PMMC Bags GHC15.2 Million Tax Revenue For Govt

Kiston Akomeng Kissi, Board Chairman

Ghana’s premier gold marketing and jewelry manufacturing company, Precious Minerals Marketing Company, PMMC, has generated over GHC15.2 million in tax revenue to the state in the first six months of 2020.

In a report sighted by DGN Online, PMMC has also paid off its entire foreign legacy debts of over $2.5m as of August 2019.

Although the cedi legacy debts continue to pose a major challenge to the company, a challenge which the Board and Management are determined to resolve.

The performance has improved the financial and investment profile of PMMC, which had been losing revenue and ensconced in a cycle of bad management by previous administrations.

The reports said the fortunes of the company were turned into a positive path in 2017 with the appointment of a new Board of Directors by President Nana Akufo-Addo, chaired by Kiston Akomeng Kissi, who took over and managed a near moribund company, saddled with huge debts and was struggling to pay staff salaries.

The main priority of the new Board of Directors, therefore, was to find innovative solutions to reduce the financial liabilities of the company and find new streams of revenue to ensure that PMMC eventually becomes a profitable company.

Other members of the Board were Kwadjo Opare-Hammond (Managing Director, now deceased), Nana Akwasi Awuah, a legal practitioner, Alhaji Musah Fuseini-Codjoe, Samuel Evans Ashong-Narh, Janet Emefa Obro-Adibo, Kofi Mensah Dementia (who became Ambassador to Togo) and Mavis Nkansah-Boadu, MP (now Deputy Minister for Roads and Highways).

Among the early initiatives the Board took was to assert its role as the National Assayer.

By this, the Company was mandated to assay all gold leaving Ghana via export. As the National Assayer, therefore, PMMC provides the Government of Ghana revenue assurance in terms of the volumes and values of gold exports.

This initiative, while providing critical value for the government, created a new revenue source for the company, thereby improving its financial situation.

In line with its role as National Assayer, PMMC also commenced active engagement with Ghana’s Central bank, the Bank of Ghana, to fashion out mechanisms and protocols for PMMC to act as the official Assayer in the Bank’s Domestic Gold Purchase Program (DGPP).

This initiative came to full fruition in June 2021 when the Bank commenced implementation of the DGPP which has so far seen it purchase about 100kg of gold to shore up Ghana’s gold reserves.
It is no secret that Ghana’s gold trade industry can be chaotic and punctuated by many fraudulent schemes.

Many unsuspecting businessmen have been sold many ounces of gold and diamond articles that have turned out to be fake on the open market.
This causes a lot of investor anxiety and wanes business confidence in the precious minerals trade in Ghana.

The Board concerned by this phenomenon decided to digitalize the National Assay Laboratory.

The digitalization of the laboratory meant a shift from the handwritten Assay Certificates to printed ones with distinct security features, making it difficult for scammers to forge these certificates to pursue their fraudulent schemes in the gold trade, which has brought sanity within the industry and reduced the many incidents of fraud.
The Board, therefore, took a strategic investment decision to enter into a joint venture partnership to establish a gold refinery.

Nana Akwasi Awuah, a Board Member, who as a result of his legal expertise was appointed to become the Board Secretary, was instrumental in finalizing a joint venture agreement for the establishment of Ghana’s first state-owned Gold Refinery.

The refinery, which has a full daily capacity of 300 to 500 kg, is expected to commence operations by the end of 2021.

To competently compete on the international market, the company is also pursuing the London Bullion Market Association (LBMA) certification so that it can produce and sell Gold Delivery Bars (refined gold).

The positive trajectory of PMMC has convinced President Akufo-Addo to retain Kiston Akomeng Kissi as the Chairman of the Board of Directors.

However, Nana Akwasi Awuah was elevated to become the new Managing Director, for his enterprising and innovative vision for a positive outlook for PMMC.

The other Board members are Lawyer Komla Onny (who was also retained), Alhassan Abdallah Iddi, Benjamin Nii Ayi Aryee, Nana Adjoa Adobe Asante (also a lawyer), and Alhaji Amadu Kaleem, a businessman.

BY Daniel Bampoe

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