Ibrahim Mahama-led Damang mine delivers first 110kg of gold to Bank of Ghana after ownership takeover
Ghana’s Damang Gold Mine Limited, now controlled by businessman Ibrahim Mahama, has offloaded its entire first batch of 110kg of gold production to the state-backed Gold Board, in a move aimed at strengthening the country’s foreign reserves.
Black News 
Ghana’s Damang Gold Mine Limited, now controlled by businessman Ibrahim Mahama, has offloaded its entire first batch of 110kg of gold production to the state-backed Gold Board, in a move aimed at strengthening the country’s foreign reserves.
- Damang Gold Mine Limited sold its first gold batch to Ghana's state-backed Gold Board.
- About 110 kg of gold was delivered for testing, valuation, and eventual addition to the Bank of Ghana's reserves.
- This sale comes amid policy changes prioritizing local ownership of mining assets to retain more economic value within Ghana.
- The Gold Board's CEO highlighted that such transactions are crucial for Ghana's Accelerated National Reserve Accumulation Programme.
This comes amid Ghana’s broader push to tighten control over key gold assets, including the Damang Mine, following a recent shift in ownership to local operators under a policy drive to expand domestic participation in the mining sector and retain more value within the economy.
Roughly 110 kilogrammes of gold were delivered to the Gold Board’s assay laboratory in Accra on Thursday, May 30, 2026.
The consignment will be tested, valued, and purchased on behalf of the Bank of Ghana before being refined and added to national reserves, marking an early boost to the country’s gold-backed reserve strategy.
Sammy Gyamfi, Chief Executive Officer of the Gold Board, who received the Damang delegation led by Mahama, said the transaction reflects the importance of greater local involvement in mining.
He noted that expanding Ghanaian control over mineral resources is key to strengthening foreign exchange buffers and improving long-term economic resilience.
Push for local control reshapes Ghana’s mining sector
Gyamfi also raised concerns over what he characterised as the historically limited contribution of large-scale mining firms to Ghana’s reserve accumulation, urging other operators to follow Damang’s example.
According to him, such transactions are central to the government’s Ghana Accelerated National Reserve Accumulation Programme, which seeks to bolster external buffers amid ongoing currency and balance-of-payments pressures.
The milestone follows a decisive policy shift by authorities to prioritise indigenous ownership in the extractive sector.
Recall in a March 24 notice, Lands Minister Emmanuel Armah-Kofi Buah had stated that only companies fully owned by Ghanaian citizens would be eligible to operate certain mining assets, effectively shutting 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 remains Africa’s largest gold producer, the sector has long been dominated by multinational firms, limiting domestic value capture.
The Damang transaction signals a broader push to reverse that trend by ensuring more gold output directly supports national reserves and economic stability.
