PMMC Condemns Disruption at Assay Centre, Confirms Gold Belongs to BoG

KEY POINTS

• PMMC condemns mob attack on bullion at the National Assay Centre.
• PMMC affirms that seized gold belongs to the Bank of Ghana.
• Company calls for stakeholder collaboration to protect Ghana’s gold industry.

The Precious Minerals Marketing Company (PMMC) has strongly condemned an incident at the National Assay Centre at the Aviance Cargo Terminal in Accra, where a mob, allegedly led by Joseph Yammin, National Organizer of the National Democratic Congress (NDC), disrupted gold processing operations.

The disturbance, which took place on December 17, 2024, between 4:00 pm and midnight, caused a halt in the assay of bullion bars intended for the Central Bank of Ghana under the Domestic Gold Purchase Programme (DGPP).

According to a statement from PMMC’s Corporate Affairs unit, the gold bars in question belong to the Bank of Ghana (BoG), and accusations of smuggling made by the mob were false.

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

Police intervention and impact on Ghana’s reputation

The incident led to a tense standoff lasting several hours. Police were called to the scene to restore order, and it was eventually agreed that the bullion bars would be moved to the Greater Accra Regional Police Command for safekeeping while the matter is resolved.

PMMC reported that the disruption also affected the processing of gold belonging to a private licensed exporter. The exporter’s gold was subsequently mixed with bullion bars belonging to the Bank of Ghana.

In response, PMMC warned that such disruptions could seriously damage 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 read.

The company highlighted that disruptions like these create mistrust among legitimate gold buyers, negatively affecting Ghana’s standing as a trusted global player in the gold trade.

PMMC demands accountability and calls for stakeholder cooperation

PMMC stressed the importance of verifying claims before taking action, urging stakeholders to engage in simple verification processes to avoid similar incidents in the future. The company emphasized that both the PMMC and Bank of Ghana could have clarified the legitimacy of the bullion bars if contacted.

“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 added.

According to Graphic Online, PMMC reaffirmed its role as Ghana’s National Assayer and promised to maintain its commitment to transparency, accountability, and regulatory compliance in the country’s gold trade. The company also urged all stakeholders to collaborate in protecting the integrity of Ghana’s precious minerals industry.

The company expressed concern over threats faced by its staff during the incident. “These acts place the Ghanaian men and women who are lawfully discharging their duties at significant risk,” the company said, emphasizing that such actions create a hostile environment for employees working to ensure transparency in Ghana’s gold trade.