Sammy Gyamfi, Chief Executive Officer of Ghana Gold Board (GOLDBOD), has announced that the Damang Gold Mine has sold 100 percent of its first gold output to GOLDBOD and the Bank of Ghana (BoG).

The mine, owned by businessman Ibrahim Mahama, directed the entirety of its initial production to these state-backed institutions to support the country’s national reserves and enhance foreign exchange stability.

A Major Milestone

Mr Gyamfi described the transaction as a significant step in aligning private sector operations with national economic priorities.

“This is a major milestone for Ghana,” Gyamfi stated.

“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 noted that the move reinforces the government’s broader strategy of using gold resources to shore up the national economy.

Unprecedented Private-Sector Collaboration

Emphasising the historic nature of the sale, Gyamfi pointed out that this level of commitment from a private mining company is a first for the country.

“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.

Future Outlook

The CEO expressed optimism that this transaction could serve as a blueprint for the mining sector. By prioritizing state-backed reserve accumulation, Gyamfi believes such collaborations will help boost national revenue and increase long-term economic resilience.