GoldBod Recovers GH¢38.7 Million Out of GH¢55.9 Million Owed to PMMC – Sammy Gyamfi

The Ghana Gold Board (GoldBod) has recovered GH¢38.7 million out of GH¢55.9 million owed to the Precious Minerals Marketing Company (PMMC) by third parties, according to GoldBod Chief Executive Officer, Sammy Gyamfi.

The recovery represents a significant portion of the outstanding debt, with approximately 69.2 per cent of the total amount reportedly retrieved. The development highlights ongoing efforts to recover funds owed to the state-linked institution and improve accountability in the management of public resources.

According to Sammy Gyamfi, the amount recovered stands at GH¢38.7 million, leaving an outstanding balance of GH¢17.2 million yet to be recovered from the third parties involved.

The recovery exercise is important because outstanding debts can affect the financial position of public institutions and limit their ability to meet operational obligations. Recovering such funds can help strengthen financial management and ensure that resources owed to state institutions are properly accounted for.

The Precious Minerals Marketing Company has historically played a role in Ghana’s precious minerals sector, including activities connected to the purchase, marketing and export of minerals. GoldBod, meanwhile, was established to oversee and regulate aspects of Ghana’s gold trading arrangements, particularly within the small-scale mining sector.

The reported recovery comes amid broader discussions about improving revenue mobilisation, strengthening oversight and ensuring that public institutions recover outstanding payments owed to them.

Although GH¢38.7 million has reportedly been recovered, the remaining GH¢17.2 million means the exercise is not yet complete. Further efforts may be required to retrieve the outstanding amount and establish whether additional recovery measures will be necessary.

The announcement by Gyamfi is expected to draw attention to the management of debts owed to public institutions and the importance of transparent financial reporting.

However, details regarding the identities of the third-party debtors, the period during which the debts accumulated and the specific measures used to recover the money were not included in the information provided.

The final outcome of the recovery exercise will depend on whether the remaining outstanding balance can also be retrieved.

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