Amanze Chinonye
A significant step toward strengthening Ghana’s foreign reserves was recorded on Thursday as Damang Gold Mine Limited, owned by businessman Ibrahim Mahama, sold 100 percent of its first gold output to the Ghana Gold Board (GoldBod), Prime Business Africa reports.
The transaction, described as historic by officials, was formalised at the GoldBod Assay Laboratory in Accra, where the Chief Executive Officer of the board, Sammy Gyamfi, received a delegation from the mining firm led by Mahama.
Addressing journalists, Gyamfi said the move aligns with government efforts to boost foreign reserve accumulation through increased domestic gold purchases. He emphasized that greater local participation in Ghana’s mining sector is critical to maximizing national benefits and retaining value within the economy.
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He also expressed concern over what he described as the limited contribution of large-scale mining companies to the country’s reserve-building efforts, urging industry players to follow Damang Gold Mine’s example.
According to him, such cooperation is essential to achieving the objectives of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), a policy initiative approved by Parliament to strengthen the country’s financial buffers.
Officials disclosed that the initial gold output delivered by the company weighed approximately 110 kilograms.
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The consignment is expected to undergo assay and valuation before being purchased by GoldBod on behalf of the Bank of Ghana. It will subsequently be refined and added to the central bank’s gold reserves.
The development marks a notable milestone in Ghana’s efforts to deepen state participation in the gold value chain and leverage mineral resources to stabilise the economy.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
