Businessman Ibrahim Mahama’s Damang Gold Mine Limited has sold 100 percent of its first gold output—about 110 kilograms—to the Ghana Gold Board (GoldBod) for and on behalf of the Bank of Ghana in what officials describe as a major step toward strengthening Ghana’s foreign reserves.
The transaction was announced on Wednesday, April 30, 2026, when a delegation from Damang Gold Mine led by Mr. Mahama visited the GoldBod Assay Laboratory in Accra, where the Chief Executive Officer of GoldBod, Sammy Gyamfi, received the team and briefed the media.
According to Mr. Gyamfi, the delivery marks a historic moment under government’s efforts to increase gold reserves and improve foreign exchange stability through the Ghana Accelerated National Reserve Accumulation Programme (GANRAP).
He stressed that placing Ghanaians at the center of the country’s minerals and mining sector is critical to ensuring that the nation derives maximum benefit from its natural resources through local value retention and broader economic transformation.
Mr. Gyamfi also expressed concern over what he described as the low contribution of many large-scale mining companies to the government’s foreign reserve accumulation drive.
He urged other major mining firms operating in the country to follow the example of Damang Gold Mine by channeling more of their gold output through GoldBod to support the national reserve programme.
“The participation of large-scale mining companies is crucial to the success of GANRAP and the broader effort to stabilize the economy,” he indicated.
The 110 kilograms of gold delivered to GoldBod will undergo assay and valuation before being purchased on behalf of the Bank of Ghana. It will then be refined and added to the central bank’s gold reserves.
The move is expected to strengthen Ghana’s reserve position while reinforcing government’s strategy of using gold purchases to support macroeconomic stability and reduce pressure on the local currency.
