GoldBod recovers 69.2% of GH¢55.9m in outstanding PMMC debts

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says the Board has recovered GH¢38.7 million, representing 69.2% of the GH¢55.9 million owed to its predecessor, the Precious Minerals Marketing Company (PMMC), by third parties.

Mr Gyamfi disclosed this when he appeared before Parliament’s Public Accounts Committee on Tuesday, October 13, 2026, explaining that the debts were identified during an audit of PMMC’s financial statements for 2020 to 2024, which had not been audited for five consecutive years.

“When we assumed office in January 2025, we found out that the financials of the PMMC, the antecedent of the Gold Board, had not been audited for five consecutive years, which is from the year 2020 to 2024,” he said. He said the audit exercise revealed that third parties owed PMMC GH¢55.88 million as of December 31, 2023. According to Mr Gyamfi, management subsequently issued demand notices to recover the outstanding amounts and had retrieved GH¢38.71 million as of September 30, 2026.

The remaining GH¢17.1 million is being pursued through court proceedings and other civil recovery measures, he told the committee. “Of the remaining amount of GH¢17.1 million, approximately GH¢7.5 million is involved in matters before courts of competent jurisdiction, and an amount of approximately GH¢9.6 million relates to debts that we are currently pursuing through various civil options like demand notices and negotiations with the parties concerned,” he said.

Mr Gyamfi expressed optimism that the Board would recover more of the outstanding debt before the end of the year. “We hope that by the end of this year we will have even increased what we have recovered so far,” he said.