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The Minister for Food and Agriculture, Eric Opoku, has revealed that the Precious Minerals Marketing Company (PMMC) recorded losses of approximately $460 million in 2024 under the previous New Patriotic P1arty (NPP) administration.
Speaking on Ekosii Sen on Asempa FM on Monday, January 5, 2026, Mr. Opoku attributed the losses largely to gold purchases made for Ghana’s national reserves and extensive smuggling within the artisanal and small-scale mining sector.
According to the minister, about 45.3 tonnes of gold were acquired for the country’s reserves in 2024, valued at $3.1 billion at the time of purchase. However, the Bank of Ghana later reported losses amounting to GH¢4.84 billion.
Using the current exchange rate of GH¢10.8 to the dollar, Mr. Opoku said the figure translates to an estimated $460 million loss.
“In 2024, before the NDC came into power, the gold we bought for reserves was about 43.5 tonnes, valued at $3.1 billion. Yet the Bank of Ghana later reported losses of GH¢4.84 billion, which is roughly $460 million at today’s exchange rate,” he explained.
Mr. Opoku noted that the losses, coupled with irregularities in gold supply and revenue leakages, informed the government’s decision to introduce GoldBod, a new framework aimed at curbing gold smuggling and improving transparency in the gold trading sector.
He added that companies operating under the GoldBod system, including Bawa Rock, have met all regulatory requirements and are fully guaranteed under the new regime.
