Historic Transaction: Damang Mine sells 100% of first gold output to GoldBod.

Damang Mine Sells First Gold Output to GoldBod.

Damang Gold Mine Limited, a company owned by Ibrahim Mahama, has taken a significant step by selling 100% of its first gold output to the Ghana Gold Board (GoldBod). This move is aimed at boosting Ghana's foreign reserves and is seen as a historic event for the country's mining sector.

Historic Transaction.

On Thursday, May 30, 2026, approximately 110 kilograms of gold were delivered to the Gold Board's assay laboratory in Accra. This transaction marks a pivotal moment as the gold is set to be assayed, valued, and purchased on behalf of the Bank of Ghana (BoG). Following this process, the gold will be refined and incorporated into the nation's gold reserves.

Importance of Local Participation.

Sammy Gyamfi, the Chief Executive Officer of GoldBod, emphasized the significance of this development. He highlighted the importance of local participation in the mining sector, stating that having Ghanaians lead operations is crucial for maximizing national benefits. According to Mr. Gyamfi, retaining value locally and driving economic transformation are key advantages of this approach.

Encouraging Local Efforts.

Mr. Gyamfi also pointed out the concern regarding the low contribution of large-scale mining firms to the country's foreign reserve accumulation. He urged other companies to follow Damang Mine's example, noting that such initiatives are essential for advancing the government's Ghana Accelerated National Reserve Accumulation Programme. This program is aimed at strengthening the country's external reserves.

The transaction between Damang Mine and GoldBod not only underscores the potential for local firms to contribute significantly to the economy but also sets a precedent for other companies in the industry to enhance Ghana's economic stability and growth.