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The Minister for Food and Agriculture, Eric Opoku, has disclosed that the Precious Minerals Marketing Company (PMMC) recorded losses of about $460 million in 2024 under the previous New Patriotic Party (NPP) administration.
Speaking on Ekosii Sen on Asempa FM on Monday, January 5, 2025, Mr Opoku attributed the losses largely to gold purchases made for national reserves, as well as widespread smuggling within the artisanal and small-scale mining sector.
According to the minister, about 45.3 tonnes of gold were acquired for the country’s reserves in 2024, with an estimated value of $3.1 billion at the time of purchase.
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However, he noted that the Bank of Ghana later reported losses amounting to GH¢4.84 billion, which he said is equivalent to approximately $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.
“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.
Mr Opoku explained that the reported losses, together with inconsistencies in gold supply and revenue, made it necessary to introduce GoldBod, a new system aimed at curbing smuggling and improving transparency in the gold trading sector.
He added that companies operating under the GoldBod framework, including Bawa Rock, have undergone all required assessments and are fully guaranteed under the new system.
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