Former Managing Director of Precious Minerals Marketing Company (PMMC) Nana Akwasi Awuah has cautioned the new management of Ghana Gold Board (GoldBod) to adopt strict and pragmatic measures as it prepares to take over full-scale gold trading activities.
His warning follows reports that the Bank of Ghana is set to exit the Domestic Gold Purchase Programme this year, leaving GoldBod to assume responsibility for gold trading.
Mr Awuah said lessons must be learnt from PMMC’s earlier trading history, which resulted in substantial legacy debts inherited in 2017.
“It is instructive to note that PMMC’s trading activities from 2012 to 2016 resulted in the colossal legacy debt we had to manage,” he said.
“Strict and pragmatic measures must be put in place to ensure the trade is run efficiently and sustainably.”
He also referenced the IMF’s disclosure of a $214 million trading loss in 2025 under the Gold for Reserve programme, describing it as a reminder of the risks associated with large-scale gold trading if not properly managed.
“I humbly advise that care is taken to avoid losses such as the $214 million which has become so topical today,” Mr Awuah said, stressing the need for discipline and transparency to protect the country’s financial interests.