Excerpt
| ORIGINS | LEGISLATIVE MILESTONE |
| 1963 | Founded as the Ghana Diamond Marketing Board, solely responsible for purchasing and marketing Ghana’s diamonds. |
| 1965 | Incorporated as a State‐Owned Enterprise by Legislative Instrument (LI 401) under the Diamonds Decree |
| 1972 | Renamed Diamond Marketing Corporation via NRCD 32 and LI 916 |
| 1989 | PNDC Law 219 established the Precious Minerals Marketing Corporation, expanding functions to grading, assaying, valuing, processing, buying and selling precious minerals, licensing agents, and promoting the jewellery industry |
| 2000 | Converted to a limited liability company under Act 461 (Statutory Corporations Conversion to Companies Act), operating under the Companies Code (Act 179 of 1963) |
Constitutional Mandates
PMMC’s mandates have evolved to include:
- Grading, assaying, valuing, and processing precious minerals.
- Buying and selling precious minerals.
- Appointing licensed buying agents for the purchase of precious minerals from small-scale miners.
- Promoting the development of the precious minerals and jewelry industry in Ghana.
- Serving as the government’s assayer with the sole mandate of assaying all gold that leaves the country.
Management Leadership
| Name | Positions | Duration |
| Kwadwo Opare‐Hammond | Managing Director | Appointed 2017; died Jan 2019 |
| Nana Akwasi Awuah, Esq. | Managing Director | Aug 2021 – Dec 2024 |
| Mr. Sammy Gyamfi, Esq | Managing Director/Chief Executive | Since 16 Jan 2025 |
| Mr. Abubakar Mohammed | Acting Director of Finance | |
| Mrs. Joycelyn Mends-Ainoo | Director of Human Resources and Administration | |
| Rev. Ernest Asiedu Odei | Director of Corporate Planning | |
| Mr. Daniel Bugyei | General Manager, PMMC Jewellery | |
| Mrs. Wilhelmina Egyin-Mensah | Officer-In-Charge, Internal Audit | |
| Mr. Mishael Arko | Director of Technical Department | |
| Mr. Benard S. Anang | Director of the Technical Department | |
| Mrs. Awo Hodasi | Head of Research and Development | |
| Mr. John K. Segbedzi | Head of Security |
Supervisory and Regulatory Bodies
| REGULATORY BODIES | MANDATES |
| Ministry of Lands and Natural Resources: | Parent ministry, oversight of policy and budgets. |
| Minerals Commission: | Regulates licensing, monitors mineral sector policies and data |
| State Interests and Governance Authority (SIGA): | Supervises SOEs, including PMMC, and issues performance directives and reforms |
| Auditor‐General: | Annual audit of accounts, reports to the Board and Parliament. |
Offices and Units
PMMC operates from its headquarters at the Diamond House building in Accra, located on Kinbu Road, adjacent to the Registrar-General’s Department and next to the Ministry of Foreign Affairs. The company also has a subsidiary, PMMC Jewellery Ltd. (PJL), focusing on jewelry production.
Mode of Appointment and Recruitment
The Managing Director of PMMC is appointed by the Government of Ghana. Other recruitment processes within the company adhere to standard procedures for state-owned enterprises, focusing on qualifications and experience relevant to the roles.
| POSITIONS | MODE OF APPOINTMENT |
| Board of Directors: | Governing body established by section 4 of PNDC Law 219, chaired as determined by the Board; issues decided by simple majority, quorum of four; may appoint committees and co‐opt advisers |
| Managing Director: | The Chief Executive is appointed by the President, responsible for the day‐to‐day administration under Board policy |
| General Manager: | Appointed by the Board with Ministerial approval, assists the MD and acts in their absence |
| Internal Audit: | Reports quarterly to the MD, Minister responsible for Lands & Natural Resources, the Minerals Commission, and the Board Chair, under the Internal Audit Agency Act 2003 |
Oversight and Ownership
PMMC is a state-owned enterprise under the ownership of the Government of Ghana. It operates under the oversight of the Ministry of Lands and Natural Resources, aligning its activities with national policies and regulations governing the minerals sector.
Partners and Clients
PMMC collaborates with various stakeholders, including small-scale miners, licensed buying agents, jewellery manufacturers, and international buyers of precious minerals. The company also works closely with regulatory bodies to ensure compliance with industry standards and practices.
Historical Reforms
| Period | Reforms |
| 2016: | Appointed Ghana’s National Assayer; began assaying large‐scale mining output to standardise methodology and curb under‐declaration |
| 2018: | 1. MoU with Baird & Company (UK) to establish a joint 50:50 assay centre at Kotoka Int’l Airport, enhancing capacity and technology transfer. 2. Partnership with India’s Rosy Royal Minerals for a national gold refinery (20% PMMC stake), slated July 2019 |
| Under Nana Akwasi Awuah: | Cleared GH¢70 million local and US$5 million foreign debts; implemented structured repayment and achieved profitability |
| Under Sammy Gyamfi: | Mandated to establish the Ghana Gold Board |
Operations and Modes of Service
| OPERATIONS | MODE OF SERVICE |
| Assaying & Quality Control: | Grade, assay, and value all gold and diamonds before export; mandatory licensing renewal for traders |
| Trading & Marketing: | Buys and sells precious minerals, licenses buying agents, and operates Gold Coin and Vault products. |
| Jewellery Production: | Subsidiary PMMC Jewellery Ltd (PJL) produces and markets jewellery locally and abroad |
| Kimberley Process: | Implements and certifies diamond exports under KPCS |
| Education & Outreach: | Stakeholder engagements, technical committees, and small‐scale miner support. |
Constitutional and Statutory Mandates
- Companies Code: Operates under Ghana Companies Code (Act 179 of 1963) since Act 461 conversion
- PNDC Law 219 (1989): Establishes structure, MD appointment, Board powers, staff provisions, financial controls, audit, and reporting requirements
- Constitution, Art. 181: Borrowing powers subject to Constitution; excess profits may be directed to the Consolidated Fund
Data on Ghana’s Precious Minerals
Gold (2022 figures)
| Total production: | Total = 3,735,252 oz Large‐scale = 3,079,597 oz Small-Scale = 655,656 oz |
| GDP contribution: | Mining sector = 7.6% of GDP 36% of total exports 38.3% of corporate tax 27.6% of government revenue Gold = 90% of mineral exports |
| PMMC assays: | 16 million oz of gold since 2018 |
Diamonds
| Exports: | 82 252 carats in 2022 (up 52% from 54 174 carats in 2021) |
| KPCS certification: | The sole implementing agency for the Kimberley Process in Ghana |
Other Minerals
| Manganese: | 3 171 722 tonnes in 2022 (–5% YoY) |
| Bauxite: | 773 213 tonnes in 2022 (–8% YoY) |
References
- https://www.pmmc.gov.gh/about/
- https://www.pmmc.gov.gh/seamless-transition-at-precious-minerals-marketing-company/
- https://thebftonline.com/2024/11/25/pmmc-drives-gold-industry-transformation-with-innovation-and-reforms/
- https://www.ghanabusinessnews.com/2025/01/25/seamless-transition-at-pmmc-as-sammy-gyamfi-becomes-new-md/
- https://businessdayghana.com/pmmcs-new-leader-pledges-an-inclusive-approach-to-mineral-wealth-management/
- https://www.modernghana.com/news/1373504/sammy-gyamfi-esq-vows-to-strengthen-mineral-govern.html
- https://3news.com/news/my-focus-will-be-to-ensure-pmmc-remains-a-trusted-custodian-of-the-countrys-mineral-wealth-sammy-gyamfi/
- https://www.ghanaweb.com/GhanaHomePage/business/Sammy-Gyamfi-takes-office-as-acting-MD-of-PMMC-1968308
- https://newspointgh.com/2025/01/20/pmmcs-new-leader-pledges-inclusive-approach-to-mineral-wealth-management/
- https://ghextractives.com/pmmc-a-state-agency-elevating-ghanas-gold-to-global-excellence/
- https://malabo.mfa.gov.gh/precious-minerals-marketing-company-pmmc-ltd/