The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has disclosed in a social media post on April 30, 2026, that the institution has secured 100% of the first gold output from the Damang Mine under Engineers & Planners (E&P) operational arrangements, in what he described as a key step in Ghana’s push to strengthen foreign reserve accumulation.
In the post, Gyamfi said a delegation from Damang Gold Mine, led by representatives of E&P, met GoldBod officials at its Assay Laboratory in Accra, where the first shipment of about 110 kilograms of gold was formally presented for processing and purchase on behalf of the Bank of Ghana.
He indicated that the gold will be assayed, valued and refined before being added directly to the central bank’s gold holdings as part of Ghana’s reserve accumulation programme.
“Having Ghanaians at the helm of our mineral value chain is critical to maximising national benefits and retaining value within the economy,” Gyamfi said in the post, adding that the initiative was central to Ghana’s economic transformation agenda.
He also urged other large-scale mining companies to align with the national reserve framework, warning that stronger industry participation was necessary for the success of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which has been approved by Parliament.
“The low contribution of large-scale mining companies to reserve accumulation must change if we are to build a resilient economy,” he stated.
The Damang transaction comes amid a major structural shift in ownership and control of the mine over the past year.
In April 2025, government assumed operational control of the Damang Mine after rejecting the lease renewal application of South Africa’s Gold Fields, ending nearly three decades of continuous operation under the company, according to official statements at the time.
Following the government takeover, a transitional arrangement was put in place to maintain production and evaluate the future of the asset. Authorities later opened a competitive bidding process for local firms to take over operations, requiring significant capital and technical capacity to revive the mine.
In April 2026, Engineers & Planners (E&P), a Ghanaian-owned mining services company led by businessman Ibrahim Mahama, was selected as the preferred operator after a tender process, according to government announcements.
The transition marked a broader policy shift aimed at increasing local participation in strategic mineral assets and ensuring greater domestic retention of mining revenues.
Under the new framework, production from Damang is expected to be channelled through GoldBod for direct purchase, refinement, and integration into Bank of Ghana reserves, rather than being fully exported through traditional commercial channels.
GoldBod, established under legislation passed in 2025, is mandated to purchase and manage gold from licensed producers to support foreign exchange stability and strengthen national reserves.
The latest transaction represents one of the first visible implementations of Ghana’s attempt to link domestic gold production directly to sovereign reserve accumulation, a model authorities say could reduce external vulnerabilities and improve balance of payments stability.
