Sammy Gyamfi: GoldBod recovers GHC38.7m of GHC55.9m owed to PMMC

The Ghana Gold Board (GoldBod) has recovered GH¢38.7 million of the GH¢55.9 million owed to its predecessor, the Precious Minerals Marketing Company (PMMC), by third parties, representing about 69.2% of the outstanding debt.

GoldBod Chief Executive Officer Sammy Gyamfi disclosed this when he appeared before Parliament’s Public Accounts Committee (PAC) on Tuesday, October 13, 2026.

He said the outstanding debts were identified during an audit of PMMC’s financial statements covering 2020 to 2024, which had not been audited for five consecutive years.

“When we assumed office in January 2025, we found out that the financials of the PMMC, the antecedent of the Gold Board, had not been audited for five consecutive years, which is from the year 2020 to 2024,” he said.

According to Mr Gyamfi, the audit revealed that third parties owed PMMC GH¢55.88 million as of December 31, 2023.

He said management subsequently issued demand notices to the debtors and had recovered GH¢38.71 million as of September 30, 2026.

The remaining is being pursued through court proceedings, demand notices, negotiations and other civil recovery measures.

Mr Gyamfi explained that approximately GH¢7.5 million of the remaining GH¢17.1 million was tied up in cases before the courts, while efforts were underway to recover the remaining GH¢9.6 million through negotiations and other civil options.

“Of the remaining amount of GH¢17.1 million, approximately GH¢7.5 million is involved in matters before courts of competent jurisdiction, and an amount of approximately GH¢9.6 million relates to debts that we are currently pursuing through various civil options like demand notices and negotiations with the parties concerned,” he told the committee.

The GoldBod CEO expressed optimism that the Board would recover a greater portion of the outstanding debt before the end of 2026.

“We hope that by the end of this year we will have even increased what we have recovered so far,” he said.