Damang mine sells entire first gold output to BoG

Ghana’s gold sector has recorded an unprecedented moment after the Damang Gold Mine committed the whole of its first production output to the country’s state-backed institutions, in a move being described as a landmark alignment between private enterprise and national economic strategy.

GoldBod Chief Executive Sammy Gyamfi announced that the mine, owned by businessman Ibrahim Mahama, had sold 100 percent of its initial gold output to GoldBod and the Bank of Ghana to bolster the country’s national reserves.

“This is a major milestone for Ghana. The Damang Gold Mine has sold 100 per cent of its first gold output to GoldBod and the Bank of Ghana to support our national reserves,” he said.

Gyamfi framed the transaction as historic, stressing that nothing like it had occurred before in Ghana’s mining history. “This has never happened in the history of Ghana, where a private gold mining company commits all of its initial production to state-backed institutions for reserve accumulation,” he said.

Beyond the immediate transaction, he pointed to its broader economic significance, particularly its potential to stabilize foreign exchange and strengthen Ghana’s reserve position. “What we are witnessing is a strong alignment between private sector participation and national economic priorities,” he said, describing the development as a reinforcement of government’s broader strategy of leveraging gold to shore up the economy.

Gyamfi expressed hope that the Damang model could inspire similar commitments across the mining sector, positioning it as a template for driving national revenue and building long-term economic resilience.

Source: myjoyonline.com