Ghana’s efforts to deepen its gold-backed reserves received a boost after Damang Gold Mine Limited sold its entire first gold output to the Ghana Gold Board in a landmark transaction.
The consignment, amounting to about 110 kilogrammes, was delivered to the Board’s assay facility in Accra, where it will undergo valuation before being purchased for the Bank of Ghana and added to the country’s reserves.
The deal is being viewed as a strategic step toward strengthening Ghana’s foreign exchange buffers, particularly under the government’s reserve accumulation agenda.
Chief Executive Officer of GoldBod, Sammy Gyamfi, described the transaction as a significant example of how local participation in the mining sector can directly support national economic goals.
He noted that increased domestic control and retention of mineral value remain critical to building resilience in the economy, while also expressing concern over the limited role some large-scale mining firms play in contributing to the country’s reserves.
The delegation from Damang was led by businessman Ibrahim Mahama, whose company’s move is expected to set a precedent for other industry players.
The gold will subsequently be refined and incorporated into Ghana’s reserve stock, reinforcing efforts to stabilise the currency and support long-term economic growth.
