Ex-PMMC Boss: IMF’s $214M Gold Loss Not on My Watch—Calls for Risk Controls at GoldBod!
Former PMMC Managing Director Nana Akwasi Awuah has made it clear that the IMF’s report of a $214 million trading loss under the Gold for Reserve program happened in 2025, after he left office, and should not be linked to his time in office. He said that PMMC didn’t lose any money on the Domestic Gold Purchase and Gold for Reserve programs between 2022 and 2024. This was backed up by audited financial statements and the 2024 State Ownership Report. He also said that PMMC’s performance got a lot better under his leadership, going from losing money to making money with strong net profits in 2024. Mr. Awuah said that the IMF had warned of more risks after the program grew and GoldBod was created. He told policymakers and GoldBod managers to use strict risk controls and learn from PMMC’s past mistakes to avoid big trading losses in the future.
