Asantehene Calls for Review of PMMC Act
The King of the Asante Kingdom, Otumfuo Osei Tutu II, has called for a review of the Precious Minerals Marketing Corporation Act, 1989 (PNDCL 219).
He posits that a review of the Act to address loopholes will facilitate the operation of the Precious Minerals Marketing Company (PMMC) Limited.
“Your Act must be reviewed to suit the current age and challenges you are confronted with,” His Majesty said during a visit to the Manhyia Palace by the Management, Board, and staff members of the Company on Friday, October 13, 2023.
He said the review must include measures that will ensure a guaranteed supply of minerals from Small Scale Miners and monitor their operation as well.
In addition, he said some mining concessions must be designated solely for the PMMC to ensure their continuous operation.
The Precious Minerals Marketing Corporation (PMMC) is responsible for the purchase of gold produced by small-scale miners and performs other functions such as grading, assaying, valuing, and processing precious minerals, as well as appointing licensed buyers for the purchase of precious minerals produced by small-scale miners.
However, His Majesty has noticed non-compliance on the part of miners that puts the continuous operation of the Company at risk.
“Theft has bedeviled the sector. Small-scale miners have failed to comply with their apportioned minerals to the Company. They choose to export them for sale in their raw state.”
Otumfuo recognizes that the export of raw minerals won’t benefit the country in any way and thus calls for a review.
The leadership of PMMC, as part of their visit to the Palace, presented the King with a piece of their processed products—a gold tablet worth one ounce of gold.
They also informed His Majesty about their yet-to-be-commissioned shops in the Region and extended an invitation for his attendance.
According to its website, the Precious Minerals Marketing Company (PMMC) Ltd was established in 1963 as the Ghana Diamond Marketing Board, tasked with the sole responsibility of purchasing and marketing Ghana’s diamonds. In 1965, by Legislative Instrument (LI) 401, the Company was incorporated as a State-Owned Enterprise (SOE).
With the promulgation of the Diamonds Decree (NRCD 32) in 1972, LI 916 was enacted to change the company’s name to Diamond Marketing Corporation. In 1989, PNDC Law 219 was enacted to once again change the Company’s name to the Precious Minerals Marketing Corporation, with the following functions: to grade, assay, value, and process precious minerals, and appoint licensed buyers for the purchase of precious minerals produced by small-scale miners.
In the year 2000, it was converted by Act 461 (Statutory Corporations Conversion to Companies Act) into a Limited Liability Company to operate under the Ghana Companies Code (Act 179 of 1963) as Precious Minerals Marketing Company Limited, with the same functions under the PNDC Law 219.
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