The Head of Communication for the Ghana Gold Board (GoldBod), Prince Minkah, has described the decision by Damang Gold Mine Limited to commit 100% of its initial gold output to the Gold Board as a major boost to Ghana’s efforts to strengthen its gold reserves and improve economic stability.

According to a report by channelonenewsonline.com. he made the remarks on Channel One TV’s Big Issue on Saturday, May 2, 2026.

Prince Minkah said the development marks the first time a large-scale mining company has committed its entire initial output to the Gold Board and the Bank of Ghana, a move he strongly commended.

“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.

“That means in simple terms that more of Ghana’s gold is being kept in Ghana and it’s not going into the hands of expatriates or other multinational companies,” he noted.

Prince Minkah further explained that the arrangement strengthens Ghana’s foreign reserves and contributes to overall economic stability, adding that it should encourage other mining firms to adopt similar practices.

GoldBod delivers triple revenue growth

According to him, increased participation by large-scale mining companies in the Gold Board initiative will enhance national development efforts and support the stability of the cedi through improved reserve accumulation.

Damang Gold Mine Limited, owned by Ibrahim Mahama, has sold its entire first gold output to the Ghana Gold Board in a move aimed at reinforcing Ghana’s foreign reserve position and supporting broader economic stability.

The transaction, described as historic, involved the delivery of about 110 kilogrammes of gold 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 official gold reserves.

JKB/AM

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