While PMMC condemned the act as “deeply regrettable,” Asiedu-Nketiah Jr. raised deeper concerns about the company’s internal processes and structural deficiencies.
Key Issues Highlighted
- Lack of a Corporate Affairs Unit:
- PMMC issued a statement addressing the incident, claiming it originated from a “Corporate Affairs” unit.
- Investigations revealed that PMMC lacks such a department, casting doubts on the legitimacy of the statement and exposing governance gaps.
- Asiedu-Nketiah Jr. emphasized the necessity of a Corporate Affairs unit to manage public relations, maintain transparency, and safeguard the company’s reputation in critical situations.
- Breach of Audit Protocols:
- PMMC’s audit department was reportedly unaware of the bullion bars’ movement from the Diamond House to the Aviance Cargo Terminal.
- According to standard operating procedures, such transfers require audit oversight to ensure documentation, verification, and accountability.
- The lack of audit involvement indicates a serious breach of protocol, undermining transparency and exposing the operation to risks of theft or mismanagement.
- Implications for Ghana’s Gold Trade:
- Ghana’s reputation in the global bullion market relies on the transparency and integrity of its gold trade operations.
- Incidents like this, Asiedu-Nketiah Jr. warned, could deter international investors, cause revenue loss, and damage the country’s standing in global markets.
- He stressed that systemic issues within PMMC’s governance must be urgently addressed to safeguard national resources.
Call to Action
Asiedu-Nketiah Jr. urged PMMC to:
- Establish a functional Corporate Affairs unit to handle crises and improve stakeholder communication.
- Strengthen its audit processes to ensure compliance with standard operating procedures.
- Conduct a comprehensive review of its governance structure to address systemic inefficiencies.
The concerns raised amplify the need for greater accountability in managing Ghana’s precious mineral resources, as lapses in oversight threaten both national assets and the country’s international credibility.
