The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has disclosed that an audit of the financial statements of the Precious Minerals Marketing Company (PMMC) uncovered GH¢55.9 million owed to the company by third parties, of which GH¢38.7 million has so far been recovered.
Speaking before Parliament’s Public Accounts Committee on Tuesday, October 13, 2026, Mr Gyamfi said the outstanding debts were identified after the new management discovered that PMMC’s financial statements had not been audited for five consecutive years.
He said the audit covered the period from 2020 to 2024 and formed part of efforts to establish the company’s financial position and recover funds owed to it.
“When we assumed office in January 2025, we found out that the financials of the PMMC, the antecedent of the Gold Board, had not been audited for five consecutive years, which is from the year 2020 to 2024,” he said.
According to Mr Gyamfi, the audit revealed that third parties owed PMMC GH¢55.88 million as of December 31, 2023.
Management subsequently issued demand notices to recover the money, retrieving GH¢38.71 million by September 30, 2026. The amount represents approximately 69.2 per cent of the total debt identified.
The Board is pursuing the remaining GH¢17.1 million through court proceedings, negotiations and other civil recovery measures.
“Of the remaining amount of GH¢17.1 million, approximately GH¢7.5 million is involved in matters before courts of competent jurisdiction, and an amount of approximately GH¢9.6 million relates to debts that we are currently pursuing through various civil options like demand notices and negotiations with the parties concerned,” he said.
Mr. Gyamfi expressed optimism that the Board would increase the amount recovered before the end of 2026.
“We hope that by the end of this year we will have even increased what we have recovered so far,” he added.
The Precious Minerals Marketing Company (PMMC) was responsible for activities including the purchase, sale and export of precious minerals, particularly gold and diamonds, in Ghana.
The Ghana Gold Board was established to take on a central role in regulating and formalising the country’s gold trading sector, with PMMC serving as its predecessor.
