The Minister for Food and Agriculture, Eric Opoku, has revealed that the Precious Minerals Marketing Company (PMMC) incurred a loss of about 460 million dollars in 2024 under the previous New Patriotic Party (NPP) government.

Speaking on Asempa FM’s Ekosii Sen show, Mr. Opoku attributed the losses to gold purchases for national reserves and widespread smuggling in the artisanal mining sector.

According to the minister, 45.3 tonnes of gold were purchased for reserves in 2024, valued at approximately 3.1 billion dollars at the time. However, the Bank of Ghana later reported losses amounting to 4.84 billion cedis, which he said translates to roughly 460 million dollars.

Mr. Opoku explained that these losses and supply gaps prompted the introduction of GoldBod, a system designed to curb smuggling and ensure transparency between gold supply and profits. He added that companies operating under the new system, including Bawarock, have passed all required assessments and are fully guaranteed.

The minister also defended National Communications Officer of the NDC, Sammy Gyamfi, against criticisms over the Bank of Ghana’s reported 214 million dollar losses. He attributed the attacks to Gyamfi’s long-standing criticisms of the NPP, insisting that Gyamfi had done nothing wrong.