Sammy Gyamfi, Ibrahim Mahama and other officials
Damang Gold Mine Limited, has sold its first 110 kilogrammes gold output to the Ghana Gold Board (GoldBod), to help boost the country’s foreign reserves.
The 100% first gold output was delivered to GoldBod’s assay laboratory in Accra for it to be assayed, valued, and purchased on behalf of the Bank of Ghana (BoG), before being refined and added to the country’s gold reserves.
GoldBod’s Chief Executive Officer, Sammy Gyamfi, who received a delegation from Damang Gold Mine, led by Ibrahim Mahama, said the development highlights the importance of local participation in the mining sector.
He stated that Ghanaians leading operations in the minerals industry is key to maximising national benefits, retaining value locally, and driving economic transformation.
“What we are witnessing is a strong alignment between private sector participation and national economic priorities. This is a major milestone 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.
Mr. Gyamfi also said contribution of large-scale mining firms to the country’s foreign reserve accumulation is important and, therefore, urged other companies to emulate Damang Gold Mine’s example.
He said such supports are critical to advancing the government’s Accelerated National Reserve Accumulation Programme, which seeks to strengthen the country’s external reserves.
The Damang Mine, located in the Western Region, is one of the country’s major gold-producing assets and has contributed significantly to the mining industry for decades.
The Damang Mine, formerly operated by Gold Fields Ghana Limited, was officially handed over to Engineers and Planners (E&P) Limited following the company’s bid for the concession.
The transition follows the expiration of the Damang Mine lease previously held by Gold Fields Ghana Limited, which had operated the mine for about 30 years.
The Gold Fields lease originally expired in April 2025, but the government granted a one-year extension which also expired on April 18, 2026, to allow for an orderly transition process.
By Ebenezer K. Amponsah