The Precious Minerals Marketing Company (PMMC), established in 1963 to purchase and market Ghana’s gold and diamond resources has made tremendous strides to elevate Ghana to the forefront of the African and global gold industry since 2017.
The State-Owned Agency now operates as the Government’s National Assayer with the sole mandate of assaying all gold that leaves the country.
The company, located in the Diamond House Building, in Accra, is also the sole implementing agency for the Kimberley Process Certification Scheme (KPCS), the global regime for the trade in diamonds.
Another core function of the Company is Jewellery production for which it operates under the subsidiary name, PMMC Jewellery Ltd (PJL).
Achievements
In 2018, Ghana was adjudged the best gold producer in Africa. The country also placed 6th globally, in the same category that year.
Yet in 2023, Ghana once again emerged as the top gold producer in Africa, displacing South Africa and other major players.
MD’s strategic role
Before Nana Akwasi Awuah assumed the role of Managing Director in 2021, PMMC was facing significant financial challenges, including debts owed to local partners totaling over GHc70 million and an additional amount of about US$5 million owed to International Creditors.
The PMMC Managing Director, however, worked diligently to settle these outstanding obligations, according to a documentary produced by the State Interests and Governance Authority (SIGA) on State-Owned Enterprises (SOEs).
Nana Awuah noted that PMMC has successfully paid off the foreign debt and has established a plan to liquidate the local debt through an arrangement with the Receiver.
Nana Akwasi Awuah has attributed PMMC’s remarkable turnaround to the implementation of new reforms spearheaded by the Vice President of the Republic, which have been instrumental in transforming the company into a profitable state agency.
These strategic interventions have enabled PMMC to overcome its past financial challenges and emerge as a thriving enterprise.
Game-changer
Nana Akwasi Awuah disclosed that the Company has adopted strategic investments in cutting-edge 3D technology, which has enabled the company to design and produce high-quality gold and diamond jewellery that can compete with the best in the world.
This technological advancement has been a game-changer, empowering PJL to manufacture intricate jewellery and other gold-based products with precision and efficiency.
He also disclosed that the Company has taken advantage of the digitalization drive, led by the Vice President, to develop E-Commerce website in order to market and sell its premium jewellery online.
Working Environment
Nana Awuah emphasised PMMC’s commitment to employee welfare, ensuring that no staff member is owed salary arrears or long service payments as previous years before 2017.
He added that those who have demonstrated remarkable efficiency over the years, be it 5, 10, 15, or 20 years of service, have been rewarded with motivational sums, in accordance with the Collective Bargaining Agreement (CBA).
This strategic approach, he explained, is aimed at stimulating growth and profits through a highly motivated and engaged workforce.
Government’s restructuring factor
Nana Awuah has also credited the Government’s decision to restructure PMMC as a key factor in the company’s success. This restructuring has culminated in the opening of a new state-of-the-art refinery by the Vice President, where about 400 kilograms of gold are expected to be processed each day.
This initiative is part of the Government’s broader strategy to ensure that Ghana mines and refines its gold deposits for export and the manufacturing of jewellery, thereby, promoting full value beneficiation of the mineral resource and also reducing the need for Ghanaians to travel abroad to purchase such products.
Corporate Social Responsibilities
The MD highlighted PMMC’s active engagement in Corporate Social Responsibility (CSR) initiatives, noting that the company provides support to healthcare agencies, NGOs and outfits focused on breast cancer awareness campaign and other health campaigns.
Additionally, PMMC has been supporting the student front with funding for educational projects, including scholarships and other incentives to needy and vulnerable students through a partnership with student organisations, such as the National Union of Ghana Students (NUGS), University Students Association of Ghana (USAG), and others.
MD’s Vision
The Managing Director expressed his vision to oversee the continued reforms and growth of PMMC, ensuring that the Company can obtain the necessary international certification and to enable Ghana’s jewellery to penetrate the international market.
He also emphasised the company’s collaboration with government agencies to crack down on illegal activities in the mining sector, ensuring that the gold it uses in production are responsibly sourced free from conflict, child labour and environmental degradation.
Role of Board, Management and Staff recognise d
Nana Awuah has expressed appreciation to the Board, Management and Staff of the Company for the continued support and contribution to the success story of PMMC, stating that their collective efforts have been instrumental in the company’s remarkable turnaround and transformation into a profitable state-owned enterprise.
“Our team has been the driving force behind PMMC’s success,” the CEO emphasised.
“Their unwavering commitment, hard work and shared vision have been crucial in overcoming the challenges we face and positioning the company for long-term growth and profitability.”
Nana Awuah’s commendation of his team’s dedication underscores the pivotal role they have played in elevating PMMC to become a leading player in Ghana’s mining sector and a source of national pride.
