Historic First: Ibrahim Mahama’s Damang Mine Sells 110kg of Gold to BoG | Discuss Ghana

In a major move for Ghana’s economic sovereignty, Damang Gold Mine Ltd., owned by businessman Ibrahim Mahama, has officially sold 100% of its first gold output to the Ghana Gold Board (GoldBod). The transaction is the first of its kind from a wholly Ghanaian-owned large-scale mine and is aimed directly at boosting the nation’s foreign reserves.

The historic handover of 110kg of gold took place at the GoldBod Assay Laboratory in Accra, where Ibrahim Mahama and his team were received by the CEO of GoldBod, Sammy Gyamfi, Esq.

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Strengthening the Cedi and National Reserves

The gold will be assayed and valued before being refined and added to the Bank of Ghana’s (BoG) central holdings.

GANRAP Support: This transaction is a key part of the Ghana Accelerated National Reserve Accumulation Program (GANRAP). This government initiative was designed to increase the amount of physical gold the Central Bank holds to stabilize the Cedi and provide a buffer against global economic shocks.

Call to Action: Sammy Gyamfi used the event to challenge other large-scale mining companies—many of which are foreign-owned—to follow Ibrahim Mahama’s lead. He expressed concern that many big mining firms are not contributing enough to the country's efforts to build up its national reserves.

Local Ownership: The CEO emphasized that having a Ghanaian-owned company at the forefront of the mining sector ensures that wealth stays within the country, supporting local value retention and economic growth.