Nana Akwasi Awuah has revealed that the Precious Minerals Marketing Company (PMMC) transitioned from a severe financial crisis to sustained profitability during his tenure as Managing Director from 2021 to 2024.

According to Awuah, the company inherited significant financial challenges when the New Patriotic Party assumed office in 2017, including legacy debts from gold trading activities between 2012 and 2016. These included a dollar-denominated debt of about $5 million and a cedi component of approximately GH¢30 million, which had grown to GH¢81 million by 2024 due to accumulated interest.

“The situation was so dire that the very building housing PMMC, popularly known as Diamond House, was attached by a judgment creditor and put up for auction,” Awuah disclosed. He also noted that staff salaries and statutory obligations were in arrears.

He attributed the company’s turnaround to “diligent hard work, creative and innovative solutions” that restored PMMC to financial stability. By the time he handed over in 2025, the dollar portion of the legacy debt had been fully settled, while the cedi component was secured under a formal settlement arrangement.

PMMC’s financial performance peaked in 2024, with net profits soaring from GH¢10.8 million in 2023 to GH¢178 million in 2024.

“These figures are confirmed by the company’s audited accounts and the 2024 State Ownership Report,” Awuah said, emphasizing that it would be “factually inaccurate” to claim that the company made losses in 2025.