Ghanaian News

PMMC boss: We’ll not engage in irresponsible gold sourcing

The Precious Minerals Marketing Company (PMMC) has said it has put in place systems to ensure it does not engage in irresponsible gold sourcing, especially under the gold for oil scheme (G4O).

The policy introduced in November 2022, is to allow the government to pay for imported oil products with gold, in a direct barter with gold purchased by the central bank.

The move is an intervention to help stabilise prices of fuel products, as well as reduce pressure on Ghana’s foreign exchange, as the direct gold barter will be the mode of paying for imported oil instead of depleting the foreign exchange reserve.

Contributing to a panel discussion on Friday (14 July), at the 4th edition of the Ghana Mining Expo in Takoradi, the MD of PMMC, Nana Akwasi Awuah, said his outfit is fully aware of the implications of engaging in irresponsible gold sourcing.

Nana Kwasi Awuah (Second from left)

“Indeed, responsible sourcing is the key thing when it comes to maintaining relevance within the global market when it comes to gold. PMMC is not left out and Ghana is not left out,” Awuah said.

“We fully understand the implications of irresponsibly sourced gold… when the Bank of Ghana launched its domestic gold purchase programme, it was one of the things they did insist on, that PMMC needs to ensure that gold is responsibly sourced.

“We had to change our licensing regime, to ensure those we buy gold from, file their returns with PMMC to ensure that we track the process of all gold purchases by our licensed traders,” the PMMC boss said.

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