Damang Gold Mine Limited, a mining company owned by businessman Ibrahim Mahama, has sold its entire initial gold output to the Ghana Gold Board (GoldBod) in a significant move aimed at strengthening Ghana’s foreign exchange reserves.
The transaction, which officials described as a landmark development, saw the delivery of about 110 kilogrammes of gold to the GoldBod assay facility in Accra on Thursday, May 30, 2026.
The gold is expected to undergo testing and valuation before being purchased on behalf of the Bank of Ghana. Once refined, it will be added to the country’s official gold reserves as part of efforts to enhance reserve accumulation and support macroeconomic stability.
Speaking during the handover, GoldBod Chief Executive Officer Sammy Gyamfi said the deal reflects the increasing importance of indigenous participation in Ghana’s mining industry.
According to him, stronger local involvement in the extraction and trade of mineral resources is key to ensuring that more value from Ghana’s natural wealth remains within the country, helping to drive economic growth and long-term development.
Mr. Gyamfi also raised concerns about what he described as the limited contribution of some large-scale mining firms toward Ghana’s foreign reserve accumulation efforts. He called on other mining companies to emulate Damang Gold Mine Limited by channeling more of their gold production through GoldBod.
He added that such partnerships are critical to the success of the government’s Ghana Accelerated National Reserve Accumulation Programme, an initiative designed to strengthen the country’s external reserve position and improve economic resilience.
