PMMC Elevates Ghana’s Gold Industry – SIGA
Tue Nov 19 2024
The Precious Minerals Marketing Company (PMMC), a state-owned enterprise, has emerged as a key player in the world’s gold industry. The State Interests and Governance Authority (SIGA), in a documentary, said the company had repositioned the country as a leading player in the international gold market.
The documentary indicated that this came after PMMC expanded its mandate, operating as the national assayer for all gold exports and implementing the Kimberley Process Certification Scheme (KPCS) to regulate the diamond trade.
The SIGA documentary also noted that Ghana achieved the distinction of being Africa’s top gold producer in 2018 and again in 2023, surpassing South Africa, courtesy PMMC.
Overcoming Challenges
It noted that before Nana Akwasi Awuah assumed the role of Managing Director in 2021, PMMC faced significant financial challenges, including debts exceeding GH¢70 million locally and $5 million internationally.
According to SIGA, Nana Awuah led reforms, supported by the Vice President, that cleared international debts and laid out a structured repayment plan for local liabilities, pointing out that these reforms have transformed PMMC into a profitable enterprise.
Embracing Technology
SIGA also noted that PMMC had made significant investments in technology, acquiring advanced 3D tools to design and produce high-quality gold and diamond jewelry through its subsidiary, PMMC Jewellery Limited (PJL).
“This innovation has enabled the company to compete globally. Additionally, PMMC has embraced digitalisation by launching an e-commerce platform to market and sell its premium jewelry,” SIGA asserted.
Employee Welfare and CSR
On employees’ welfare, SIGA indicated that the company had ensured no arrears in salaries or long-service benefits since 2017, stating that staff who have demonstrated long-term dedication, have been rewarded under the Collective Bargaining Agreement.
“PMMC also actively engages in corporate social responsibility, supporting healthcare initiatives, educational projects, and providing scholarships to underprivileged students,” it said.
Value Addition
It stated that a recent milestone chalked by PMMC is the commissioning of a state-of-the-art gold refinery capable of processing 400 kilograms daily.
SIGA intimated that this facility aligns with the country’s strategy to refine its gold locally, promoting value addition and reducing dependency on foreign products.
Vision and Commitment
SIGA praised the Managing Director of PMMC, noting that Nana Awuah’s vision had ensured continued growth of the company, which is now aiming for international certifications to enhance the country’s jewelry exports.It also emphasised collaboration with government agencies to ensure ethical mining practices.
“PMMC’s achievements exemplify the potential of strategic management and innovation in driving Ghana’s mining sector to new heights. As a pillar of national pride, the company continues to shape the future of the gold industry,” SIGA documentary noted.
Source: https://dailyguidenetwork.com/