Follow us

    • Home
    • Politics
    • Science
    • News
    • World
    • Business
    • National
    • Sports
    • Entertainment
    • Lifestyle
    • Travel
    • Opinion
    • Tech
    Monday, September 25, 2023
    27 °c
    Labadi
    28 ° Mon
    28 ° Tue
    28 ° Wed
    28 ° Thu
    • Login
    • Register
    The New Crusading Guide Online
    • Home
    • Politics
    • News
    • Africa
    • World
    • Business
    • Lifestyle
    • Tech
    • Entertainment
    • Your News
    • More News
    No Result
    View All Result
    • Home
    • Politics
    • News
    • Africa
    • World
    • Business
    • Lifestyle
    • Tech
    • Entertainment
    • Your News
    • More News
    No Result
    View All Result
    The New Crusading Guide Online
    No Result
    View All Result
    Home Business

    PMMC Bags Ghc15.2M Tax Revenue For Gov’t

    August 9, 2021
    in Business, National, News
    Reading Time: 4 mins read
    A A
    0
    PMMC Bags Ghc15.2M Tax Revenue For Gov’t
    6.5k
    SHARES
    7.6k
    VIEWS
    Share on FacebookShare on Twitter

    Ghana’s premier gold marketing and jewelry manufacturing company, Precious Minerals Marketing Company(PMMC), has generated over GHC15.2 million in tax revenue to the government Of Ghana in the first six months of 2020. 

    In a report sighted by this portal, PMMC has also paid off its entire foreign legacy debts of over $2.5m as of August 2019.

    Although the cedi legacy debts continue to pose a major challenge to the company, a challenge which the Board and Management are determined to resolve.

    The performance has improved the financial and investment profile of PMMC, which had been losing revenue and ensconced in a cycle of bad management by previous administrations.

    Related posts

    Energy Minister Slams Minority

    Energy Minister Slams Minority

    September 25, 2023
    7.5k
    Groundbreaking Book On Chronic Pain Launched

    Groundbreaking Book On Chronic Pain Launched

    September 25, 2023
    7.5k
    Govt Commences Training For 2000 Hospitality Staff In French Language

    Govt Commences Training For 2000 Hospitality Staff In French Language

    September 25, 2023
    7.5k
    Anger In Akropong

    Anger In Akropong

    September 25, 2023
    7.5k

    The reports said the fortunes of the company were turned onto a positive path in 2017 with the appointment of a new Board of Directors by President Nana Akufo-Addo, chaired by Mr. Kiston Akomeng Kissi, who took over and managed a near moribund company, saddled with huge debts and was struggling to pay staff salaries.

    The main priority of the new Board of Directors, therefore, was to find innovative solutions to reduce the financial liabilities of the company and find new streams of revenue to ensure that PMMC eventually becomes a profitable company.

    Other members of the Board included Hon. Kwadjo Opare-Hammond (Managing Director, now deceased), Nana Akwasi Awuah, a legal practitioner, Alhaji Musah Fuseini-Codjoe, Samuel Evans Ashong-Narh, Janet EmefaObro-Adibo, Kofi Mensah Dementia (who became Ambassador to Togo) and Hon. Mavis Nkansah-Boadu, MP (now Deputy Minister for Roads and Highways).

    Among the early initiatives the Board took was to assert its role as the National Assayer.

    By this, the Company was mandated to assay all gold leaving Ghana via export. As the National Assayer, therefore, PMMC provides the Government of Ghana revenue assurance in terms of the volumes and values of gold exports.

    This initiative, while providing critical value for the government, created a new revenue source for the company, thereby improving its financial situation.

    In line with its role as National Assayer, PMMC also commenced active engagement with Ghana’s Central bank, the Bank of Ghana, to fashion out mechanisms and protocols for PMMC to act as the official Assayer in the Bank’s Domestic Gold Purchase Program (DGPP).

    This initiative came to full fruition in June 2021 when the Bank commenced implementation of the DGPP which has so far seen it purchase about 100kg of gold to shore up Ghana’s gold reserves.

    It is no secret that Ghana’s gold trade industry can be chaotic and punctuated by many fraudulent schemes.

    Many unsuspecting businessmen have been sold many ounces of gold and diamond articles that have turned out to be fake on the open market. This causes a lot of investor anxiety and wanes business confidence in the precious minerals trade in Ghana.

    The Board is concerned by this phenomenon decided to digitalize the National Assay Laboratory.

    The digitalization of the laboratory meant a shift from the handwritten Assay Certificates to printed ones with distinct security features, making it difficult for scammers to forge these certificates to pursue their fraudulent schemes in the gold trade, which has brought sanity within the industry and reduced the many incidents of fraud.

    The Board, therefore, took a strategic investment decision to enter into a joint venture partnership to establish a gold refinery.

    Nana AkwasiAwuah, a Board Member, who as a result of his legal expertise was appointed to become the Board Secretary, was instrumental in finalizing a joint venture agreement for the establishment of Ghana’s first state-owned Gold Refinery.

    The refinery, which has a full daily capacity of 300 to 500 kg, is expected to commence operations by the end of 2021.

    To competently compete on the international market, the company is also pursuing the London Bullion Market Association (LBMA) certification so that it can produce and sell Good Delivery Bars (refined gold).

    The positive trajectory of PMMC has convinced President Akufo-Addo to retain Mr. Kiston Akomeng Kissi as the Chairman of the Board of Directors, a clear sign of confidence in his leadership.

    However, Nana Akwasi Awuah was elevated to become the new Managing Director, for his enterprising and innovative vision for a positive outlook for PMMC.

    The other Board members are Lawyer Komla Onny (who was also retained), Hon. Alhassan Abdallah Iddi, Mr. Benjamin Nii Ayi Aryee, Nana Adjoa Adobe Asante (also a lawyer), and Alhaji Amadu Kaleem.

    A legal practitioner by profession, the new Managing Director, Nana Akwasi Awuah, has indicated his desire to collaborate with the Board to steer PMMC on a firm path to profitability.

    He indicated that all his actions will be geared towards addressing the backlog of challenges facing the company, particularly the legacy debt, through open and hands-on leadership to provide creative and innovative solutions to the company’s challenges.

    According to the new Managing Director, the digitalization of PMMC’s Assay Laboratory, a project which was very important in his view, has increased the capacity of the company to modernize the assaying processes and to use the timely data at their disposal to provide avenues for state tax agencies in their monitoring and enforcement duties.

    On his plans for revenue generation to add to the existing income sources, the new Managing Director, Nana AkwasiAwuah, indicated his resolve to pursue new business ideas relevant to the current global gold business climate.

    Overall, with prudent business planning and management practices, the new PMMC leadership is bent on adopting better investment and sales strategies coupled with creative marketing techniques, with the ultimate goal of returning the company to profitability so that it can generate dividends for its sole shareholder, the Government of Ghana.

    Related

    Share2597Tweet1623SendShare

    Get real time update about this post categories directly on your device, subscribe now.

    Unsubscribe
    Previous Post

    NLC Directs UTAG, Universities’ Senior Staff To End Strike

    Next Post

    EXPOSED! …NDC Plots Violence ForAssin North Bye-Elections

    News Desk

    News Desk

    Related Posts

    Energy Minister Slams Minority
    More News

    Energy Minister Slams Minority

    September 25, 2023
    7.5k
    Groundbreaking Book On Chronic Pain Launched
    More News

    Groundbreaking Book On Chronic Pain Launched

    September 25, 2023
    7.5k
    Govt Commences Training For 2000 Hospitality Staff In French Language
    Ghana

    Govt Commences Training For 2000 Hospitality Staff In French Language

    September 25, 2023
    7.5k
    Anger In Akropong
    Ghana

    Anger In Akropong

    September 25, 2023
    7.5k
    Social Media Goes Wild
    Ghana

    Social Media Goes Wild

    September 25, 2023
    7.5k
    Ghanaians Dare Vomawor  …To Produce Alleged $1m Bribery Audio
    Ghana

    Ghanaians Dare Vomawor …To Produce Alleged $1m Bribery Audio

    September 25, 2023
    7.5k
    Next Post

    EXPOSED! …NDC Plots Violence ForAssin North Bye-Elections

    Farouk Aliu Mahama Grabs Appointment…Chairs GIISDEC

    Farouk Aliu Mahama Grabs Appointment…Chairs GIISDEC

    Sputnik V Vaccine:  Dubai Sheikh Cancels Contract With Gov’t

    Health Minister Was Candid With Us … Afenyo-MarkinTells Parliament

    “Let Us Consolidate The Peace In Dagbon”  -President Akufo-Addo

    “Let Us Consolidate The Peace In Dagbon” -President Akufo-Addo

    Leave a ReplyCancel reply

    Facebook Twitter
    • Dr. Stephen Amoah Discovers Formula To Raise Ghana From Economic Doldrums

      Dr. Stephen Amoah Discovers Formula To Raise Ghana From Economic Doldrums

      10936 shares
      Share 4374 Tweet 2734
    • Okyenhene Warns KOANS …To Stay Away From Akyem Lands 

      10400 shares
      Share 4160 Tweet 2600
    • Supreme Court Exposes Estate Developer …Over Fraudulent Judgement Against Jeleel 

      7987 shares
      Share 3195 Tweet 1997
    • Muntaka, Bailiff Showdown @East Lagon Police Station

      7872 shares
      Share 3149 Tweet 1968
    • Twumasiwaa Hospital Killer Grabbed …Detailed Accounts Of How NIB Nabbed Main Suspect Within 48Hrs

      7854 shares
      Share 3142 Tweet 1964
    • Trending
    • Comments
    • Latest
    Dr. Stephen Amoah Discovers Formula To Raise Ghana From Economic Doldrums

    Dr. Stephen Amoah Discovers Formula To Raise Ghana From Economic Doldrums

    June 15, 2022 - Updated on March 20, 2023
    Okyenhene Angry At Forest Invaders

    Okyenhene Warns KOANS …To Stay Away From Akyem Lands 

    July 18, 2022 - Updated on August 23, 2022
    Ecobank Shows Gross Disrespect To Supreme Court

    Supreme Court Exposes Estate Developer …Over Fraudulent Judgement Against Jeleel 

    March 11, 2022
    2018 budget GOV’T TOUTS ECONOMIC GROWTH …But Minority Ridicules Strides

    Muntaka, Bailiff Showdown @East Lagon Police Station

    August 15, 2021
    Alarm Blows!! Over 1,200 Companies Caught Evading Tax, Money Laundering

    Alarm Blows!! Over 1,200 Companies Caught Evading Tax, Money Laundering

    2
    Furious Winds Blow Over NTHC …Customers Up-In-Arms Over Dividends, Investment As Company Limps

    Furious Winds Blow Over NTHC …Customers Up-In-Arms Over Dividends, Investment As Company Limps

    2

    Why Asantehene is a King – A rejoinder

    1
    Ga East MCE Hot  …For Demolishing Properties Belonging to Kwabenya Queenmother

    Queen Mother Floors Ga East MCE In Court …Over Kwabenya Market Lands

    1
    Energy Minister Slams Minority

    Energy Minister Slams Minority

    September 25, 2023
    Groundbreaking Book On Chronic Pain Launched

    Groundbreaking Book On Chronic Pain Launched

    September 25, 2023
    Govt Commences Training For 2000 Hospitality Staff In French Language

    Govt Commences Training For 2000 Hospitality Staff In French Language

    September 25, 2023
    Anger In Akropong

    Anger In Akropong

    September 25, 2023
    Gettsorted Freelance platform
    ADVERTISEMENT

    Follow us on Instagram

    Follow us on Instagram

      Tweets

      Energy Minister Slams Minority

      Energy Minister Slams Minority

      September 25, 2023
      Groundbreaking Book On Chronic Pain Launched

      Groundbreaking Book On Chronic Pain Launched

      September 25, 2023
      Govt Commences Training For 2000 Hospitality Staff In French Language

      Govt Commences Training For 2000 Hospitality Staff In French Language

      September 25, 2023
      ADVERTISEMENT
      The New Crusading GUIDE is a privately own newspaper in Ghana with Mr Abdul Malik Kweku Baako as its Editor-In-Chief. The Deputy Editor-In-Chief is Anas Aremeyaw Anas, the International undercover investigative journalist. We give you the latest news

      Follow us on Instagram

        Tags

        2018 League Africa airbus Anas apiate apiatse appiate Australia Balinese Culture Bali United bogoso Budget Travel Champions League China Chopper Bike coronavirus corruption Côte d’Ivoire Ebony EC Election Results entertainment Europe Gaza Germany Ghana Israel NDC News North Korea NPP People Portugal Reviews Russia South Africa South Korea Spain Tech Tunisia UK US world Woyome Zimbabwe
        • About
        • Advertise
        • Careers
        • Privacy & Policy
        • Contact
        • About

        © 2022 The New Crusading Online - All rights Reserved. Powered by Uthink.

        No Result
        View All Result
        • Home
        • Politics
        • Science
        • News
        • World
        • Business
        • National
        • Sports
        • Entertainment
        • Lifestyle
        • Travel
        • Opinion
        • Tech

        © 2022 The New Crusading Online - All rights Reserved. Powered by Uthink.

        Welcome Back!

        Login to your account below

        Forgotten Password? Sign Up

        Create New Account!

        Fill the forms below to register

        All fields are required. Log In

        Retrieve your password

        Please enter your username or email address to reset your password.

        Log In
        Manage Cookie Consent
        To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
        Functional Always active
        The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
        Preferences
        The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
        Statistics
        The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
        Marketing
        The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
        Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
        View preferences
        {title} {title} {title}
        This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
        x Logo: Shield Security
        This Site Is Protected By
        Shield Security →