Bank of Ghana suspends PMMC from exporting gold, as $2.3 billion goes missing

Bank of Ghana suspends PMMC from exporting gold, as $2.3 billion goes missing

- The Minister of Finance has called for investigations into the matter

- PMMC's revenue fell by 83% last year

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Ghana’s central bank, the Bank of Ghana (BoG) has barred the Precious Minerals Marketing Company (PMMC) from exporting Ghana’s gold.

Bank of Ghana suspends PMMC from exporting gold, as $2.3 billion goes missing

Dr. Ernest Addison, Governor, Bank of Ghana

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This follows the disappearance of $2.3 billion worth of gold, exported last year, with no trace of payments.

Per the law, at least 80% of revenue generated from gold exports, should return to Ghana.

According to the the Managing Director (MD) of PMMC, Kojo Opare Hammond, the BoG notified the PPMC of irregularities in gold shipments last year.

About 145 companies involved in various transactions, failed to honour their financial obligations to the state.

At the behest of the minister of Finance, Hon. Ken Ofori Atta, the Criminal Investigations Department (CID) of the Ghana Police Service was tasked to thoroughly investigate the matter.

Meanwhile, the operations of PMMC were hit by turbulent times last year. Revenue reportedly fell by by 83% from GHc136 million to GHc23 million.

The beleaguered MD of PMMC indicated that he believes there is a smuggling ring in the industry. As a result, security agencies are being consulted to help ameliorate the challenge.

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Source: Yen.com.gh

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