Damang Mine Sells First Gold Output to GoldBod for BoG Reserves
Damang Gold Mine Ltd. has sold 100 percent of its first gold output to the Ghana Gold Board (GoldBod), in a move aimed at supporting the country’s foreign reserves accumulation.
The transaction took place earlier today at the GoldBod Assay Laboratory at the Kotoka International Airport, where the Chief Executive Officer of GoldBod, Sammy Gyamfi, received a delegation from the mine.
Briefing the media, Mr. Gyamfi said the gold, weighing about 110 kilogrammes, will be assayed, valued and purchased by GoldBod for and on behalf of the Bank of Ghana.
It will subsequently be refined and added to the Central Bank’s gold holdings.
“This is a significant step towards strengthening Ghana’s reserves,” Mr. Gyamfi stated.
He stressed that having Ghanaians at the helm of the country’s minerals and mining sector is key to maximising national benefits and driving economic transformation.
The GoldBod CEO expressed concern over the low contribution of large-scale mining companies to government’s foreign reserve accumulation efforts.
He urged other large-scale miners to emulate the example set by Damang Gold Mine Ltd.
According to him, such compliance is imperative for the actualisation of the objectives of the Ghana Accelerated National Reserve Accumulation Program (GANRAP), launched by government and approved by Parliament.
Damang Gold Mine Ltd., now owned by businessman Ibrahim Mahama, becomes the first to deliver its initial output directly to GoldBod under the new arrangement.
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