Omanghana
The Damang Gold Mine has delivered 110 kilograms of gold to the Ghana Gold Board, marking 100 percent of its first production output under new ownership in what is being described as a landmark moment for Ghana’s mining sector.
The transaction is significant because it represents the first time a large-scale private mining operation has committed its entire initial gold output to a state-backed institution to support national reserve accumulation.
The development follows the recent acquisition of the Damang mine by Engineers and Planners, a local firm owned by Ibrahim Mahama, from Gold Fields on April 18, 2026. The transition marks a major step in increasing indigenous participation in Ghana’s mining industry.
The gold was received at the GoldBod Assay Laboratory located at Kotoka International Airport, where it will undergo testing and valuation before being purchased on behalf of the Bank of Ghana and added to the country’s official gold reserves.
According to GoldBod Chief Executive Officer Sammy Gyamfi, the transaction was conducted in Ghanaian cedis rather than U.S. dollars. This approach is intended to reduce pressure on foreign exchange reserves and strengthen the local currency.
The move aligns with the government’s broader Ghana Accelerated National Reserve Accumulation Program, which aims to increase the country’s gold holdings. While large-scale mining companies are typically required to sell only a portion of their output—around 20 percent—to the state, the full 100 percent sale by Damang is being positioned as a benchmark for greater local value retention and national economic benefit.
Industry observers say the deal could signal a shift in how Ghana manages its mineral resources, with increased emphasis on domestic control, currency stability, and long-term reserve building.
Source: Omanghana
