The Chief Executive Officer of GoldBod, Sammy Gyamfi, has announced that the Damang Gold Mine, owned by businessman Ibrahim Mahama, has sold 100 per cent of its first gold output to GoldBod and the Bank of Ghana to support the country’s national reserves.

“This is a major milestone for Ghana,” Mr Gyamfi stated.

“The Damang Gold Mine has sold 100 per cent of its first gold output to GoldBod and the Bank of Ghana to support our national reserves.”

According to him, the development represents a significant step toward strengthening Ghana’s gold reserves and enhancing foreign exchange stability.

“What we are witnessing is a strong alignment between private sector participation and national economic priorities,” he said, adding that the move reinforces government’s strategy of leveraging gold resources to shore up the economy.

Mr Gyamfi emphasised the historic nature of the transaction, noting that it is unprecedented.

“This has never happened in the history of Ghana, where a private gold mining company commits all of its initial production to state-backed institutions for reserve accumulation,” he stressed.

He expressed optimism that the collaboration could serve as a model for the mining sector to boost national revenue and economic resilience.