The Head of Communications for the Ghana Gold Board (GoldBod), Prince Minkah, has urged other large-scale mining companies to emulate Damang Gold Mine Limited following its decision to commit 100% of its initial gold output to the Gold Board, describing it as a landmark move that could reshape Ghana’s gold sector.
Damang Gold Mine Limited, owned by Ibrahim Mahama, has sold 100% of its first gold output to the Ghana Gold Board (GoldBod), in a move aimed at boosting Ghana’s foreign reserves.
The transaction, described as historic, saw about 110 kilogrammes of gold delivered to the Gold Board’s assay laboratory in Accra on Thursday, May 30, 2026.
The gold will be assayed, valued, and purchased on behalf of the Bank of Ghana (BoG), before being refined and added to the country’s gold reserves.
Speaking on Channel One TV’s Big issue on Saturday, May 2, Prince Minkah said the move sets a strong precedent for the mining industry, noting that it demonstrates the potential benefits of channeling gold production through the Gold Board system.
“For the first time we are seeing a large-scale mining company commit 100% of its initial gold output to the Gold Board and the Bank of Ghana,” he said, adding that the arrangement ensures more of Ghana’s gold is retained within the domestic economy.
He explained that although mining companies still have the option to export gold, the Damang Mine decision highlights the advantages of strengthening local value retention and supporting national reserves.
According to him, similar participation by other firms would significantly boost Ghana’s gold accumulation efforts.
Mr. Minkah further stressed that increased collaboration with the Gold Board will strengthen the country’s foreign reserves and contribute to economic stability, urging stakeholders in the mining sector to take advantage of the framework to support national development.