A landmark transaction has been recorded in Ghana’s mining sector as Damang Gold Mine Limited, owned by Ibrahim Mahama, sold 100 per cent of its first gold output to the Ghana Gold Board for onward transfer to the Bank of Ghana.
The deal, described as historic, is expected to support the country’s foreign reserve accumulation efforts under the Ghana Accelerated National Reserve Accumulation Programme (GANRAP).
The Chief Executive Officer of GoldBod, Sammy Gyamfi, received officials from Damang Gold Mine at the GoldBod Assay Laboratory located at the Kotoka International Airport.
Briefing the media, he confirmed that approximately 110 kilograms of gold had been delivered as the mine’s first output. The gold will be assayed, valued, refined, and added to the central bank’s reserves.
“This is imperative for the actualisation of the objects of the Ghana Accelerated National Reserve Accumulation Program,” he said, emphasizing the strategic importance of the transaction.
Call for Industry-Wide Participation
Mr. Gyamfi highlighted the need for greater participation by large-scale mining companies in supporting national reserve accumulation efforts.
He noted that the contribution of such firms has historically been limited, urging others to emulate Damang’s example.
He stressed that increased local participation in the minerals sector is critical to maximizing national benefits and driving economic transformation.
The move signals a shift toward retaining more value within Ghana’s gold industry, aligning with broader government efforts to enhance local beneficiation and strengthen economic resilience.
By channeling gold production directly into national reserves, authorities aim to reduce external vulnerabilities while reinforcing the country’s financial stability through strategic resource management.
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