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.
The recovery represents about 69.2% of the outstanding debt, GoldBod Chief Executive Officer Sammy Gyamfi told Parliament’s Public Accounts Committee (PAC) on Tuesday, October 13, 2026.
The debts were uncovered during an audit of PMMC’s financial statements for 2020 to 2024. The accounts 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,” Mr Gyamfi said.
The audit established that third parties owed PMMC GH¢55.88 million as of December 31, 2023.
GoldBod subsequently sent demand notices to the debtors. By September 30, 2026, it had recovered GH¢38.71 million, Mr Gyamfi said.
The remaining debt is being pursued through court proceedings, further demand notices, negotiations and other civil recovery measures.
Of the outstanding GH¢17.1 million, around GH¢7.5 million is connected to cases before the courts. GoldBod is seeking to recover the other GH¢9.6 million through negotiations and additional civil measures.
“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.
Mr Gyamfi said GoldBod expected to make further progress 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.
