PMMC to conduct forensic audit of unprofitable transactions

The Governing Board of the Precious Minerals and Marketing Company (PMMC), on Friday, said it would collaborate with the Economic and Organised Crime Office to undertake forensic audit of some transactions and loans.

These transactions, conducted by the previous Management and Board, it said, had resulted in financial difficulties for the Company.

Mr Kinston Akomeng Kissi, the Chairperson of the Board, who announced this at the inauguration of the Board, in Accra, said those who would be found culpable would be dealt with in accordance with the laws of the country.

Madam Barbara Oteng-Gyasi, a Deputy Minister of Lands and Natural Resources, who swore in the Board members, noted that, the PMMC, from 1997 to 2013, performed creditably in terms of payment of dividends to the Government and other statutory obligations.

It also contributed significantly towards the socio-economic development of the nation.

However, she said, in recent past years, the Company had suffered a decline in its revenues as a result of price volatility in precious minerals on the international market and other unprofitable transactions it undertook.

She, therefore, tasked them to evaluate the operational difficulties of the Company and manage the human resource and assets to make the Company viable again.

She charged them to apply due diligence and innovative ideas in its operations so as to increase its revenue and pay appropriate dividends to the Government.

“I charge the new Board to work with Management to adopt a paradigm shift anchored in developing and streamlining linkages with additional emphasis on the philosophy of adding value to its products to improve the Company’s performance and its contribution to the country as whole,” she charged.

The Deputy Minister said the President considered the expertise and experiences of the personalities before appointing them onto the Board and, therefore, charged them to bring their expertise to bear on the management of the Company.

The members of the Board include Mr Kwadjo Opare-Hammond, the Managing Director of the PMMC, Mr Komla Onny, a legal practitioner, member and Mr Samuel Evans Ashong Narh, a former Mayor of the Tema Municipal Assembly, member.

The rest are; Nana Akwasi Awuah, member, Mr Kofi Mensah Demitia, member, Madam Mavis Nkansah-Boadu, member, Madam Emefa Janet Obro-Adibo, member and Alhaji Musah Fuseini-Codjoe, member.

The Precious Minerals and Marketing Company Limited, formerly known as the Diamond Marketing Board in 1963, promoted and dealt in the marketing of diamonds. Its mandate evolved to also cover the marketing of gold in 1989 under the Precious Minerals and Marketing Co-operation.

It was specifically tasked to promote and market precious minerals and jewellery as well as provide primary market for the sale of gold and diamonds for small-scale miners in the country.

It is supposed to grade, value and process precious minerals as well as purchase, sell and appoint licence buyers of precious minerals produced by small-scale miners and carry out any trade or business, which the Board of Directors believed it would bring profit to the Company.