Former Managing Director of the Precious Minerals Marketing Company (PMMC), Nana Akwasi Awuah, has rejected claims that the company incurred losses during his tenure as a result of its involvement in the Domestic Gold Purchase Programme.

In a detailed public statement, Mr Awuah said there has been no proof to support assertions that PMMC made losses in 2022, 2023 and 2024, stressing in particular that the Gold for Reserve Programme did not record any losses while he was in charge. 

He described such claims as misleading and unsupported by evidence.

“I had the opportunity to debunk the story that PMMC incurred losses as a result of its role in the Domestic Gold Purchase Programme,” he stated. 

“There was and has never been any loss associated with the Gold for Reserve Programme during my tenure.”

Mr Awuah contrasted these claims with findings by the International Monetary Fund (IMF), which reported a trading loss of about $214 million in 2025 under the Gold for Reserve programme. 

He noted that the IMF also warned that the expanding scale of the programme, particularly after the establishment of GoldBod, presents significant downside risks.

He concluded by urging the public to distinguish between PMMC’s performance up to 2024 and developments that occurred after his exit from office