PMMC Denies Allegations of Gold Smuggling, Criticizes Disruption at Assay Centre

The Precious Minerals Marketing Company (PMMC), acting as the National Assayer, has issued a statement expressing grave concern over an incident that occurred at the National Assay Centre located at the Aviance Cargo Terminal.

The incident, which took place on Tuesday, 17th December 2024, saw a mob, led by Mr. Joseph Yammin, the National Organiser of the National Democratic Congress (NDC), attempt to seize bullion bars being processed by PMMC on behalf of the Bank of Ghana.

According to the statement from PMMC, the bullion bars in question are part of the ongoing Domestic Gold Purchase Program (DGPP), launched by the government in June 2021.

The bullion bars, which belong to the Bank of Ghana, were being assayed to confirm their weights, purity, and value.

However, during this process, Mr. Yammin and the mob disrupted operations, alleging that the bars were being smuggled out of the country by certain political actors, an accusation which PMMC strongly denies.

“Let me be very clear,” PMMC stated, “the bullion bars were being processed in full compliance with the legal and regulatory standards governing Ghana’s gold trade. The allegations made against us are completely false and unfounded.”

The situation escalated to the point where PMMC and the Bank of Ghana had to request police intervention. After several hours of tense standoff, an agreement was reached to move the bullion bars to the Greater Accra Regional Police Command for safekeeping, with the hope that the issue would be resolved the following morning.

The statement also noted that a private, licensed exporter who was processing gold for export was similarly affected by the disruption.

“This unlawful action has the potential to seriously damage Ghana’s reputation on the international bullion market,” PMMC warned.

“Such disruptions undermine the confidence of legitimate international buyers, who rely on transparency and integrity in Ghana’s gold trade. These actions place our dedicated staff at significant risk and create a hostile environment for those lawfully performing their duties.”

PMMC also pointed out that a simple verification with the relevant authorities, such as PMMC and the Bank of Ghana, would have cleared up any misunderstandings and avoided the damaging situation. “The facts were readily available,” the statement continued.

“Had Mr. Yammin and the others involved taken the time to consult with the relevant authorities, they would have understood the legitimacy of the process and prevented this unnecessary escalation.”

The PMMC emphasized that it remains committed to upholding its mandate as the National Assayer and continues to prioritize transparency, accountability, and compliance with Ghana’s regulatory standards.

“We are unwavering in our commitment to ensuring the responsible export of gold and protecting the interests of Ghana’s precious minerals industry,” PMMC reaffirmed.

The company also reiterated its dedication to promoting a secure, transparent, and compliant gold trade that upholds Ghana’s standing in the international market. “We will not allow unlawful actions to undermine the integrity of Ghana’s gold trade,” PMMC concluded.

See below for full statement;

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