The Minister for Food and Agriculture, Eric Opoku, has disclosed that the Precious Minerals Marketing Company (PMMC) recorded losses of about 460 million dollars in 2024 under the previous New Patriotic Party (NPP) administration.

Speaking on Asempa FM on Monday, January 5, 2025, Mr. Opoku attributed the losses largely to gold purchases made for Ghana’s national reserves, as well as widespread smuggling activities within the artisanal and small-scale mining sector.

According to the Minister, approximately 45.3 tonnes of gold were purchased in 2024 for the country’s reserves, with an estimated value of 3.1 billion dollars at the time of acquisition.

However, he noted that the Bank of Ghana later reported losses amounting to GHS4.84 billion from the gold reserve programme.

“If you apply the current exchange rate of about 10.8 cedis to the dollar, that translates to roughly 460 million dollars,” Mr. Opoku explained.

“That is the loss Ghana incurred on gold purchased for reserves in 2024.”

He said the situation exposed serious challenges in gold supply management, pricing, and revenue accountability, compounded by persistent smuggling in the small-scale mining sector.

Mr. Opoku explained that these developments informed the government’s decision to introduce GoldBod, a new regulatory and trading framework aimed at curbing gold smuggling, enhancing transparency, and ensuring better value for the country’s mineral resources.

He added that companies operating under the GoldBod system, including Bawa Rock, have undergone the necessary due diligence and assessments and are fully covered and guaranteed under the new framework.

The Minister said the new measures are expected to strengthen oversight in the gold sector and prevent a recurrence of the losses recorded in previous years.