Gold reserve purchases led to $460 million PMMC losses in 2024 – Agric Minister
The Minister for Food and Agriculture, Eric Opoku, has revealed that the Precious Minerals Marketing Company (PMMC) incurred losses estimated at about $460 million in 2024 during the tenure of the previous New Patriotic Party (NPP) government.
Mr Opoku made the disclosure while speaking on Ekosii Sen on Asempa FM on Monday, January 5, 2025. He explained that the losses were mainly linked to gold purchases made for Ghana’s national reserves, alongside extensive smuggling activities within the artisanal and small-scale mining sector.
He stated that in 2024, approximately 45.3 tonnes of gold were procured for the country’s reserves, with the total value estimated at $3.1 billion at the time of acquisition.
However, he noted that subsequent reports from the Bank of Ghana (BoG) indicated losses amounting to GH¢4.84 billion, which he said translates to roughly $460 million.
“In 2024, before the NDC came into power. The Gold we bought for the reservation was 43.5 tonnes. At that time, the value was 3.1 billion dollars. In 2024, BoG reported that Ghana incurred a loss of 4.84 billion cedis. Lion
“If you use today’s exchange rate of 10.8, it is around 460 million dollars. That is the loss of gold for reserve incurred in 2024,” he said.
According to Mr Opoku, the losses recorded, coupled with irregularities in gold supply and revenue flows, underscored the need for the introduction of GoldBod, a new framework designed to curb smuggling and enhance transparency within the gold trading industry.
He further indicated that firms operating under the GoldBod system, including Bawa Rock, have met all necessary requirements and are fully covered under the new arrangement.
