By Lawrence Odoom/Phalonzy
Ibrahim Mahama’s Damang Gold Mine Ltd. has sold the entirety of its first gold production to Gold Board, marking a decisive shift in how locally owned mines contribute to national reserve accumulation.
The consignment was formally handed over today at the GoldBod Assay Laboratory in Accra. Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi Esq., received the Damang Gold Mine delegation led by Mr. Ibrahim Mahama and briefed the media on what he termed a “historic transaction.”
Gyamfi stressed that domestic control of the minerals and mining sector is central to economic sovereignty.
“Having Ghanaians at the helm of the country’s minerals and mining sector is key to maximizing national benefits, local value retention and economic transformation,” he stated.
He criticized the “low contribution of large-scale mining companies to foreign reserve accumulation efforts of government,” and challenged the industry to follow suit.
“I urge other large-scale mining companies to emulate the good example set by the Damang Gold Mine,” Gyamfi said. “This is imperative for the actualization of the objects of the Ghana Accelerated National Reserve Accumulation Program, GANRAP, launched by government and approved by Parliament.”
The maiden delivery weighed roughly 110 kilograms. The bullion will be “assayed, valued and purchased by the GoldBod for and on behalf of the Bank of Ghana, refined and added to the Central Bank’s gold holdings.”
The deal signals a deepening alignment between indigenous producers and state institutions, positioning Ghana’s gold output as a direct instrument for fortifying foreign reserves and enhancing macroeconomic stability.