Ibrahim Mahama wey own Damang Mine don sell 110kg gold to Bank of Ghana

Ghana Damang Gold Mine Limited, wey businessman Ibrahim Mahama dey control now, don offload im first batch of gold production, wey be 110 kilogrammes, to the state-backed Gold Board. Dis move na to help strengthen the country foreign reserves.

Dis one come as Ghana dey push to tighten control over key gold assets, including Damang Mine, after the ownership shift to local operators. The policy drive na to expand domestic participation for the mining sector and retain more value inside the economy.

Roughly 110 kilogrammes of gold were delivered to the Gold Board assay laboratory for Accra on Thursday, May 30, 2026. The consignment go be tested, valued, and purchased on behalf of the Bank of Ghana before dem refine am and add to national reserves. Dis one be early boost to the country gold-backed reserve strategy.

Sammy Gyamfi, wey be Chief Executive Officer of the Gold Board, receive the Damang delegation led by Mahama. He say the transaction show the importance of greater local involvement for mining. He note say expanding Ghanaian control over mineral resources be key to strengthen foreign exchange buffers and improve long-term economic resilience.

Gyamfi raise concern about wetin he call historically limited contribution of large-scale mining firms to Ghana reserve accumulation. He urge other operators to follow Damang example. According to am, such transactions be central to the government Ghana Accelerated National Reserve Accumulation Programme, wey dey seek to bolster external buffers amid ongoing currency and balance-of-payments pressures.

The milestone follow a decisive policy shift by authorities to prioritise indigenous ownership for the extractive sector. Recall say for March 24 notice, Lands Minister Emmanuel Armah-Kofi Buah state say only companies fully owned by Ghanaian citizens go fit operate certain mining assets, wey effectively shut out foreign bidders.

Subsequently, Engineers & Planners, the indigenous mining firm led by Mahama, was selected to take over Damang after meeting stringent financial and technical requirements, including demonstrating access to over $505 million in funding.

While Ghana remain Africa largest gold producer, the sector don long dey dominated by multinational firms, wey limit domestic value capture. The Damang transaction signal a broader push to reverse that trend by ensuring more gold output directly support national reserves and economic stability.