The Precious Minerals Marketing Company (PMMC) has accused Joseph Yammin, the National Organiser of the National Democratic Congress (NDC), of leading a mob in an alleged attempt to forcibly seize bullion bars being processed for the Bank of Ghana. The incident, which occurred on Tuesday, December 17, 2024, between 4:00 p.m. and midnight, has been condemned by PMMC as a threat to national security and a disruption of its mandate.
In a statement issued on Wednesday, December 18, PMMC disclosed that the bullion bars in question were part of the ongoing Domestic Gold Purchase Programme (DGPP), initiated in June 2021 by the Bank of Ghana. The gold bars were being assayed to confirm their weight, purity, and value before being handed over to the Bank of Ghana.
“It was during this assay process that the mob, allegedly led by Mr. Yammin, interrupted, claiming the bullion bars were being secretly smuggled out of Ghana by certain political actors. This allegation is entirely false,” PMMC stated.
The company highlighted the swift intervention of the police to de-escalate the situation. PMMC, in collaboration with the Bank of Ghana, called for law enforcement to resolve the stand-off, which lasted several hours. An agreement was reached to transfer the bullion bars to the Greater Accra Regional Police Command for safekeeping, pending further verification.
In addition to the bullion belonging to the Bank of Ghana, the mob’s actions also disrupted the operations of a private licensed gold exporter. The exporter’s gold, which was being processed for export in compliance with regulatory standards, was mixed with the bullion bars in question.
PMMC expressed deep regret over the incident, noting the potential damage it could cause to Ghana’s reputation on the international bullion market. The company emphasized that such disruptions undermine the confidence of international gold buyers and jeopardize Ghana’s standing as a reliable player in the global gold trade.
“This unlawful action is deeply regrettable and has the potential to cause significant harm to Ghana’s reputation on the international bullion market. It not only undermines the confidence of legitimate international gold buyers but also threatens the country’s standing as a trusted player in the global gold trade,” PMMC stated.
The company further expressed concern about the safety of its staff, who are tasked with ensuring compliance with Ghana’s strict regulatory standards. PMMC condemned the threats and intimidation faced by its employees, describing the situation as creating a hostile environment that undermines efforts to ensure transparency and integrity in Ghana’s gold trade.
“The dedicated staff, who are committed to ensuring compliance with Ghana’s strict regulatory standards, should not have to face threats or intimidation while performing their legitimate responsibilities. This creates a hostile environment and undermines the very systems designed to ensure transparency and integrity in Ghana’s gold trade,” the statement added.
PMMC stressed that a simple verification with the company or the Bank of Ghana would have clarified the legitimacy of the assay process and prevented what it called an “embarrassing and damaging situation.”
The company reiterated its commitment to maintaining transparency, accountability, and adherence to all legal and regulatory standards governing the export of gold. PMMC assured stakeholders of its dedication to safeguarding the integrity of Ghana’s gold trade and promoting responsible practices to protect the country’s precious minerals industry.
“The management of PMMC stands resolute in its commitment to ensuring transparency, accountability, and compliance with all legal and regulatory standards governing the export of gold. We will continue to collaborate with relevant stakeholders to safeguard the integrity of Ghana’s gold trade. PMMC reiterates its commitment to upholding its mandate as National Assayer and will not relent in promoting responsible gold trade to protect and advance the interests of Ghana’s precious minerals industry,” the statement concluded.
The incident has sparked widespread concern over the potential political undertones of the disruption. Observers note that the claims made by the mob, led by a prominent figure within the opposition party, could further polarize an already politically charged environment. Critics have called on all political actors to exercise restraint and prioritize Ghana’s economic and reputational interests.
Meanwhile, PMMC has called for heightened public awareness and education on the operations of the Domestic Gold Purchase Programme and the regulatory framework governing gold trade in Ghana. The company believes that better understanding and cooperation among stakeholders can prevent similar incidents in the future.
As investigations into the incident continue, questions remain about the motives behind the disruption and the long-term implications for Ghana’s gold industry. For now, PMMC and the Bank of Ghana are focused on restoring normalcy and ensuring the uninterrupted execution of their mandates.
This incident underscores the importance of trust, transparency, and adherence to due process in the management of Ghana’s natural resources. As one of the world’s leading gold producers, Ghana cannot afford to compromise its reputation as a trusted and reliable partner in the global bullion market.
Stakeholders, including the government, law enforcement agencies, and private sector players, must work together to address the challenges facing the industry and reinforce the systems that uphold its integrity. The outcome of this situation will be closely watched by both local and international observers as a test of Ghana’s commitment to upholding the rule of law and safeguarding its economic interests.
