Ghana Gold Board recovers GH¢38.7m in legacy PMMC debts

The Ghana Gold Board (GoldBod) has successfully recovered GHȅ38.71 million of the GHȅ55.88 million in legacy debts owed to its predecessor, the Precious Minerals Marketing Company (PMMC). Chief Executive Officer Sammy Gyamfi disclosed this progress during a session with Parliament’s Public Accounts Committee on October 13, 2026. The recovered amount represents approximately 69.2% of the total outstanding arrears identified through recent financial reviews of the defunct entity. The debts were initially uncovered following an audit spanning the period from 2020 to 2024. This investigation revealed that PMMC's financial statements had gone unaudited for several years, allowing substantial third-party liabilities to accumulate. As of December 31, 2023, these outstanding obligations stood at GHȅ55.88 million, prompting GoldBod to initiate a rigorous collection exercise to protect public funds. To secure the payments, the Board employed a combination of strategies, including the issuance of formal demand notices and the pursuit of legal action against recalcitrant debtors. Mr. Gyamfi explained that while the majority of the debt has been recouped, approximately GHȅ17.1 million remains unpaid. Of this balance, GHȅ7.5 million is currently the subject of ongoing litigation, while the remaining GHȅ9.6 million is being pursued through continued negotiations and administrative demands. Looking forward, the Chief Executive expressed optimism regarding the full recovery of the remaining arrears. He indicated that the Board is committed to ensuring that all outstanding funds are returned to the state’s coffers by the end of the year. The recovery effort is viewed as a crucial step in cleaning up the financial records of the PMMC and strengthening the overall financial position of the Ghana Gold Board.