In a revolutionary move, the Precious Minerals Marketing Company (PMMC) is set to transition into the newly established GoldBod, a strategic shift poised to revolutionize Ghana’s gold industry. The acting managing director, Sammy Gyamfi, Esq., recently convened a comprehensive staff briefing, outlining the key aspects of this transformative transition.
The briefing began with Gyamfi’s commendation of the PMMC staff, acknowledging their diligent efforts and the significant improvements across various departments. This set the stage for the unveiling of the government’s vision to streamline and strengthen the country’s gold sector through the establishment of the GoldBod.
Gyamfi explained that PMMC, a company with a rich history dating back to 1963, will be wound up, and its functions, assets, and liabilities will be taken over by the new GoldBod. This move is not a collapse, but rather a transition to a more robust and empowered entity with a different legal structure – a statutory corporation.
One of the pivotal changes is the GoldBod’s strengthened legal backing as the national assayer, granting it the exclusive power to buy gold from both small-scale and large-scale miners. This, Gyamfi noted, will enable the organization to spearhead reforms in the assaying regime and work towards a more uniform system, enhancing transparency and control over the country’s precious mineral resources.
Furthermore, the GoldBod will be granted the exclusive authority to export all gold from small-scale mining, as well as the ability to negotiate and purchase a percentage of large-scale gold production. This strategic move will significantly bolster Ghana’s grip on its gold industry, ensuring greater oversight and maximizing the benefits for the nation.
Gyamfi also highlighted the GoldBod’s expanded responsibilities, which will include promoting responsible sourcing, traceability, and value addition in the gold industry. This, he said, will involve leading the downstream fabrication of gold into minted jewelry and other value-added products through PJL, the company’s subsidiary.
To accommodate these ambitious goals, the GoldBod will require a more robust organizational structure, with the current PMMC workforce of 93 permanent employees being realigned and supplemented to reach a targeted 253 staff members. Gyamfi assured the audience that the new compensation scheme under the GoldBod will be on par with the best practices in the industry, including institutions like Minerals Commission and the Bank of Ghana.
One of the practical considerations discussed was the relocation of the PMMC office to a more suitable location. Gyamfi revealed that the organization has been allocated the former Bank of Ghana office, which will undergo minimal rehabilitation to accommodate the staff as soon as possible, with a view to constructing a purpose-built GoldBod headquarters in the near future.
The transition to the GoldBod marks a significant shift in Ghana’s gold sector, with the aim of enhancing transparency, control, and value addition within the industry. As the staff of PMMC and PJL navigate this change, they appear cautiously optimistic, recognizing the immense potential of the new entity to propel Ghana’s gold industry to greater heights.
Gyamfi’s concluding remarks encouraging the employees to submit their updated CVs set the stage for the realignment of the workforce and the identification of potential vacancies to be filled both internally and externally. This process will be crucial in ensuring the GoldBod is equipped with the right talent to drive the transformation and deliver on its ambitious goals.
The transition to the GoldBod represents a pivotal moment in Ghana’s gold sector, promising a future of greater control, enhanced transparency, and the pursuit of value addition, a promising path that will undoubtedly leave a lasting impact on the country’s economic landscape.
