Accra, Ghana — On May 30, 2026, the Damang Gold Mine, now under the leadership of businessman Ibrahim Mahama, delivered its first batch of 110kg of gold to the Ghana Gold Board. This significant milestone marks the first instance of a large-scale mining firm in Ghana selling its entire initial production directly to the state, a move that underscores the government’s commitment to bolstering the Bank of Ghana’s national reserves.
The transaction is a pivotal element of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which seeks to enhance the country’s foreign exchange reserves and economic stability. It also reflects the government’s strategic shift towards prioritizing indigenous ownership in the mining sector, a move aimed at retaining more economic value within Ghana’s borders.
The Damang Gold Mine’s contribution to the state’s reserves is expected to have a substantial impact on the country’s economic resilience, particularly as it navigates ongoing currency and balance-of-payments pressures. Sammy Gyamfi, CEO of the Gold Board, emphasized the importance of such transactions in expanding Ghanaian control over mineral resources and strengthening foreign exchange buffers.
The transition of Damang Mine to a fully Ghanaian — owned company, led by Engineers and Planners (E&P), follows a government directive that favors 100% Ghanaian-owned companies in operating certain mining assets. This move is seen as a strategic step towards indigenization and the control of natural resources in the country.
The delivery of the gold to the Gold Board’s assay laboratory in Accra is anticipated to be tested, valued, and purchased on behalf of the Bank of Ghana, further adding to the nation’s gold-backed reserve strategy.
As Ghana remains Africa’s largest gold producer, the Damang Gold Mine’s first gold delivery could set a precedent for the mining sector and its role in the country’s economic stability.
*Additional reporting by ImNews | Sources consulted: 5*
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This original article was produced by the ImNews editorial team
Source: Africa.businessinsider
Source: Solomon Ekanem
