Damang Gold Mine Limited has taken a significant step in Ghana’s efforts to strengthen its foreign reserves by selling its entire initial gold output to the Ghana Gold Board (GoldBod), in what officials are describing as a milestone transaction.
The consignment, weighing approximately 110 kilogrammes, was delivered to GoldBod’s assay laboratory 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 and subsequently refined for inclusion in the country’s reserves.
The move aligns with ongoing national efforts to bolster foreign exchange buffers and reduce reliance on external sources of reserve accumulation.
Chief Executive Officer of GoldBod, Sammy Gyamfi, received a delegation from the mining company led by businessman Ibrahim Mahama and praised the initiative as a demonstration of the potential benefits of local participation in the extractive sector.
According to him, Ghanaian-led operations in mining are crucial to ensuring that more value is retained within the domestic economy, while also supporting broader economic transformation goals.
He noted that the contribution of many large-scale mining companies to Ghana’s reserve build-up has remained limited, stressing the need for industry players to adopt similar approaches.
Mr Gyamfi further indicated that such transactions are central to the government’s Ghana Accelerated National Reserve Accumulation Programme, which seeks to strengthen the country’s external reserves and enhance macroeconomic stability.
The Damang transaction is expected to serve as a model for future collaboration between mining firms and the state as Ghana intensifies efforts to maximise returns from its natural resources.
