Features
The National Assayer – PMMC’s role in providing revenue assurance to government on gold exports
On 26th January, 2022, www.myjoyonline.com published a story captioned “Ghana loses over $2bn in taxes to undervaluation of gold exports”. According to the story, these losses were identified through a research by a consortium including the Institute for Statistical, Social and Economic Research (ISSER). It is observed that the research, which covered 2011 to 2017, does not disclose which sector it focused on – large scale or small scale. This distinction is important because the two have separate tax regimes.
Undervaluation of Gold
Upon reading the news story, the press release by the research team and the presentation of the research findings, it is difficult to ascertain the basis for the claim of undervaluation.
Undervaluation of a commodity such as gold presupposes that there is a true standard value against which the commodity can be measured. The standard value of gold is easily verifiable. Within the international market, bodies such as the London Metal Exchange (LME) are reputed indicators of the global market price for gold. It is important to mention that the prices as set by the LME on a daily basis are for refined gold of 99.99 per cent 24 karats purity. Gold exported from Ghana are unrefined and hence would not attract the same price as set by the LME.
Within the precious minerals industry, it is trite knowledge that gold values are dependent on weight and purity. Hence, a kilo of unrefined gold would not have the same price as a kilo of refined gold. Similarly, two kilos of 14karats gold could be less expensive than a kilo of 22 karats gold. Given that gold exported from Ghana are in unrefined doré form with a purity range of about 21 carats to 22.5 karats, without an independent valuation exercise, it will be misleading to say that such gold doré has been undervalued using the prevailing world market price as benchmark.
Valuation of Gold
As earlier indicated, two variables go into the determination of the value of gold – weight and purity. Measuring the weight, which is done with a scale, is quite easy and straightforward. Determining the purity of gold is through a scientific process known as assay.
There are various methods of assay – non-destructive methods such as X-ray Fluorescence (XRF), Specific Gravity or Density, and Ultrasonic Testing; and the destructive method which includes the Cupellation (Fire Assay).
Once the weight and purity are identified, a calculation is done using the world market price to ascertain the true estimated value of the gold doré.
From the foregoing, therefore, it is deductible that to substantiate a claim of undervaluation, it is important to know the weight and purity of what was exported as well as the then prevailing world market price of gold. Undervaluation may arise where there is a false declaration of the weight and purity of the gold doré which is being exported. The report, however, does not indicate whether there were any such findings of false declarations of weight and purity.
As earlier mentioned the research fails to disclose which sector of the gold mining industry it focused on – small scale or large scale. This is important because the two have distinct tax regimes. Whereas the large scale sector has a tax regime which includes royalties and corporate tax, the small scale sector presently attracts a withholding tax of 1.5 per cent on gold exports.
PMMC’s Mandate as National Assayer
In 2017, President Akufo-Addo directed that government identifies a way to independently verify gold exports in order to ensure that the country is obtaining maximum revenue for this precious mineral resource. Consequently, under the leadership of Hon. Kiston Akomeng Kissi, PMMC Board Chairman and driven by Hon. Kwadjo Opare-Hammond (may his soul rest in peace), then Managing Director of PMMC, stakeholder engagements began towards the implementation of this directive. There were several engagements with the Ghana Chamber of Mines and the Association of Gold Exporters, now Chamber of Bullion Traders, Ghana to agree on modalities for the smooth take-off of the National Assay Programme. Eventually, with the support of the Vice President and the then Sector Minister, in February 2018, PMMC officially commenced operations as the National Assayer with the mandate to assay all gold earmarked for export from Ghana.
The National Assay Laboratory located at the Kotoka International Airport, from where PMMC carries on its operations was set up through the support of the Minerals Commission with funding from the World Bank. The Assay Lab is fitted with three non-destructive assay equipment – an XRF Machine, a Specific Gravity equipment and Ultrasonic Testing device.
PMMC’s mandate as National Assayer covers both the small scale and large scale mining sectors. As National Assayer, PMMC independently verifies the weight and purity of the gold doré being exported in order to ascertain its value. The value as determined by PMMC enables the Ghana Revenue Authority (GRA) to exact the requisite taxes such as the 1.5 per cent withholding tax on the gold doré before export.
For the small scale sector, after the assay analysis by PMMC, the export is managed through the ICUMS systems with close supervision by the Central Bank. Exports are done by duly licensed export companies who are required to repatriate 80 per cent of the proceeds back to Ghana within thirty (30) days. Failure to show proof of repatriation of export proceeds comes with sanctions such as prevention from doing further exports and upon persistent breach, revocation of export licence and possible prosecution.
For the large scale sector, whose tax regime is entirely different from that of the small scale, PMMC has field officers who observe the smelting of gold in their gold rooms. From the gold room, the weight of the bars are recorded and samples taken. The samples are transported via helicopter to the National Assay Lab where PMMC conducts the assay analysis to determine the purity and by extension the values of the gold doré which are to be exported. This provides an independent verification of the export values thereby providing revenue assurance to government. Periodic reconciliations are carried out between PMMC and the large scale mining companies represented by the Ghana Chamber of Mines.
It is worth mentioning that since the commencement of the Domestic Gold Purchase Programme by the Bank of Ghana in June 2021, PMMC as National Assayer has been providing this essential service to the Central Bank by independently verifying the weight, purity and by extension value of gold supplied for purchase.
Digitalisation of National Assay Laboratory
Since the commencement of the National Assay Programme in 2018, there have been consistent efforts to make improvements so as to ensure maximum efficiency of the programme. In 2021, again under the leadership of Hon. Kissi, with support from the Sector Minister, Hon. Samuel A. Jinapor and driven by the present author, the National Assay Programme was digitalised. Digitalisation now made it possible to generate assay certificates which bore unique security features making it difficult to forge to facilitate the dubious elaborate schemes of gold scammers.
Digitalisation has also now made it possible to monitor in real time, gold exports passing through the National Assay Laboratory. It has improved collation of timely data on export figures and revenues in order to aid effective national economic planning.
The digitalised National Assay Lab, which will be officially launched this month, will be open and accessible to key stakeholders including the President as the Constitutional Trustee of Ghana’s mineral resources, the Vice President as Head of Economic Management Team, the Minister of Lands and Natural Resources, the Minister of Finance, the Governor of the Bank of Ghana, and the Commissioner General of the Ghana Revenue Authority.
PMMC continues to find ways to improve upon the execution of this important mandate which is critical for securing the much-needed revenue from the precious minerals industry for national development.
By Nana Akwasi Awuah, Managing Director, Precious Minerals Marketing Company (PMMC)
The great people of Ga would say “Joo o Joo”—literally meaning “dance your dance.”
In today’s fast-paced world, it is common to meet people who think and act as though their way of living is the only valid one. They measure seriousness by their own sacrifices, routines, or what they term achievements—and sometimes dismiss others who choose a different path.
But life is not about proving who is more serious. It is about balance: following your individual principles while respecting the universal principles that bind us all together.
Life is both individual and universal
Every human being is on a unique journey. We have different callings, strengths, and seasons. For some, success comes early; for others, it comes later. Neither is more valid than the other.
The Bible reminds us in Ecclesiastes 9:11:
“The race is not to the swift, nor the battle to the strong, neither yet bread to the wise, nor yet riches to men of understanding, nor yet favour to men of skill; but time and chance happeneth to them all.”
This means life is not determined by effort alone. Timing, circumstances, and God’s grace all play a vital role. What looks “unserious” to you may be someone else’s season of preparation.
Comfort without harm
True seriousness is not about harsh living or denying yourself joy. It is about finding what brings you peace and fulfilment while ensuring it does not harm others.
Paul writes in Romans 14:22:
“Happy is he that condemneth not himself in that thing which he alloweth.”
In other words, live responsibly and without guilt. Jesus Himself said the greatest commandment is to “love your neighbour as yourself.”
A friend may enjoy dressing simply, while another spends on fashion. Neither is less serious than the other—so long as their choices do not harm themselves or others.
Do not bruise another’s ego
One of the quickest ways to wound people is by acting superior—implying that your way of life is more disciplined, spiritual, or important than theirs.
Scripture warns us in Philippians 2:3:
“Let nothing be done through strife or vainglory; but in lowliness of mind let each esteem other better than themselves.”
In church, some pray loudly and for long hours, while others pray quietly. Loud prayer is not necessarily more serious. God hears both. Looking down on the quiet one bruises their ego and reveals a lack of humility.
Even Jesus, though Lord of all, humbled Himself to serve. That is the highest model of seriousness—humility, not pride.
A balanced outlook
Life is not a contest of who suffers more, sacrifices more, or works harder. It is about walking faithfully in your calling while respecting the pace of others.
Jesus emphasised this in the parable of the labourers in the vineyard (Matthew 20:1–16). Some workers started early in the morning, others joined later in the day, yet all received the same wage. This shows that reward is not always about effort or hours—it is about God’s grace.
In family life, one sibling may marry young, while another chooses to build a career first. Neither is ahead of the other; they are simply on different paths.
Never think you are more serious in life than anybody. Pride disguised as discipline only blinds us. Life is a mixture of personal choices and universal principles. Live responsibly, enjoy what makes you comfortable without harming others, and above all, never bruise another’s dignity.
As Paul reminds us in Galatians 5:26:
“Let us not become conceited, provoking one another, envying one another.”
On the flip side: low self-esteem
Just as it is improper to think of yourself as more serious or important than others, it is equally dangerous to believe that others are more serious in life than you are.
Many people live with this belief unconsciously, constantly placing others on a higher pedestal. They assume someone else is more deserving, more purposeful, or better suited simply because of status or outward appearance.
This mindset gradually develops into an inferiority complex, producing poor decision-making, disempowered self-expression, and constrained personal growth.
When you constantly measure your worth against others, hesitation, self-doubt, and an unhealthy need for validation take root. Opportunities are missed because you believe others are better positioned or more qualified—even when you are capable.
Gradually, you settle for “low-hanging fruits” when you could achieve much more.
A reality often ignored is that people respond to the respect and value you place on yourself. Across all social interactions, people take cues from how you present yourself.
When you approach life with confidence and self-respect, others recognise your worth. When you undervalue yourself, others may do the same—not always intentionally, but because you may have unconsciously created that ground.
This does not promote arrogance or belittling others. Healthy self-esteem is about recognising your value without diminishing someone else’s.
Conclusion
Life is not a hierarchy where some people are meant to stand above others. It is a shared space where everyone is learning, failing, growing, and evolving in different ways.
Do not place yourself below or above anyone. Take yourself seriously—not by comparing or competing, but by believing that your presence, effort, and perspective matter.
Remember: people will always meet you at the level you choose to stand.
I, Onukpa, always see myself as God’s work in progress.
Email: jerryt353@gmail.com
By Jerry Mac-Eben Thompson (Onukpa)
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David picked up the phone to answer the call. Surprisingly, it was from Stella.
“Good afternoon, Stella. I hope all is well”.
“Yes, David, all is well. I wanted to pass on some information to you. Yesterday my parents and sisters went to the guy’s house and tried to reason with him, but again he was very rude, so my father took me away.
Early this morning I told my parents that I have had enough, and I would not go back. I will rather pursue a degree course as you advised, whilst continuing to work with them to sell the waakye”.
‘Well Stella, I think you have taken a very good decision. You have all my support”. “So can we talk when you close from work today?”
“Yes, of course. I will be there”.
Stella was waiting by the roadside. David stopped, and she got in.
“Good to see you, Stella. So, how are you feeling now?”
“I’m quite okay. I have a few regrets about having gone into a relationship that failed, but I don’t feel guilty because I went in with my parents’ blessing.
Perhaps I should have stood my ground and refused to go into a relationship in which I wasn’t personally convinced about. But I’m looking forward. I am ready to start the degree programme.
As I told you, I am interested in the accounting profession. Did you say Adwoa is studying accounting?” “Yes, she’s doing Part 1 of the Institute of Chartered Accountants programme at the Polytechnic. She started last month. She leaves the office at 2pm, starts at 2.30 and closes at 7pm”.
“That’s very interesting. Because I spoke to my cousin who did a first degree, and is now doing the professional accounting course. She advises that I start with the professional course if I am so interested, because on completion I would be able to do a Master’s degree in Accounting or Finance”.
“Ei, Stella, since when did you become so knowledgeable about these things?”
“Well, I give thanks to you, because since you suggested it to me, I have been searching the internet, and talking to two of my relatives. So can I discuss the admission process with Adwoa tomorrow?” “Certainly. In fact, take her number from my phone, and call her this evening. So you can go over the issues when we stop to buy waakye tomorrow.”
“That’s fine. Now I have something to look forward to. Many thanks, David”.
“I will accept only a small part of the thanks, because it’s obvious that you had it in you. A girl like you should be treated with great respect”.
Stella called Adwoa, and learnt that applications would be closing in a few days. So Stella went online, submitted her application and paid the application fees, and three weeks later she joined the course. She left the waakye joint at 1pm, got to school before 2pm and closed at 7pm.
One of Adwoa’s mates drove to Madina after lectures, so he dropped Stella at Dzorwulu. Within a few months, Stella had been transformed.
Aperkeh had rejected her, but she was now a pretty, smartly dressed and ambitious accounting student, whilst still assisting her mother in the waakye business. She and Adwoa developed a great friendship, not only sharing course materials but also visiting each other at home.
Over time, she and David also developed a fondness for each other, but they never discussed issues related to relationships until much later. On Saturday evenings, the three of them went out to eat and enjoy live music, and they seemed quite happy together. It was 7:30 at Parliament, the open air bar and grill where young guys met their ladies to chat in a pleasant environment.
Aperkeh and his colleagues, with their ladies by their side, had already had a bottle or two, and the conversation was flowing rather smoothly. Out of the blue, Boogie introduced an interesting topic.
“Hey, Aperkeh, do you know what? I saw your former woman, Stella, in a uniform, entering the Polytechnic. I didn’t know she was academically inclined”. “I’m sure you saw the wrong person. What would a waakye girl be doing at the polytechnic? I’m sure she wasn’t the one you saw. Stella had no class, and no ambition, that’s why I threw her overboard.
What was annoying was that a classless girl like that wanted to tell me what to do. She wanted to restrict my movements. She got angry when I got home smelling of beer. Annoying”.
“But Aperkeh,” Bookie replied, “isn’t that what any serious or sensible girl would do? You don’t expect her to sit there and watch you spend your salary on beer and girls, do you? Any woman who doesn’t complain is not worth keeping”.
“My brother, save your breadth. She’s already gone. And I have replaced her with two classy girls. The show goes on”.
“I think you will soon realise that you made a mistake with Stella. That girl is really beautiful, and she’s got character, and I’m sure she’s the one I saw entering the polytechnic”.
“You must be joking, Boogie. I have two gorgeous girls at my beck and call, both graduates. Why should I bother with a Waakye seller? And take it from me, Stella does not have the brains to go to the polytechnic. Now, let me get some more beer”.
By Ekow de Heer
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