GoldBod Recovers Whopping GH¢38.7m of GH¢55.9m in PMMC Legacy Debts

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, Esq., has told Parliament’s Public Accounts Committee that the Board has recovered approximately GH¢38.7 million out of GH¢55.9 million in historical debts owed to the former Precious Minerals Marketing Company (PMMC).

According to the CEO who appeared before the committee on Tuesday, October 13, 2026, the recoveries represent about 69.2 per cent of receivables identified as outstanding at the end of 2023.

Mr. Gyamfi said the outstanding debts were identified during an internal audit of PMMC’s financial statements covering 2020 to 2024, which had not been audited for five consecutive years.

He said approximately GH¢17.18 million remained outstanding as of September 30, 2026, with portions subject to court proceedings and other civil recovery efforts.

“Concerning the amount of GH¢17.18 million, approximately GH¢7.5 million is involved in matters before courts of competent jurisdiction, and an amount of approximately GH¢9.6 million relates to debts that we are currently pursuing through various civil options like demand notices and negotiations with the parties concerned,” he explained.

The committee also raised concern on an amount of about GH¢16 million owed by Red Saphyre, an aggregator under BoG’s previous Domestic Gold Purchase Programme.

The CEO explained that an amount of GH¢13.5 million has since been collected from Red Saphyre, leaving an outstanding balance of approximately GH¢2.61 million of which the debtor claims the balance is payable by Bank of Ghana.

GoldBod said it was engaging the Bank of Ghana to resolve the matter, while the audit side indicated that the claim required further documentation and verification.

The CEO said management remained committed to recovering the outstanding amounts, although some debts dated back several years.