The Ghana Gold Board (GoldBod) has recovered GHS 38.71 million from legacy debts owed to its predecessor, the Precious Minerals Marketing Company (PMMC). This amount represents 69.2% of the total GHS 55.88 million identified as outstanding. The recovery efforts stem from an audit of PMMC’s financial statements covering 2020 to 2024.
These significant debts were discovered after GoldBod assumed office in January 2025. The PMMC’s accounts had gone unaudited for five consecutive years, from 2020 through 2024. The audit revealed GHS 55.88 million owed by various third parties as of December 31, 2023. GoldBod’s management issued demand notices to these debtors, leading to the recovery of GHS 38.71 million by September 30, 2026.
This recovery of public funds is crucial for Ghana’s economic stability and fiscal discipline. Unaudited financial statements in state-owned enterprises often lead to financial leakages and mismanagement. The proactive steps by GoldBod to recover these funds demonstrate a commitment to accountability within the public sector. Such actions can improve the financial health of state entities and potentially contribute to national revenue.
Sammy Gyamfi, Chief Executive Officer of GoldBod, disclosed these figures when he appeared before Parliament’s Public Accounts Committee (PAC) on Tuesday, October 13, 2026. Mr. Gyamfi stated that management is pursuing the remaining GHS 17.1 million. He explained that approximately GHS 7.5 million of this amount is tied up in court proceedings. The remaining GHS 9.6 million is being pursued through demand notices, negotiations, and other civil recovery options.
The successful recovery of these funds could bolster GoldBod's financial position and its ability to contribute to Ghana's gold sector. It also sets a precedent for other state-owned enterprises to ensure regular audits and robust debt recovery mechanisms. Decision-makers will watch closely to see if GoldBod can recover the remaining GHS 17.1 million. This outcome will indicate the effectiveness of their legal and civil recovery strategies. The ongoing efforts highlight the importance of transparency and accountability in managing public assets and finances.
GoldBod’s mandate includes regulating and promoting Ghana’s gold industry. Recovering these legacy debts ensures that funds are available for its operational activities and strategic investments. The PMMC, as GoldBod’s predecessor, played a vital role in the minerals sector. Ensuring the recovery of its outstanding receivables is essential for maintaining trust in state institutions. The audit findings underscore the need for consistent oversight of public sector financial records. This situation also emphasizes the role of parliamentary committees like PAC in holding state entities accountable. The recovery process demonstrates a concerted effort to clean up past financial irregularities. This effort ultimately aims to strengthen the financial integrity of Ghana’s mineral sector. GoldBod hopes to increase its recovery rate further by the end of 2026, according to Mr. Gyamfi.