Chaos at National Assay Centre …PMMC Operations Disrupted as Mob Attempts to Seize Bullion Bars
A chaotic incident unfolded at the National Assay Centre located at the Aviance Cargo Terminal in Accra, as a mob led by Mr. Joseph Yamin, the National Organiser of the National Democratic Congress (NDC), allegedly attempted to seize bullion bars being processed by the Precious Minerals Marketing Company (PMMC) for the Bank of Ghana. This incident has sparked serious concerns regarding the security and integrity of Ghana’s gold trade, raising urgent questions about the transparency of operations at the National Assay Centre.
The event occurred on Tuesday, December 17, 2024, between midnight and noon, during a critical phase of processing gold bars as part of the Domestic Gold Purchase Programme (DGPP) initiated in June 2021. These bars were under evaluation to confirm their weight, purity, and value—a standard yet essential procedure for maintaining the integrity of Ghana’s gold market.
According to an official statement from PMMC, the bullion bars in question belong to the Bank of Ghana and are integral to the nation’s gold management strategy. However, the operations were disrupted when Mr. Yamin alleged that the bars were being smuggled out of the country by certain political actors. PMMC has categorically denied these claims, asserting that the allegations are unfounded and damaging.
The ensuing chaos resulted in PMMC and the Bank of Ghana calling for police intervention. After several hours of standoff, it was agreed that the bullion bars would be moved to the Greater Accra Regional Police Command for safekeeping until the situation could be resolved the following morning.
This disruption not only affected PMMC and the Bank of Ghana but also had significant repercussions for a private licensed exporter who was in the process of exporting gold. The gold intended for export was added to the bullion belonging to the Bank of Ghana during the police intervention, further complicating the situation and highlighting the ripple effects of the mob’s actions on legitimate operations within the gold sector.
In the statement, PMMC described the mob’s actions as “deeply regrettable,” emphasizing that such disruptions could inflict “significant harm to Ghana’s reputation on the international bullion market.” The company noted that acts like these undermine the confidence of legitimate international gold buyers and tarnish Ghana’s standing as a trusted player in the global gold trade.
However, independent investigations have revealed discrepancies in PMMC’s claims. The statement was reportedly issued by a “Corporate Affairs” unit, yet inquiries have shown that PMMC does not have a designated Corporate Affairs or Public Affairs department. This raises serious questions about the authenticity and origin of the statement, bringing into doubt the internal communication protocols within PMMC.
Further compounding the concerns surrounding PMMC’s operations is the revelation that the audit department was unaware of the movement of the gold from the Diamond House to the Aviance Cargo Terminal. This deviation from standard operating procedures, where the audit department is responsible for verifying the stock and movements of valuable items, is particularly alarming.
Typically, the audit department plays a vital role in ensuring that all movements of precious materials are documented, verified, and accounted for. The fact that they were not informed of this significant transfer not only undermines the transparency of PMMC’s operations but also raises broader concerns about governance and oversight within the organization.
The implications of this incident extend far beyond the immediate chaos at the National Assay Centre. Ghana’s gold trade represents a crucial sector of the national economy, and the country’s reputation as a reliable participant in the international market is paramount. Disruptions that cast doubt on the integrity and transparency of operations can deter legitimate international buyers, potentially leading to a loss of revenue and damaging Ghana’s standing in global markets.
Moreover, the lack of a Corporate Affairs unit and the failure of the audit department to be aware of critical movements suggest systemic issues within PMMC that could have long-term repercussions. These governance gaps could impede the company’s ability to effectively manage crises, communicate transparently with stakeholders, and uphold its reputation in the market.
In light of these events, there is an urgent need for PMMC and relevant authorities to re-evaluate governance measures within the organization. Establishing a dedicated Corporate Affairs unit could enhance communication during crises and ensure that public relations practices align with the company’s goals and stakeholder expectations.
Furthermore, reinforcing audit procedures is essential. PMMC must ensure that its audit department is involved in all movements of valuable assets, which can be achieved through the implementation of stricter protocols that require documentation and verification of all transfers. Such measures would help safeguard against lapses in oversight and restore confidence in PMMC’s operations.
As investigations into the incident continue, stakeholders, both local and international, are calling for accountability from PMMC and other relevant authorities. A clear and transparent account of the events that transpired on December 17 is crucial for addressing the growing unease surrounding this incident.
The lack of transparency thus far has only fueled skepticism regarding PMMC’s operations. Authorities must address these discrepancies directly. A thorough investigation into PMMC’s governance practices is essential to restore confidence among stakeholders and uphold the integrity of Ghana’s gold trade. This includes a review of the company’s communication strategies, adherence to standard operating procedures, and the establishment of clear lines of responsibility and accountability within its management structure.
The incident at the National Assay Centre serves as a significant wake-up call for PMMC and the broader framework of Ghana’s gold trade. The discrepancies surrounding the missing Corporate Affairs unit and the lack of audit oversight in the movement of bullion bars expose serious vulnerabilities in the system.
Addressing these issues is not merely about rectifying past mistakes; it is about building a more resilient and transparent framework that can withstand future challenges. As Ghana seeks to maintain its standing as a trusted player in the global gold market, it must prioritize transparency, accountability, and robust governance within its key institutions.
The road ahead will require concerted efforts from all stakeholders to ensure that the integrity of Ghana’s gold trade is not only upheld but strengthened for the future. In summary, the chaos at the National Assay Centre has illuminated critical areas for improvement within PMMC’s operations and governance structure.
As investigations proceed, it is imperative that all parties involved commit to enhancing transparency and accountability to secure the future of Ghana’s gold trade and restore confidence among both local and international stakeholders. The stakes are high, and the need for a cohesive response to safeguard the nation’s gold resources has never been more pressing.
Source: Dr Kweku Aseidu Nketiah
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