Damang Gold Mine Limited, owned by businessman Ibrahim Mahama, has sold 100 percent of its first gold output to the Ghana Gold Board in a move aimed at strengthening Ghana’s foreign reserves.
The transaction, described as historic, took place at the GoldBod Assay Laboratory in Accra on Friday, April 30, where the Chief Executive Officer of GoldBod, Sammy Gyamfi, received a delegation from the mine led by Mr. Mahama.
Mr. Gyamfi emphasised that Ghanaian ownership and leadership within the minerals and mining sector remain critical to maximising national benefits, enhancing local value retention, and driving economic transformation.
He also expressed concern over what he described as the relatively low contribution of large-scale mining companies to the country’s foreign reserve accumulation efforts, urging industry players to emulate the example set by Damang Gold Mine Limited.
According to him, such efforts are essential to the success of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), an initiative launched by government and approved by Parliament to strengthen the country’s economic resilience.
The initial gold output delivered to the Gold Board is estimated at approximately 110 kilogrammes. The consignment will be assayed, valued and purchased by the Gold Board on behalf of the Bank of Ghana, before being refined and added to the central bank’s gold reserves.
The development marks a significant step in Ghana’s strategy to leverage its mineral resources to stabilise the economy and improve foreign exchange reserves.
The transaction has also been hailed as a model for increased local participation and value addition within Ghana’s mining sector, with expectations that more companies will align with similar initiatives in the coming months.
Source: Starrfm.com.gh
