Dr. Kwaku Asiedu-Nketiah Jr., National Vice Chairman of the National Democratic Congress (NDC) Youth Working Committee, has expressed serious concerns about the Precious Minerals Marketing Company (PMMC) following an incident at the National Assay Centre in Accra on Tuesday, December 17, 2024.

The incident involved a mob, allegedly led by NDC National Organiser Joseph Yammin, attempting to seize bullion bars belonging to the Bank of Ghana.

Dr. Asiedu-Nketiah Jr. stated that the event has raised critical questions about the security and integrity of Ghana’s gold trade. He further pointed to troubling discrepancies in PMMC’s operations, including governance issues and non-compliance with standard procedures.

The PMMC’s response to the incident was a statement condemning the unlawful action as “deeply regrettable” and warning about its potential to harm Ghana’s reputation in the international bullion market. Dr. Asiedu-Nketiah Jr. stressed the importance of addressing these lapses to safeguard the nation’s standing in global trade.

“This official acknowledgement, however, was soon overshadowed by revelations concerning the authenticity and transparency of PMMC’s internal processes. The Missing Corporate Affairs Unit One of the most striking discrepancies in this situation is PMMC’s claim that its statement was issued by the “Corporate Affairs” unit.

“Following this announcement, investigative inquiries revealed that PMMC does not have a designated Corporate Affairs or Public Affairs department. This raises critical questions about the legitimacy of the statement and its authorship.

“The absence of a Corporate Affairs unit suggests a significant gap in PMMC’s governance structure. A department dedicated to public relations and corporate communications is essential in any organization, particularly one handling precious resources such as gold. It ensures that the company can effectively manage crises, communicate transparently with stakeholders, and uphold its reputation in the market. The suggestion that such a department exists, despite its nonexistence, raises questions regarding the integrity of PMMC’s internal controls,” Asiedu-Nketiah Jr further stated.

He emphasised that compounding these issues is the revelation that PMMC’s audit department was not informed about the movement of the gold from the Diamond House to the Aviance Cargo Terminal.

“According to standard operating procedures, any transfer of valuable items, particularly gold bullion, requires thorough oversight by the audit department. This protocol ensures that all movements are documented, verified, and accounted for, thus safeguarding against potential theft, loss, or mismanagement.

“The audit department’s ignorance of this critical movement indicates a serious breach of protocol. Typically, the audit team plays a vital role in tracking inventory, verifying the integrity of stock, and ensuring compliance with regulatory standards. Their lack of involvement in this instance not only undermines the transparency of PMMC’s operations but also raises alarm bells about how such significant decisions are made within the organisation,” he stated.

Asiedu-Nketiah Jr underscored that the implications of these discrepancies are far-reaching as Ghana’s gold trade is a significant component of its economy, and the country’s reputation as a reliable participant in the international gold market is paramount.

“Incidents that cast doubt on the integrity and transparency of operations can deter legitimate international buyers and investors, potentially leading to revenue loss and damaging the country’s standing in global markets.

“Furthermore, the absence of a Corporate Affairs unit and the audit department’s unawareness of the gold’s movements indicate deeper systemic problems within PMMC. This situation prompts concerns regarding the company’s overall governance and management practices, which should be responsible for overseeing such significant national resources,” he stated.