GoldBod hails Damang’s full gold supply commitment as boost to reserves

Group of officials and reporters gather for a press briefing as a man in a navy suit speaks, surrounded by workers and blue bags on the table.

By Prince Antwi May 3, 2026

The Head of Communications at the Ghana Gold Board (GoldBod), Prince Minkah, has described Damang Gold Mine Limited’s decision to commit 100% of its initial gold output to the Board as a significant boost to Ghana’s foreign reserves and economic stability.

Speaking on Channel One TV’s Big Issue programme on Saturday, May 2, 2026, Minkah said the move represents a landmark development in Ghana’s gold sector.

“For the first time, we are seeing a large-scale mining company commit all its initial gold output to the Gold Board and the Bank of Ghana. This ensures that more of Ghana’s gold remains within the country rather than going to external entities,” he stated.

He explained that the arrangement will strengthen Ghana’s reserve position and contribute to broader macroeconomic stability, while also serving as a model for other mining firms to follow.

Minkah added that increased participation by large-scale mining companies in the initiative could enhance national development efforts and support the stability of the cedi through improved reserve accumulation.

Damang Gold Mine Limited, owned by businessman Ibrahim Mahama, recently sold its entire first gold output to GoldBod in what has been described as a historic transaction.

The deal involved the delivery of approximately 110 kilogrammes of gold to the Board’s assay laboratory in Accra on Thursday, May 30, 2026.

The gold will be tested, valued, and purchased on behalf of the Bank of Ghana before being refined and added to the country’s official gold reserves, reinforcing efforts to boost Ghana’s economic resilience.