The Precious Minerals Marketing Company (PMMC) Limited has released a statement, outlining the achievements of its Managing Director Dr. Kwadwo Opare-Hammond, since assuming office over a year and half ago.
In the release, the PMMC said under the auspices of its MD, the company has assayed large scale mining companies gold, which has led to the employment of new staffs. An initiative which they believe has helped in addressing the unemployment situation in the country as well as help government rake in more revenue.
They added that, there is an ongoing discussion on Joint Cooperation with Mauritius so that Ghana can export jewellery produced in Ghana to Mauritius – in other to earn more foreign exchange through value addition.
Under the watchful eye of Dr. Opare-Hammond, the PMMC has also paid about GH¢10million out of GH¢60million legacy debt.
However, workers of the PMMC, who on Thursday, demonstrated at the premises of the company are to return to work as steps, are being taken to address grievances amicably.
Below is the full release:
ACHIEVEMENTS SO FAR AFTER ONE AND HALF YEAR OF ASSUMING OFFICE AS THE MANAGING DIRECTOR OF PRECIOUS MINERALS MARKETING COMPANY LIMITED
The following are the achievements so far after assuming office as the Managing Director of Precious Minerals Marketing Company (PMMC) Limited:
- Assaying Large Scale Mining Companies gold, this has led to the employment of 20 new staff. An initiative that has helped in addressing the unemployment situation in the country as well as help government rake in more revenue
- Joint Venture Agreement to build a State Refinery for value addition to gold before export
- MOU to establish International Assay Lab with LBMA Certification and an interface with GRA to ensure accurate value for gold exports so that appropriate taxes and royalties can be charged
- Ongoing discussions on Joint Cooperation with Mauritius so that we can export Jewellery produced in Ghana to Mauritius – Value addition to earn more foreign exchange
- Paid about GH¢10million of legacy debt. When I took over the debt was about GH¢60million
- Payment of salaries- Salaries are often paid most often a week before the end of the month. Hitherto salaries could be in arrears for 2-3months.
- Prompt payment of recurrent Bills Expenditure eg. ECG, Rent, Garbage Collection etc.
- Started Rehabilitation/Renovation of old dilapidated Diamond House – Company Headquarters
- Introduction of the Traceability Concept to tighten loopholes in the downstream gold business
- Redesigning of Gold Buying licence with security features to prevent easy duplication and fraud
- New Stream of income from Large Scale Assaying
- New Stream of income from Gold Buying Licence
- New Stream of income from Transit Gold
- New Stream of income from Transit Diamond
- Transparent Administration/Procurement procedures
- Reduction of PMMC’s Net Loss of over GH¢19m in the year 2016 to GH¢6m in the year 2016
- Ongoing arrangement with Jewelers Association to regulate industry
- Licensing of the Jewelers will also bring in additional revenue
By: Joseph Nii Ankrah