The Precious Minerals Marketing Company (PMMC) has come under fire after laying off employees from its Kumasi, Bole, and Tarkwa branches, citing financial losses and underperformance as the primary reasons.
The move, which has left many workers and their families in distress, is part of a broader restructuring effort ahead of the company’s transition to the Ghana Gold Board (GoldBod), a new entity tasked with stabilizing the country’s currency through structured gold purchasing and management.
According to PMMC management, the affected staff failed to generate sufficient revenue, prompting the need for cost-cutting measures. However, industry insiders have questioned the rationale behind the layoffs, pointing out that the Kumasi, Bole, and Tarkwa branches were actively issuing gold licenses and conducting assays, which are critical to PMMC’s operations.
The decision has sparked outrage among the affected employees, many of whom joined PMMC seeking career stability. They were reportedly given only two months’ salary as compensation, leaving them financially vulnerable. Adding to the uncertainty, PMMC has announced plans to reopen the closed offices in May with new hires, raising questions about the true motivations behind the layoffs.
Critics have also raised concerns about potential favoritism within the company. Reports indicate that employees stationed at PMMC’s Head Office, including those recently transferred from regional branches, were spared from termination. This selective approach has fueled speculation that the restructuring process may not be entirely performance-driven, undermining trust and fairness within the organization.
The layoffs are expected to have significant repercussions, not only for the affected employees but also for the local economies of Kumasi, Bole, and Tarkwa, where PMMC plays a vital role in the precious minerals sector. Industry observers warn that the company’s reputation could suffer, particularly as it seeks to reposition itself under the GoldBod initiative. The disruption may also erode investor confidence in Ghana’s mining sector, where stability and continuity are essential for growth.
In response to the growing backlash, labor unions and industry stakeholders have called for greater transparency and accountability from PMMC. They argue that restructuring efforts should prioritize fair treatment and worker welfare, rather than abrupt dismissals. The controversy highlights the broader challenges faced by employees in Ghana’s mining and minerals sector, where evolving policies and economic pressures often leave workers vulnerable to sudden changes.
As PMMC moves forward with its transition to GoldBod, the company faces mounting pressure to address the fallout from its layoffs and rebuild trust with both its workforce and the public. For now, the affected employees and their communities remain in limbo, awaiting clarity and justice in the wake of a decision that has left many questioning the fairness and integrity of the process.