PMMC Cartel in Bizzare Gold bullion Export

Independent investigations have uncovered discrepancies in claims made by the Precious Minerals Marketing Company (PMMC) following a recent incident at the National Assay Centre.

The statement, purportedly issued by a “Corporate Affairs” unit, appears to be misleading as PMMC lacks a designated Corporate Affairs or Public Affairs department.

This revelation casts doubts on the authenticity and source of the statement, raising concerns about internal communication protocols within PMMC.

The situation is further troubled by the disclosure that the audit department was unaware of the transfer of gold from the Diamond House to the Aviance Cargo Terminal.

This deviation from standard operating procedures, where the audit department is responsible for verifying the movement and stock of valuable items, is a cause for significant alarm.

Typically, the audit department plays a crucial role in ensuring the proper documentation, verification, and accountability for all movements of precious materials.

However, the lack of notification to the audit department of this substantial transfer not only undermines transparency in PMMC’s operations but also highlights broader governance and oversight issues within the organization.

The chaotic incident unfolded at the National Assay Centre situated at the Aviance Cargo Terminal in Accra when an adhoc  taskforce led by Prince Vitus Seidu and the National Organiser of the National Democratic Congress (NDC), Mr. Joseph Yamin stormed the Aviance terminal of the Kotoka International cargo department to stop the transport of a 440kilogram of gold being exported to the UAE by unidentified owner through PMMC.

The Managing Director of PMMC, the official state Aseyer told The New Republic in an interview that although the Gold was being processed by the company on behalf of Bank of Ghana, PMMC did not know who the real owners of the gold bars are.

He argued that the company has exusted all of processes due for handling and  export of the gold.

This event has raised serious concerns about the security and integrity of Ghana’s gold trade, prompting urgent inquiries into the transparency of operations at the National Assay Centre.

The disruption occurred on Tuesday, December 17, 2024, amid the processing of gold bars as part of the Domestic Gold Purchase Programme (DGPP) launched in June 2021.

These bars were allegedly undergoing evaluation to confirm their weight, purity, and value, a standard procedure crucial for preserving Ghana’s gold market integrity.

However, operations were interrupted when upon a tip off that, the bars were being illicitly taken out of the country by certain political figures. PMMC vehemently refuted these claims, asserting their baselessness and detrimental impact.

In the midst of the turmoil police and military intervention were sort to control the vigilant crowd who stormed the airport to insist that the packages be impounded pending investigation.

Eventually, an agreement was reached to relocate the bullion bars to the Greater Accra Regional Police Command for safekeeping until a resolution could be reached the following day.

In its official statement, PMMC condemned the actions of the task-force as “deeply regrettable,” warning that such disruptions could severely impact Ghana’s reputation in the international bullion market.

A transparent account of the events occurring on December 17 is deemed essential to address the mounting concerns stemming from the incident.

Clear communication is needed to dispel existing scepticism surrounding PMMC’s operations and restore trust among stakeholders.

The aftermath of the chaos at the National Assay Centre underscores the critical need for enhancing governance measures within PMMC.

The absence of a Corporate Affairs unit and the oversight lapses in the audit department indicate systemic issues that could have lasting repercussions.

Addressing these governance gaps is crucial to improving crisis management, fostering transparent communication with stakeholders, and fortifying PMMC’s market reputation. Moving forward, a reevaluation of PMMC’s governance practices is imperative.