PMMC should boost national economy - Collins Dauda

Accra, Sept. 22, GNA - Alhaji Collins Dauda, Minister of Lands, Forestry and Mines, on Tuesday urged the management of Precious Minerals Marketing Company (PMMC) to strategize on how to boost the nation's economy through their operations. "The management should help position the company strategically to attract loans to expand operations of the company. It is through its efficiency that the nation can earn good foreign exchange," he said. Alhaji Dauda made the call during a familiarisation tour of the company in Accra.

He said: "The management should be able to develop effective and efficient planning schemes to enable the company play a key role in employment generation and poverty reduction, as a measure to solving the nation's economic growth." "One of the major concerns of Government is to create jobs for the people and this can be achieved through the establishment of companies to add value to the minerals extracted. This can help reduce youth migration to urban centres for non-existing jobs," he said. Alhaji Dauda advised the staff to work hard as their contribution towards the nation's growth.

Mr. Reuben Darko Damptey, Managing Director of PMMC, said the company was established to purchase diamonds and gold from small-scale miners and sell them to enhance the nation's foreign exchange earnings. In addition, he said the company produced jewellery and engaged in the service of licensing local gold and diamond dealers in compliance with the Kimberly Process Certification Scheme (KPCS). Mr Damptey said KPCS regulated the purchase of minerals from war zones, and appealed to government to establish a joint task force to serve as an oversight committee of the KPCS. He said the company realised 192 million dollars in 2007 and 197 million dollars in 2008, as its contribution to the national revenue. 22 Sept. 09