Damang Gold Mine Limited, owned by Ibrahim Mahama, has sold 100% of its first gold output to the Ghana Gold Board (GoldBod), in a move aimed at boosting Ghana’s foreign reserves.
The transaction, described as historic, saw about 110 kilogrammes of gold delivered to the Gold Board’s assay laboratory in Accra on Thursday, May 30, 2026.
The gold will be assayed, valued, and purchased on behalf of the Bank of Ghana (BoG), before being refined and added to the country’s gold reserves.
The Chief Executive Officer of GoldBod, Sammy Gyamfi, who received a delegation from the company led by Mr Mahama, said the development highlights the importance of local participation in the mining sector.
He stressed that having Ghanaians lead operations in the minerals industry is key to maximising national benefits, retaining value locally, and driving economic transformation.
Mr Gyamfi also expressed concern about what he described as the low contribution of large-scale mining firms to the country’s foreign reserve accumulation, urging others to emulate Damang’s example.
He said such efforts are critical to advancing the government’s Ghana Accelerated National Reserve Accumulation Programme, which seeks to strengthen the country’s external reserves.
