In a historic move for the nation’s extractive industry, the Damang Gold Mine—owned by businessman Ibrahim Mahama—has sold its entire first gold output to GoldBod and the Bank of Ghana.
The strategic transaction is specifically designed to support the country’s national reserves and enhance macroeconomic stability.
The development was announced by the Chief Executive Officer of GoldBod, Sammy Gyamfi, who described the sale as a major milestone for Ghana’s financial sovereignty.
During his remarks, Gyamfi emphasised that the partnership represents a significant step toward strengthening gold reserves and improving foreign exchange stability.
He noted that the initiative reflects a successful synergy between private enterprise and the state’s broader economic objectives.
“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.”
Gyamfi further explained that this collaboration reinforces the government’s ongoing strategy to leverage natural resources as a means of shoring up the economy.
“What we are witnessing is a strong alignment between private sector participation and national economic priorities,” he stated.
Describing the transaction as both historic and unprecedented, the CEO highlighted the unique nature of the agreement.
“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 added.
He indicated that this successful cooperation could serve as a definitive model for the wider mining sector.
