Gold Smuggling Saga: Seized Bullion Bars Belong To BoG Not Any Politician- PMMC

The National Democratic Congress (NDC) National Organizer Joseph Yammin has been charged by the Precious Minerals Marketing Company (PMMC) for organizing a mob to try to take Bank of Ghana bullion bars. As part of the continuing Domestic Gold Purchase Programme (DGPP), an assay procedure to confirm the weight, purity, and value of the bars was disrupted on December 17, 2024, between 4:00 pm and midnight.

The PMMC denounced the acts in a statement issued on December 18th, emphasizing the disruption of its operations and the danger to national security. The PMMC emphasized that the bullion bars were legitimately part of the DGPP, launched in June 2021, and were undergoing assaying when the mob, led by Mr. Yammin, intervened with the false claim that the bars were being smuggled out of the country.

The PMMC and the Bank of Ghana requested police intervention, resulting in a standoff that lasted several hours. Ultimately, the bullion bars (along with gold being processed for export by a duly licensed private exporter) were moved to the Greater Accra Regional Police Command for safekeeping pending a resolution.

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The PMMC expressed deep concern about the incident’s potential to harm Ghana’s international reputation in the gold market, undermining investor confidence and threatening the country’s standing as a reliable gold trader. The company further highlighted the risks faced by its staff, who are committed to upholding regulatory standards and should not be subjected to intimidation while performing their duties.

“The dedicated staff, who are committed to ensuring compliance with Ghana’s strict regulatory standards, should not have to face threats or intimidation while performing their legitimate responsibilities. This creates a hostile environment and undermines the very systems designed to ensure transparency and integrity in Ghana’s gold trade,” it stated.

The PMMC stated that a simple verification with the PMMC and the Bank of Ghana would have avoided the incident. It reiterated its commitment to transparency, accountability, and compliance with all legal and regulatory standards in the gold trade, pledging continued collaboration with stakeholders to protect Ghana’s precious minerals industry.

Background

On December 18, at Kotoka International Airport, a van allegedly owned by the Precious Minerals Marketing Company (PMMC) was taken into custody by the Accra Regional Police.

17 crates of gold bars were found inside the truck, which was headed to Dubai, allegedly as part of the government’s Gold-for-Oil (G4O) program.

Launched in December 2022, the G4O plan seeks to increase Ghana’s foreign exchange reserves by replacing oil imports with gold bought by the central bank. The program’s objectives were to lower growing living expenses and stable the Ghanaian cedi.

Dr. Ernest Addison, the governor of the Bank of Ghana, said in November 2023 that the G4O initiative had achieved its goals and was being phased out.