Former Managing Director of the Precious Minerals Marketing Company (PMMC), Nana Akwasi Awuah, has denied claims that the company’s accounts for 2020 to 2024 were audited only after the new management requested an audit in 2025.

In a statement dated October 13, 2026, he said he had written to the Auditor-General on September 2, 2024, to request an audit of PMMC’s accounts from 2020 to 2024.

GoldBod is an upgrade of PMMC, not a rebranding

Awuah’s response follows a report on an engagement between the Ghana Gold Board (GoldBod) and Parliament’s Public Accounts Committee (PAC), which indicated that PMMC’s books and accounts for the period had not been audited and that the new management requested an audit in 2025.

Awuah explained that the delay in conducting the audits was due to difficulties in appointing an external auditor and not the fault of management during his tenure.

“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,” he stated.

He added that the Parliamentary Select Committee on State Enterprises had also written to the Auditor-General in support of his request.

According to Awuah, an audit team began work in September 2024, while the final reports covering the years 2020 to 2024 were completed and submitted in April and June 2025.

He also said PMMC underwent a performance audit in 2023, which he described as "the first of its kind in about two decades".

Awuah further released audited financial statements for 2024 to back his claim, showing that PMMC recorded a profit after tax of GH¢178.48 million, up from GH¢10.83 million in 2023.

The report also attributed part of the increase in total income to higher revenue and a GH¢54.27 million gain from a negotiated loan settlement.

Awuah said the audit reports showed that PMMC had struggled financially before its performance improved by the end of 2024.

PMMC was turned around by end of 2024 before GoldBod’s establishment – Awuah

“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,” he insisted.

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