Damang Gold Mine sells entire first output to GoldBod in historic transaction

Ibrahim Mahama’s Damang Gold Mine Ltd. has sold its entire maiden gold production to the Ghana Gold Board (GoldBod), in a move that signals a new direction for how locally owned mines contribute to the nation’s reserve accumulation strategy.

The consignment, weighing approximately 110 kilograms, was formally handed over at the GoldBod Assay Laboratory in Accra. The delegation from Damang Gold Mine was led by Mr. Ibrahim Mahama and received by Sammy Gyamfi Esq., Chief Executive Officer of the Ghana Gold Board.

Mr. Gyamfi described the transaction as historic and stressed that domestic control of the minerals and mining sector is essential to economic sovereignty.

“Having Ghanaians at the helm of the country’s minerals and mining sector is key to maximising national benefits, local value retention and economic transformation,” he told the media.

The GoldBod CEO also criticised what he described as the low contribution of large-scale mining companies to government efforts aimed at building foreign reserves, and challenged the wider industry to follow the example set by Damang Gold Mine.

“I urge other large-scale mining companies to emulate the good example set by the Damang Gold Mine,” Mr. Gyamfi said. “This is imperative for the actualisation of the objects of the Ghana Accelerated National Reserve Accumulation Program (GANRAP), launched by government and approved by Parliament.”

Under the arrangement, the bullion will be assayed, valued and purchased by GoldBod on behalf of the Bank of Ghana, then refined and added to the central bank’s gold holdings.

The deal reflects a deepening alignment between indigenous producers and state institutions, positioning domestically produced gold as a direct tool for strengthening foreign reserves and supporting macroeconomic stability.