The Minister for Food and Agriculture, Eric Opoku, has disclosed that the Precious Minerals Marketing Company (PMMC) recorded an estimated loss of about 460 million dollars in 2024 during the tenure of the previous New Patriotic Party (NPP) government.

Speaking on Asempa FM’s Ekosii Sen programme, Mr Opoku attributed the losses largely to gold purchases made for national reserves and extensive smuggling within the artisanal and small-scale mining sector.

According to him, a total of 45.3 tonnes of gold were acquired for reserves in 2024, with an estimated value of about 3.1 billion dollars at the time of purchase. However, he noted that the Bank of Ghana later reported losses amounting to 4.84 billion cedis, which he said translates to roughly 460 million dollars.

The minister explained that the combination of financial losses and gaps in gold supply highlighted weaknesses in the existing system, leading to the introduction of GoldBod. He said the new framework was designed to tackle smuggling and improve transparency by ensuring better alignment between gold supply and revenues.

Mr Opoku added that firms operating under the GoldBod system, including Bawarock, have successfully gone through the required assessment processes and are fully guaranteed under the new arrangement.

He also defended the National Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi, amid criticisms surrounding the Bank of Ghana’s reported 214 million dollar losses. Mr Opoku described the attacks on Mr Gyamfi as politically motivated, arguing that they stem from his long-standing criticism of the NPP, and insisted that he had committed no wrongdoing.