GoldBod purchases 110kg of gold from Damang Mine in reserve boost
Damang Gold Mine Ltd, owned by businessman Ibrahim Mahama, has sold 100% of its first gold output to the Ghana Gold Board as part of efforts to support the country’s foreign reserve accumulation programme.
The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, received a delegation from Damang Gold Mine led by Mr. Mahama at the GoldBod Assay Laboratory in Accra, where he briefed the media on the transaction.
He described the development as a significant step in strengthening Ghana’s gold-backed reserve strategy, stressing the importance of local leadership in the mining sector to maximise national benefits, improve value retention, and support economic transformation.
Mr. Gyamfi also expressed concern about what he described as the relatively low contribution of some large-scale mining companies to the country’s foreign reserve build-up.
He encouraged other major mining firms to follow Damang Gold Mine’s example, saying it is crucial for the success of the government’s Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which has been launched and approved by Parliament.
According to the Gold Board, the first consignment from Damang Mine weighs approximately 110 kilograms. The gold will be assayed, valued, and purchased by the Ghana Gold Board on behalf of the Bank of Ghana, before being refined and added to the central bank’s gold holdings.
He urged other large-scale miners to emulate the example set by Damang Gold Mine, describing it as essential for the successful implementation of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which has been launched by government and approved by Parliament.
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