Audio By Carbonatix
Former Managing Director of the Precious Minerals Marketing Company (PMMC), Nana Akwasi Awuah, has clarified that the $214 million trading loss reported by the International Monetary Fund (IMF) under the Gold for Reserve programme occurred after he had left office and should not be attributed to his tenure.
Mr Awuah said PMMC recorded no losses from the Domestic Gold Purchase and Gold for Reserve programmes between 2022 and 2024, stressing that this position is supported by audited financial statements and the State Ownership Report for 2024.
“The IMF has reported that in 2025, there was a trading loss of $214 million from the Gold for Reserve programme,” he stated, adding that the Fund also cautioned that the expanding scale of the programme, particularly following the creation of GoldBod, presents significant downside risks.
He emphasised that PMMC’s financial performance improved markedly under his leadership, moving from a loss position to profitability, with net profits rising sharply in 2024.
According to him, these results make it inaccurate to link PMMC’s record during his tenure to losses reported after 2024.
Mr Awuah urged policymakers and managers of GoldBod to draw lessons from PMMC’s past trading challenges and to implement strict risk controls to avoid a repeat of large-scale losses in future gold trading operations.
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