23 Mar 2023
The Evolution of PMMC in Ghana.
#PatrioticSpaces is a platform dedicated to promoting patriotic conversations, national development and civic engagement on Twitter every Wednesday at 7pm. It is hosted by Kow Essuman (@kaessuman (https://kaessuman.wordpress.com/mentions/kaessuman/)).
The Precious Minerals Marketing Company Limited (PMMC) has been an important player in the gold industry in Ghana for many years. As a state-owned enterprise, it is responsible for the marketing and export of precious minerals, including gold, diamonds, and other precious stones. This evening, I had the opportunity to chat with the Managing Director of PMMC, Nana Akwasi Awuah, who provided a brief history of PMMC and shared some exciting updates about the company.
According to Nana Awuah, PMMC was established in 1963 as Ghana Diamond Marketing Board, charged with the sole responsibility to purchase and market Ghana’s diamonds. Over the years, the company has evolved and expanded its operations to include the marketing and export of other precious minerals especially gold. In 1989, the company was renamed the Precious Minerals Marketing Company Limited.
One of the key takeaways from my conversation with Nana Awuah was the process for becoming a licensed gold buyer or trader with a PMMC Licence. He explained that this licence only applies to trade within Ghana. To export gold, one needs a licence from the Minister for Lands and Natural Resources. This is an important process that ensures that the gold trade in Ghana is well regulated and transparent.
Nana Awuah also explained the Asantehene gold coins, which were minted to celebrate the 20th anniversary of the enstoolment of Otumfuo Osei Tutu II, the Asantehene. The coins were produced by a private company, but PMMC was responsible for the marketing and sale of the coins. This is an example of how PMMC works with other stakeholders in the industry to promote the gold trade in Ghana.
Another exciting update from Nana Awuah was that PMMC will be selling gold tablets from Easter. These tablets will serve as an alternative form of investment for people who want to invest in gold but may not have the means to purchase large amounts of physical gold. This is a great opportunity for individuals to invest in gold and diversify their portfolios.
We also discussed the Gold for Oil policy, which was implemented to solve two key problems: the pressures on forex and the supply of oil. However, it is helping to solve other problems, such as illegal small-scale mining, as now gold can be obtained from compliant mines. This policy has been successful in promoting the gold trade in Ghana and has helped to position the country as a key player in the global gold industry.
Finally, Nana Awuah shared his vision for PMMC. He hopes to make PMMC a world-class company and to see a robust gold trading market in Ghana in the near future. With the company’s rich history, experience, and expertise in the gold industry, there is no doubt that PMMC is well positioned to achieve this vision.
In conclusion, my chat with Nana Akwasi Awuah, Managing Director of PMMC, was informative and insightful. The evolution of PMMC over the years is a testament to the company’s commitment to promoting the gold trade in Ghana. With the new developments and updates, PMMC is poised to continue to play a vital role in the gold industry in Ghana and beyond.
