Scrapping PMMC key to winning galamsey war – GIFEC Boss
The Chief Executive Officer of the Ghana Investment Fund for Electronic Communication (GIFEC), Dr. Sofo Tanko Rashid Computer has described the gold trade under the Precious Minerals Marketing Company (PMMC) as erratic and poorly regulated, a situation he stated significantly contributed to the country’s persistent illegal mining menace.
Mr. Tanko made the remarks on Tuesday, April 15, during an interview on Channel One TV’s Breakfast Daily.
He emphasized the challenges Ghana faced in controlling the activities of illegal miners, largely due to the unstructured and unmonitored nature of gold trading under the PMMC.
“Gold business under PMMC was so erratic. The galamsey challenge that we are having now is because of the erratic nature of the gold trade in Ghana. Because anybody who gets hold of gold, whether under proper concession or no concession, can trade the business. Because it was not properly regulated in Ghana, they could get away with it. So fighting it was like trying to pass a needle through the eyes of a camel,” he stated.
Tanko explained that the situation made it almost impossible to enforce laws against illegal mining, as individuals could freely engage in gold trading without proper documentation or regulation.
He noted that under such a system, efforts to protect the country’s natural resources, including its water bodies and forest reserves, were severely undermined.
He, however, welcomed the reforms introduced under the Ghana Gold Board (GoldBod), which will serve as the regulatory authority for the sector.
According to him, this new framework will mark a turning point in Ghana’s fight against illegal mining.
“Now PMMC is no more existing, it is gone. The GoldBod has taken over. So all those who were licensed under the PMMC, it is nullified. You will have to register with the GoldBod. This is a path to stop galamsey. We will get to know those who are buying gold from illegal miners. This initiative is to regulate the gold business, so Ghanaians will enjoy the fruit of their labour.”
His comments follow an announcement by the Ghana Gold Board, revoking all gold trading licences previously issued by the PMMC or the Minister for Mines, except those held by large-scale mining companies.
The directive is said to be based on the Ghana Gold Board Act (Act 1140), which was passed by Parliament on March 29 and received Presidential assent on April 2, 2025.
The new law mandates stricter licensing procedures and aims to sanitize the artisanal and small-scale mining (ASM) gold trade, which has long been plagued by illegal activities and environmental degradation.
Source: channel1news