Damang Gold Mine sells 100% of 110kg first gold output to Gold Board in boost to reserves

Ghana Gold Board has received the full amount of the initial gold output from Damang Gold Mine Limited, a development that officials have hailed as a significant move to support the country's foreign reserves.

The Chief Executive Officer of GoldBod, Sammy Gyamfi, announced the development after a meeting with a delegation from Damang Gold Mine at the GoldBod Assay Laboratory located at the Accra International Airport.

The mine, owned by Ibrahim Mahama, delivered approximately 110 kilogrammes of gold, all of which will be assayed, valued, and purchased by GoldBod on behalf of the Bank of Ghana. The gold will subsequently be refined and added to the central bank's gold reserves.

Mr Gyamfi emphasized that this transaction represents a crucial step in bolstering Ghana's foreign reserves and supports the government's Ghana Accelerated National Reserve Accumulation Programme.

He underscored the importance of having Ghanaians play leading roles in the mining sector to ensure the country maximizes benefits from its natural resources.

The GoldBod CEO also expressed concern regarding the low level of participation by large-scale mining companies in efforts to build the country's reserves. He called on other mining firms to follow the example set by Damang Gold Mine to help enhance Ghana's economic stability.

Officials anticipate that this move will contribute positively to the country's reserve position and overall economic transformation.