Damang Gold Mine Ltd., owned by Ibrahim Mahama, has sold the entirety of its first gold output to the Ghana Gold Board (GoldBod) in a move aimed at supporting the country’s foreign reserve accumulation. The Chief Executive Officer of GoldBod, Sammy Gyamfi, received a delegation from the company at the Board’s assay laboratory at the …
Damang Gold Mine sells first output to GoldBod to boost Ghana’s reserves
Damang Gold Mine Ltd., owned by Ibrahim Mahama, has sold the entirety of its first gold output to the Ghana Gold Board (GoldBod) in a move aimed at supporting the country’s foreign reserve accumulation.
The Chief Executive Officer of GoldBod, Sammy Gyamfi, received a delegation from the company at the Board’s assay laboratory at the Accra International Airport, where he described the transaction as a significant step in strengthening Ghana’s gold reserve strategy.
Mr. Gyamfi emphasized that greater Ghanaian participation in the mining sector is essential to maximizing national benefits and advancing economic transformation.
He also expressed concern over the limited contribution of large-scale mining firms to the country’s foreign reserve build-up, urging others to follow Damang’s example.
According to him, such efforts are critical to achieving the objectives of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which has been launched by government and approved by Parliament.
The initial consignment from Damang Gold Mine is estimated at about 110 kilograms. The gold will be assayed, valued, and purchased by GoldBod on behalf of the Bank of Ghana, refined, and subsequently added to the central bank’s gold reserves.
