The Precious Minerals Marketing Company (PMMC) has accused Joseph Yammin, National Organizer of the National Democratic Congress (NDC), of leading a mob in an attempt to forcibly seize bullion bars being processed for the Bank of Ghana (BoG).
In a statement issued on December 18, 2024, PMMC described the incident, which occurred between 4:00 p.m. and midnight on December 17, as a threat to national security and Ghana’s reputation in the global gold trade.
Details of the Incident
The bullion bars were being processed under the Domestic Gold Purchase Programme (DGPP), launched in June 2021, to confirm their weight, purity, and value. PMMC clarified that the gold belonged to the Bank of Ghana and a private licensed exporter and that the allegations of smuggling were false.
PMMC stated:
“The bullion bars belong to the Bank of Ghana as part of the ongoing Domestic Gold Purchase Programme. The mob led by Mr. Yammin alleged that the bars were being smuggled out of Ghana by political actors, which is completely false.”
To resolve the standoff, the gold was moved to the Greater Accra Regional Police Command for safekeeping.
Impact of the Incident
PMMC highlighted the severe implications of such disruptions:
- Threat to National Reputation: The incident undermines confidence in Ghana as a reliable player in the international bullion market, potentially discouraging legitimate gold buyers.
- Endangerment of Staff: Employees performing their duties faced intimidation, which PMMC said creates a hostile work environment.
- Damage to Industry Integrity: Such actions jeopardize the transparency and regulatory standards Ghana has worked to uphold.
The PMMC emphasized that verification with the company or the BoG would have clarified the legitimacy of the gold processing and avoided the incident.
PMMC’s Commitment
The company reaffirmed its dedication to promoting transparency, accountability, and regulatory compliance in Ghana’s gold trade.
“PMMC reiterates its commitment to ensuring responsible gold trade to protect and advance the interests of Ghana’s precious minerals industry.”
PMMC called on stakeholders to prioritize due process and avoid actions that harm Ghana’s reputation and economic interests.
