Disappearance of PMMC bullion van highlights deepening crisis in Ghana’s gold export oversight

The sudden and mysterious disappearance of the Precious Minerals Marketing Company’s (PMMC) bulletproof bullion van has intensified scrutiny over Ghana’s gold export protocols, sparking alarm among industry stakeholders and the public.

Last seen during a disputed gold transport operation on January 14, 2025, the van’s absence raises significant questions about the security and integrity of gold shipments in the country.

The bullion van’s vanishing act follows two highly controversial incidents involving large shipments of gold, both allegedly earmarked for the Bank of Ghana (BoG).

In December 2024, security operatives intercepted the same vehicle at Aviance Cargo Village while it was transporting 188 gold bars. Although PMMC claimed the shipment was intended for the Central Bank, subsequent investigations revealed a murkier narrative, further complicating the situation.

Eyewitness accounts from the January 14 incident indicate that around 90 gold bars were being transported from PMMC’s Diamond House under police escort. On the same day, an early morning incident at the PMMC premises involved a group of individuals, initially thought to be NDC supporters, who were later found to be acting on instructions from those behind the gold shipment. Their intent was to facilitate the removal of the gold, but when their efforts were thwarted, they fled away, and after calm was restored by the police, the van with PMMC’s driver moved the gold out of the yard. This alarming sequence of events raises significant questions about the motivations and legitimacy of the operation.

As the Central Bank has yet to respond to the two incidents which linked them as the owners of the gold, sources indicate that the BoG, frustrated by PMMC’s unauthorized claims, confiscated both shipments along with the bullion van. The first shipment has reportedly been stored at the bank’s warehouse along John Evans Atta-Mills High Street, while the second consignment was taken to a BoG facility on Spintex Road.

Insider reports suggest that the gold in question may belong to several high-profile individuals, including an Indian who claims to be a Pakistani businessman exploiting tax incentives related to gold exports.

The implications of the missing bullion van are profound, calling into question the overall security of Ghana’s gold transport operations. Security expert Dr. Kwame Mensah asserts, “A bulletproof bullion van is a critical asset that cannot simply disappear. This situation warrants immediate investigation and accountability from both the PMMC and relevant security agencies.”

While the Minerals Commission does not regulate PMMC, sources hint at an internal inquiry into the irregularities surrounding these gold shipments and the missing vehicle. Mines and Energy expert, Prof. Augustine Mawuli Agbeko, has called for urgent discussions to address these alarming developments. “We cannot ignore the disappearance of a state institution’s crucial security asset. Answers are needed from all parties involved,” he stated.

As pressure mounts, crucial questions remain unanswered: Who authorized these shipments? Why were they misattributed to the Bank of Ghana? What is the true ownership of the confiscated gold? Most critically, where is the PMMC’s bullion van?

The Ghana Police Service has yet to confirm whether a formal investigation is underway regarding the van’s disappearance. In the meantime, PMMC’s operations have been hindered, prompting the company to seek alternative secure gold transport solutions.

These troubling events unfold against Ghana’s aspirations to solidify its status as a leading gold producer in Africa, exposing significant weaknesses in the nation’s gold export procedures. The missing bullion van saga threatens to erode confidence in Ghana’s management of precious minerals and underscores the urgent need for reform in the sector’s oversight mechanisms.

As stakeholders await official responses from PMMC and relevant authorities, the situation serves as a stark reminder of the broader challenges facing Ghana’s gold industry and the pressing need for enhanced transparency and accountability in its operations.

By Peter Quarshie

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