The Ghana Gold Board (GoldBod) says it has retrieved GH¢38.71 million from third parties who owed the Precious Minerals Marketing Company (PMMC), as it works to recover the remaining GH¢17.1 million.
Chief Executive Officer Sammy Gyamfi Esq. announced the progress on Tuesday, October 13, 2026, during an appearance before Parliament’s Public Accounts Committee.
The amount recovered represents 69.2 per cent of the GH¢55.88 million in outstanding debts identified in an audit of PMMC’s financial statements.
Mr. Gyamfi said the recovery process followed the discovery that PMMC’s accounts had gone unaudited for five consecutive years, covering the period from 2020 to 2024.
“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.
The audit found that third parties owed the company GH¢55.88 million as of December 31, 2023. GoldBod management subsequently issued demand notices to recover the funds, retrieving GH¢38.71 million by September 30, 2026.
The Board is now pursuing the unpaid balance through legal proceedings and negotiations with the parties involved.
Mr. Gyamfi told the committee that approximately GH¢7.5 million of the outstanding amount is before the courts, while efforts to recover another GH¢9.6 million are ongoing through 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 said.
The GoldBod CEO said the Board remained hopeful of improving its recovery figures by the close of the year.
