Damang Mine sells entire first gold output to GoldBod to boost reserves
Damang Gold Mine Ltd, owned by businessman Ibrahim Mahama, has sold 100% of its first gold output to the Ghana Gold Board in a move aimed at strengthening Ghana’s foreign reserves.
The transaction was confirmed after the Chief Executive Officer of the Gold Board, Sammy Gyamfi, received a delegation from the mining firm at the GoldBod Assay Laboratory in Accra.
Describing the development as significant, Mr Gyamfi stressed the importance of local participation in the mining sector, noting that Ghanaian ownership and leadership are key to maximising national benefits and retaining value within the economy.
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He also raised concerns about the relatively limited contribution of large-scale mining companies to the country’s foreign reserve accumulation, urging others in the sector to follow Damang’s example.
According to him, such commitments are crucial to the success of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), a government-backed initiative approved by Parliament to strengthen the country’s reserve position.
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The initial consignment from the Damang Mine weighs approximately 110 kilogrammes. The gold will undergo assay and valuation by the Gold Board before being purchased on behalf of the Bank of Ghana, refined, and added to the central bank’s gold reserves.
The move is expected to enhance Ghana’s reserve buffers while reinforcing efforts to leverage the country’s mineral wealth for broader economic stability.
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