Omanghana
Ibrahim Mahama’s Damang Gold Mine has successfully delivered 100% of its second gold production output to the Ghana Gold Board (GoldBod), reinforcing Ghana’s strategy to retain more mineral wealth within the domestic economy.
The milestone transaction took place on May 18, 2026, at the GoldBod Assay Centre located at the Kotoka International Airport in Accra.
According to officials, the second consignment consisted of 121 kilograms of gold, equivalent to approximately 3,400 ounces.
The latest delivery represents an increase from the mine’s inaugural transaction with GoldBod, which recorded a shipment of approximately 103 kilograms of gold earlier this year.
The Damang Gold Mine’s decision to supply its entire output to GoldBod significantly exceeds current national policy requirements, which mandate that large-scale mining firms sell between 20% and 30% of their gold production to the state.
Officials say the gold will undergo valuation and processing before being transferred to the Bank of Ghana for refining and inclusion in the country’s foreign exchange reserves and national gold holdings.
The Damang operation is currently managed by Engineers and Planners (E&P), a wholly Ghanaian-owned firm led by Ibrahim Mahama.
Speaking on the significance of the arrangement, GoldBod Technical Director Michael Arko stated that full domestic gold sales allow Ghana to retain a greater share of the economic value generated from its mineral resources.
He noted that the approach differs from the traditional mining model in which most large-scale gold producers export the majority of their output directly to international markets.
Government officials also emphasized that purchasing locally produced gold in Ghana cedis rather than U.S. dollars strengthens the country’s external reserves, reduces pressure on foreign currency demand, and supports long-term macroeconomic stability.
The transaction forms part of broader national efforts to deepen Ghana’s domestic participation in the gold value chain while strengthening reserve accumulation strategies led by the central bank.
Source: Omanghana
