Precious Minerals Marketing Company (PMMC) has been caught in a major governance scandal following an attempt to export gold without proper oversight from its internal audit department.
This incident, which took place at the National Assay Centre in Accra on December 17, 2024, has raised serious concerns about the integrity and transparency of PMMC’s operations.
The episode began when a mob, allegedly led by Joseph Yammin, the National Organiser of the National Democratic Congress (NDC), attempted to seize bullion bars belonging to the Bank of Ghana.
The bars, being processed as part of the Domestic Gold Purchase Programme (DGPP), were under evaluation for weight, purity, and value.
The mob claimed the gold was being smuggled out of the country, a charge PMMC strongly denied.
The disruption led to police intervention, and the bullion was eventually relocated to the Greater Accra Regional Police Command for safekeeping.
PMMC responded to the incident with a statement condemning the disruption, calling it a “deeply regrettable” act that posed a threat to the nation’s reputation in the global bullion market.
“This unlawful action threatens the very integrity of our operations and could have far-reaching implications on Ghana’s standing in the international market,” PMMC emphasized.
However, as investigations unfolded, it was revealed that PMMC had failed to follow proper internal procedures.
The company’s audit department had not been informed of the gold’s movement from the Diamond House to the Aviance Cargo Terminal, a clear breach of standard operating protocols.
Such transfers of valuable goods require thorough oversight to ensure proper documentation and security.
The absence of the audit department’s involvement raised alarms about potential mismanagement or even intentional bypassing of oversight processes.
Adding to the controversy, PMMC issued a statement about the incident, attributing it to the “Corporate Affairs” unit.
However, investigations soon uncovered that the company does not have a Corporate Affairs department, casting doubt on the authenticity of the statement and its authorship.
This revelation has further deepened suspicions about PMMC’s internal governance and the transparency of its operations.
As PMMC stated, “The statement issued in relation to the incident was made in good faith by the Corporate Affairs unit, which does not exist within the organization, calling into question the credibility of our own procedures.”
The failure to notify the audit department and the non-existent Corporate Affairs unit underscore serious flaws in PMMC’s internal controls.
