Ghana’s Damang Gold Mine Limited, now under the control of businessman Ibrahim Mahama, has delivered its first full batch of 110 kilograms of gold to the state-owned Gold Board in a move aimed at boosting the country’s foreign reserve position.
The development forms part of a wider government strategy to increase local ownership of strategic gold assets, including the Damang Mine, following recent policy changes that favour Ghanaian operators. The aim is to retain more value within the domestic economy while expanding participation in the mining sector.
About 110kg of gold was handed over to the Gold Board’s assay facility in Accra on Thursday, May 30, 2026.
The shipment will undergo testing and valuation before being purchased on behalf of the Bank of Ghana. It will then be refined and added to the country’s official reserves, giving an early lift to Ghana’s gold-backed reserve programme.
Local ownership push reshapes mining landscape
Receiving the delegation from Damang, led by Mahama, Chief Executive Officer of the Gold Board, Sammy Gyamfi, described the transaction as evidence of the importance of increased Ghanaian participation in mining activities.
He stressed that stronger domestic control of mineral resources is essential for improving foreign exchange stability and strengthening long-term economic resilience.
Gyamfi also criticised the historically limited role of large-scale mining companies in building national reserves, encouraging other operators to follow Damang’s approach.
He explained that such gold deliveries are a key part of the Ghana Accelerated National Reserve Accumulation Programme, which is designed to strengthen external buffers amid currency pressures and balance-of-payments challenges.
The milestone follows a major shift in government policy aimed at prioritising Ghanaian ownership within the extractive industry.
A notice issued on March 24 by Lands Minister Emmanuel Armah-Kofi Buah stated that only fully Ghanaian-owned firms would qualify to operate certain mining concessions, effectively excluding foreign companies from bidding.
Following this directive, Engineers & Planners, a local mining firm owned by Mahama, was selected to take over operations at Damang after meeting strict financial and technical requirements, including proof of access to more than $505 million in funding.
Although Ghana remains Africa’s leading gold producer, multinational companies have historically dominated the sector, limiting the share of value retained locally.
The Damang gold delivery is therefore seen as part of a broader effort to shift that balance, ensuring that more production directly supports national reserves and strengthens economic stability.