Ibrahim Mahama’s Damang Gold Mine Limited has made a landmark move by selling 100% of its first gold output to the Ghana Gold Board (GoldBod), a significant step towards strengthening Ghana’s foreign reserves. According to GOLDBOD, the transaction, which involved approximately 110 kilograms of gold, was hailed as a historic milestone in the country’s mining sector.
The Chief Executive Officer of GoldBod, Sammy Gyamfi, received a delegation from Damang Gold Mine at the GoldBod Assay Laboratory in Accra, where he emphasized the importance of local participation in the mining sector. Gyamfi stated that having Ghanaians at the helm of the country’s minerals and mining sector is crucial for maximizing national benefits and driving economic transformation.
The gold will be assayed, valued, and purchased by GoldBod on behalf of the Bank of Ghana, refined, and added to the central bank’s gold holdings. This move is expected to contribute significantly to Ghana’s foreign reserve accumulation efforts, aligning with the objectives of the Ghana Accelerated National Reserve Accumulation Program (GANRAP).
Gyamfi expressed concern over the limited contribution of large-scale mining companies to Ghana’s foreign reserve accumulation efforts, urging others to emulate Damang Gold Mine’s example. He emphasized that such commitments are vital to achieving the objectives of GANRAP, which aims to boost Ghana’s gold holdings and reduce reliance on external reserves.
The transaction marks a significant step in aligning private sector mining output with national economic priorities, particularly efforts to bolster Ghana’s reserve buffers through increased gold holdings. As Ghana continues to navigate its economic challenges, this move is seen as a positive development in strengthening the country’s financial stability.
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Source: Stella Sunu
