Former Managing Director Nana Akwasi Awuah has disclosed that the Precious Minerals Marketing Company (PMMC) moved from a severe financial crisis to sustained profitability during his tenure between 2021 and 2024.
According to him, the company inherited deep financial challenges when the New Patriotic Party took office in 2017, including legacy debts from gold trading activities between 2012 and 2016.
These comprised a dollar-denominated debt of about $5 million and a cedi component of approximately GH¢30 million, which had ballooned to about GH¢81 million by 2024 due to accumulated interest.
“The situation was that bad that the very building which housed PMMC, popularly known as Diamond House, was attached in execution by a judgment creditor and put up for auction sale,” Mr Awuah revealed.
He added that staff salaries and statutory obligations were also in arrears.
He said the company’s fortunes changed through what he described as “diligent hard work, creative and innovative solutions”, which restored PMMC to financial stability.
By the time he handed over in 2025, the dollar component of the legacy debt had been fully paid, while the cedi component had been ringfenced under a formal settlement arrangement.
PMMC’s performance peaked in 2024, when net profits rose from GH¢10.8 million in 2023 to GH¢178 million in 2024.
“These figures are confirmed by the audited accounts of the company and the State Ownership Report for 2024,” he said, adding that it would be “factually inaccurate” to suggest the company made losses that year.