Ibrahim Mahama’s Damang Mine sells entire first output to GoldBod

Damang Gold Mine Limited, owned by Ghanaian businessman Ibrahim Mahama, has sold 100 per cent of its first gold output to the Ghana Gold Board (GoldBod) in what officials have described as a landmark transaction aimed at strengthening the country’s foreign reserves.

The consignment, weighing about 110 kilogrammes, was delivered to GoldBod’s assay laboratory in Accra on Thursday, May 30, 2026, where it will undergo valuation and processing before being purchased on behalf of the Bank of Ghana.

Once completed, the gold will be refined and added to the central bank’s reserves, in line with ongoing efforts to deepen Ghana’s external buffers.

The Chief Executive Officer of GoldBod, Sammy Gyamfi, received a delegation from the mining firm led by Mr Mahama and described the transaction as a significant step in enhancing local participation in the minerals sector.

He noted that Ghanaian ownership and leadership within the mining industry were essential to ensuring that the country derived maximum value from its natural resources while promoting economic transformation.

Mr Gyamfi also raised concerns about what he termed the relatively low contribution of large-scale mining companies to the country’s foreign reserve build-up, urging industry players to follow the example set by Damang Gold Mine.

According to him, such initiatives are critical to the success of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), a government-backed policy designed to increase the nation’s gold holdings and stabilise the economy.