PMMC condemns disruption of operations at National Assay Centre, says gold bars belong to BoG

The Precious Minerals Marketing Company (PMMC), Ghana’s legally mandated National Assayer, has expressed deep concern over an incident at the National Assay Centre located at the Aviance Cargo Terminal in Accra. 

The disruption, led by a mob allegedly headed by Mr Joseph Yammin, National Organiser of the National Democratic Congress (NDC), occurred on Tuesday, December 17, 2024, between 4:00pm and midnight.  

According to a statement issued by PMMC’s Corporate Affairs, the mob forcibly attempted to seize bullion bars being processed for the Central Bank of Ghana as part of the Domestic Gold Purchase Programme (DGPP), launched in June 2021. 

“The bullion bars belong to the Bank of Ghana as part of the ongoing Domestic Gold Purchase Programme,” the statement clarified.  

The mob alleged that the bullion bars were being smuggled out of the country by political actors, an accusation PMMC categorically described as false. “It was during this assay that the process was disrupted...with the allegation that the said bullion bars were being smuggled secretly out of Ghana...which allegation is false,” the company emphasised.  

Police intervention and fallout  

PMMC reported that the incident led to a tense standoff that lasted several hours. Police were called to intervene, and it was agreed that the bullion bars would be moved to the Greater Accra Regional Police Command for safekeeping pending resolution.  

The incident also affected a private licenced exporter who was processing gold for export. PMMC confirmed that the exporter’s gold was added to the bullion belonging to the Bank of Ghana during the disruption.  

Potential reputational damage  

PMMC warned that such unlawful actions could have serious consequences for Ghana’s international reputation in the bullion market. “This unlawful action is deeply regrettable and has the potential to cause significant harm to Ghana's reputation on the international bullion market,” the statement noted. The company stressed that disruptions of this nature undermine the confidence of legitimate gold buyers and jeopardise the country’s standing as a trusted global player in the gold trade.  

PMMC also condemned the threats faced by its staff, stating, “These acts place the Ghanaian men and women who are lawfully discharging their duties at significant risk...This creates a hostile environment and undermines the very systems designed to ensure transparency and integrity in Ghana's gold trade.”  

Call for verification  

The PMMC highlighted that a simple verification with relevant authorities, including itself and the Bank of Ghana, would have clarified the legitimacy of the bullion bars’ processing and avoided the incident. “It is important to emphasize that a simple verification...would have clarified the legitimacy of the process and avoided such an embarrassing and damaging situation,” the statement read.  

Commitment to transparency  

Reaffirming its mandate as National Assayer, PMMC assured stakeholders of its unwavering commitment to ensuring transparency, accountability, and regulatory compliance in Ghana’s gold trade. “The management of PMMC stands resolute in its commitment to ensuring transparency, accountability, and compliance with all legal and regulatory standards governing the export of gold.”  

The company called for collaboration with stakeholders to protect the integrity of Ghana’s precious minerals industry and reiterated its dedication to promoting responsible gold trade.