The Minister for Food and Agriculture, Eric Opoku, has revealed that the Precious Minerals Marketing Company (PMMC) recorded losses of about $460 million in 2024 under the previous New Patriotic Party (NPP) administration.

Speaking on Ekosii Sen on Asempa FM on Monday, January 5, 2025, Mr Opoku said the losses were largely linked to gold purchases made for Ghana’s national reserves, as well as extensive smuggling in the artisanal and small-scale mining sector.

According to him, about 45.3 tonnes of gold were acquired in 2024 for the country’s reserves, with an estimated value of $3.1 billion at the time of purchase.

However, he noted that the Bank of Ghana later reported losses amounting to GH¢4.84 billion, which translates to approximately $460 million using the current exchange rate of 10.8.

“In 2024, before the NDC came into power, the gold we bought for the reserve was 45.3 tonnes. At that time, the value was 3.1 billion dollars. In 2024, the Bank of Ghana reported that Ghana incurred a loss of 4.84 billion cedis,” Mr Opoku stated.

He stressed that the figures reflect significant challenges in the management of gold purchases and reserves during the period under review.