The Chief Executive Officer of GoldBod, Sammy Gyamfi, has called for a national conversation on the role of large-scale mining companies in strengthening Ghana’s gold reserves, following a landmark transaction by Damang Gold Mine Ltd.
According to Mr. Gyamfi, the decision by Damang Gold Mine Ltd, owned by businessman Ibrahim Mahama, to sell 100% of its first gold output to GoldBod, with support from the Bank of Ghana, should serve as a wake-up call to the industry.
“This bold and patriotic step by Damang Gold Mine must challenge us as a nation to begin a serious conversation about the need for large-scale mining companies to contribute meaningfully to Ghana’s gold reserve accumulation,” Mr. Gyamfi stated.
He noted that while artisanal and small-scale miners (ASMs) continue to play a significant role in gold supply, contributing an estimated 104 metric tonnes, the output from large-scale mining companies directed toward national reserves remains comparatively low.
“It is imperative that we reassess the current dynamics. The disparity between ASM contributions and those of large-scale mining firms raises important questions about how we can better align our extractive sector with national economic priorities,” he added.
Mr. Gyamfi commended Mr. Mahama for what he described as a “commendable show of leadership and commitment to national development,” emphasizing that such actions reinforce the broader agenda of local value retention and economic resilience.
The transaction is expected to boost Ghana’s gold reserves while setting a precedent for increased collaboration between the private sector and state institutions in the management of the country’s mineral wealth.
