Damang Gold Mine Limited, owned by businessman Ibrahim Mahama, has sold 100 percent of its first gold output to the Ghana Gold Board (GoldBod) in what officials describe as a significant step toward strengthening Ghana’s foreign reserves.
The transaction took place in Accra, where the Chief Executive Officer of GoldBod, Sammy Gyamfi, received a delegation from Damang Gold Mine led by Mr. Mahama at the GoldBod Assay Laboratory.
Addressing the media, Mr. Gyamfi described the move as historic and underscored the importance of Ghanaian participation in the country’s minerals and mining sector. He said local ownership and leadership are critical to maximizing national benefits, enhancing value retention, and driving economic transformation.
He also expressed concern over what he described as the limited contribution of large-scale mining companies to the country’s foreign reserve accumulation efforts. Mr. Gyamfi urged industry players to emulate Damang Gold Mine’s example, stressing that such cooperation is vital to the success of the government’s Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which has been approved by Parliament.
According to him, the initial consignment delivered by Damang Gold Mine weighs approximately 110 kilograms. The gold will be assayed, valued, and purchased by GoldBod on behalf of the Bank of Ghana. It will then be refined and added to the central bank’s gold reserves.
The development is expected to support ongoing efforts to stabilize the economy through increased domestic gold purchases and improved reserve accumulation.