Omanghana
Ghana has recorded a major milestone in its effort to retain more value from its natural resources, following the sale of 110 kilograms of gold to the state on April 30, 2026. The transaction marks a significant shift in how mineral wealth is managed within the country.
In a move that has drawn widespread attention, Engineers and Planners (E&P), the indigenous mining firm owned by Ibrahim Mahama, sold 100 percent of its first production batch from the Damang mine to the Ghana Gold Board. This goes beyond the usual requirement for large-scale mining companies, which are typically mandated to sell only about 20 percent of their output to the state.
The decision is being seen as a strong boost to Ghana’s economic strategy. By channeling the gold directly to the Bank of Ghana, the country is able to increase its gold reserves, strengthening a key financial buffer that supports long-term economic stability.
Another important aspect of the deal is the method of payment. The transaction was conducted in Ghanaian cedis rather than U.S. dollars, helping to reduce pressure on the country’s foreign exchange reserves while supporting the stability of the local currency.
The development also signals a broader shift toward indigenous participation in the mining sector. This is the first major production cycle since E&P took over the Damang mine from Gold Fields earlier in April 2026, highlighting a new phase of local ownership and control in Ghana’s gold industry.
Before being added to the country’s reserves, the gold was processed and verified at the GoldBod Assay Laboratory located at Kotoka International Airport to ensure it met international purity standards.
The transaction is widely viewed as a model for how Ghana can maximize the benefits of its mineral resources by strengthening local ownership, preserving foreign exchange, and building national reserves.
Source: Omanghana
