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Probe PMMC – Gold Dealers

The Minister for Lands and Natural Resources has been tasked to investigate the operations of the Precious Minerals and Marketing Company (PMMC) to rid the government agency from corruption.
Speaking to GO, the Ashanti Regional President of the Gold Dealers Association, Solomon Autel bemoaned the company’s disregard to laid down regulations where foreigners who are barred from buying gold straight from dealers are now doing so.
According to him, not only is the flouting of the laws dangerous to the existence of indigenous business, but also the activities of foreigners is draining the country from the revenue meant for State coffers.
The Association president accused the PMMC officials of aiding these foreign gold dealers in stealing funds meant for the State through dubious ways of ferrying their returns back into their countries.
Mr Autel says Ghanaian gold dealers have been short-changed on the gold market as operations meant for them are gradually being ceded to foreigners, particularly Indians.
According to him, the Indians possess huge cash and have succeeded in acquiring licenses in gold buying and are crowding the local dealers out of business.
Currently, the Indians have through strange ways acquired licenses to deal directly with mining firms in purchasing gold, he alleged.
This, he noted is contrary to existing laws since no regulation allows foreigners to buy and deal in Gold in Ghana directly.
Mr Autel pleaded with government to reverse the existing trend where their businesses are being taken over by foreigners.
He called for a comprehensive research into the activities of the PMMC so as to ascertain the kind of operations being carried out in the gold buying industry.
The president also called on the Minister of Lands and Natural Resources to investigate the activities of the foreign gold dealers since many possess fake licenses.
According to him, many of the licenses are gotten through fraudulent means as many officials of the PMMC are alleged to have aided such fraud. Source: Ghanaian Observer

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