Sammy Gyamfi Appears Before PAC, Reveals Millions Recovered and Debtors Facing Court Action

The Ghana Gold Board (GoldBod) has recovered GH¢38.7 million of the GH¢55.9 million owed to its predecessor, the Precious Minerals Marketing Company (PMMC), by third parties, representing approximately 69.2 per cent of the outstanding debt.

GoldBod Chief Executive Officer Sammy Gyamfi disclosed the figures when he appeared before Parliament’s Public Accounts Committee (PAC) on Tuesday, October 13, 2026.

He explained that the outstanding debts were identified following an audit of PMMC’s financial statements for the period between 2020 and 2024, after the company’s accounts had gone unaudited for five consecutive years.

According to Mr Gyamfi, the audit revealed that third parties owed PMMC approximately GH¢55.88 million as of December 31, 2023.

He said management subsequently began efforts to retrieve the outstanding funds by issuing demand notices to the debtors.

These efforts had resulted in the recovery of GH¢38.71 million as of September 30, 2026.

The remaining GH¢17.1 million is being pursued through legal proceedings, negotiations, demand notices and other civil debt recovery measures.

Mr Gyamfi indicated that approximately GH¢7.5 million of the outstanding amount was tied up in cases before the courts, while efforts were ongoing to recover the remaining GH¢9.6 million through negotiations and other civil remedies.

He expressed optimism that GoldBod would make further progress in recovering the outstanding funds before the end of 2026.

Source: https://3news.com/news/sammy-gyamfi-goldbod-recovers-ghc38-7m-of-ghc55-9m-owed-to-pmmc

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