Former Managing Director of the Precious Minerals Marketing Company (PMMC), Nana Akwasi Awuah, has rejected suggestions that the company’s books were left unaudited between 2020 and 2024 due to inaction by management.

In a statement issued on Tuesday, October 13, 2026, Awuah said he had written to the Auditor-General on September 2, 2024, requesting a multi-year audit of the company’s books and accounts covering the five-year period.

He explained that the delay in conducting the audits was attributable to bureaucratic challenges associated with the appointment of a new external auditor by the Ghana Audit Service, rather than any failure on the part of management.

“The delay over the years was through no fault of Management,” he stated.

According to him, the Auditor-General assembled a team that commenced work in September 2024, following his request and support from Parliament’s Select Committee on State Enterprises.

He said the final audit reports covering 2020 to 2024 were completed, signed and submitted in April and June 2025, respectively.

Awuah’s clarification follows reports from GoldBod’s engagement with Parliament’s Public Accounts Committee on Tuesday, which indicated that PMMC’s books had not been audited for the period until the new management requested an audit in 2025.

He also disclosed that PMMC underwent a performance audit in 2023, the first of its kind at the company in about two decades.

He maintained that the audit reports showed a struggling PMMC that had been turned around by the end of 2024, laying a firm foundation for the establishment of the Ghana Gold Board (GoldBod), the company’s successor.

Read the full statement below

Tuesday 13th October, 2026

For Immediate Release

RE: PMMC AUDITS COVERING THE YEARS 2020 TO 2024

My attention has been drawn to a report emanating from today’s engagement by GOLDBOD with the Public Accounts Committee of the Parliament of Ghana. According to the report, the books and accounts of PMMC were not audited for the years 2020 to 2024. It also notes that it was not until 2025 that the new Management requested for a financial audit of PMMC.

I wish to state unambiguously that as far back as 2nd September, 2024, as Managing Director, I had written to the Auditor General requesting for a multi-year audit of the books and accounts of the Precious Minerals Marketing Company (PMMC) for the years 2020 to 2024. The delay over the years was through no fault of Management but rather as a result of the bureaucracy at the time associated with appointing a new External Auditor by the Ghana Audit Service to conduct a financial audit of the company. It is also worthy to note that during my tenure, the company was subjected to a Performance Audit in the year 2023 by the Auditor General, the first of its kind in about two decades.

Furthermore, the Parliamentary Select Committee on State Enterprises also wrote to the Auditor General in support of my request for the multi-year audits. The Auditor General accordingly put together a team that immediately commenced work in the same month of September 2024. The final audit reports covering the years 2020 to 2024 were concluded, signed and submitted in April and June of 2025 respectively.

It is instructive to note that the final audit reports over the years in question demonstrate a struggling PMMC which was eventually turned around by year end of 2024 setting a firm foundation for the establishment of its successor GOLDBOD.

Thank you for your attention.

Nana Akwasi Awuah, Esq.
Former Managing Director
Precious Minerals Marketing Company, PMMC

AM

Inside Ghana’s Abandoned Engineering Powerhouse: What Went Wrong?