Business News of 2014-03-23

Precious Minerals Marketing Company gets new board

The Minister of Lands and Natural Resources, Alhaji Inusah Fuseini, has urged the Precious Minerals Marketing Company (PMMC) to use its expertise to increase the profit margin of the company by embarking on innovative areas to add value to other precious minerals as well as gold and diamond.

He charged the company to use its ability to transform the enterprise by developing ingenious strategies to counteract the challenges from both internal and external sources.

Alhaji Fuseini said this at the inauguration of the reconstituted board of directors of the Precious Minerals Marketing Company in Accra.

The six-member board, chaired by Brig. Gen. Charles Richster-Addo has Mr George A. Otoo, Mr Mohammed Sanni, Mr Addunku Bretuo Amoah, Mr Michael Alogo and Mr Edmund Yaw Hassan as members.

The minister observed that major gold producers such as South Africa, the United State of America, Australia and Brazil, had been able to use the precious minerals to their advantage by adding value and making them readily available to their citizens.

According to him, the export of precious minerals in their raw state had not been worthwhile because of the dwindling margins on the world market.

That, he said, had emanated from the effects of global economic turmoil that led to the instability in the prices of precious minerals.

"The PMMC has challenges such as inadequate machinery for jewellery production, high production cost, inadequate working capital, influx of imported jewellery and lack of advanced training facilities in Ghana for our staff," he stated.

Alhaji Fuseini expressed the hope that the diverse backgrounds of the board members would enable them to ensure that the PMMC contributed more to the development of the country.

Brig Gen Richster-Addo thanked the minister for the confidence reposed in them and gave the assurance that they would do their best to build on what had already been done by their predecessors.