Ibrahim Mahama’s Damang Gold Mine sells its first 110kg gold to Sammy Gyamfi-led GoldBod

• Damang Gold Mine, owned by Ibrahim Mahama, sold its first 110kg of gold to GoldBod.

• The gold will be processed and added to the Bank of Ghana’s reserves.

• Officials say the move supports efforts to strengthen Ghana’s foreign reserves.

Ibrahim Mahama’s Damang Gold Mine Limited has delivered and sold its first gold output, approximately 110 kilogrammes, to the Ghana Gold Board (GoldBod) in a move aimed at supporting the country’s foreign reserve accumulation.

The transaction took place at the GoldBod Assay Laboratory at the Accra International Airport, where the Chief Executive Officer of GoldBod, Sammy Gyamfi, received the Damang team and addressed the media on the significance of the development.

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Mr Gyamfi described the deal as a major step towards strengthening Ghana’s gold reserve strategy, noting that increased local participation in the mining sector is essential for maximising national benefits and driving economic transformation.

He expressed concern about the limited contribution of large-scale mining firms to the country’s foreign exchange reserves and called on industry players to follow the example set by Damang Gold Mine.

According to him, such commitments are critical to achieving the objectives of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which seeks to boost the country’s gold holdings and reduce reliance on external reserves.

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The gold delivered by Damang Gold Mine will undergo assay and valuation before being purchased by GoldBod on behalf of the Bank of Ghana. It will then be refined and added to the central bank’s gold reserves.

The development marks one of the first major transactions under the government’s renewed push to leverage Ghana’s gold resources to strengthen macroeconomic stability.

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Engineers and Planners recently secured the Damang Mine lease after emerging as the top bidder in a competitive process.

The company scored highly across technical expertise, methodology, and local content requirements, underlining its strong position in Ghana’s mining sector.