In a bid to support the accumulation of foreign reserves, Damang Gold Mine Ltd, owned by businessman Ibrahim Mahama, has sold 100% of its first gold output to the Ghana Gold Board.
The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, received a delegation from Damang Gold Mine led by Mr. Ibrahim Mahama at the GoldBod Assay Laboratory in Accra, where he briefed the media on the historic transaction.
He noted that having Ghanaians at the helm of the country’s minerals and mining sector is critical to maximising national benefits, promoting local value retention, and driving economic transformation.
The Chief Executive Officer also expressed concern about the relatively low contribution of large-scale mining companies to Ghana’s foreign reserve accumulation efforts.
He urged other large-scale miners to emulate the example set by Damang Gold Mine, describing it as essential for the successful implementation of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which has been launched by government and approved by Parliament.
The first gold output from Damang Mine delivered to the GoldBod weighs approximately 110kg. The gold will be assayed, valued, and purchased by the Ghana Gold Board on behalf of the Bank of Ghana, refined, and added to the Central Bank’s gold holdings.
