{"id":407020,"date":"2026-05-01T17:16:12","date_gmt":"2026-05-01T17:16:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/407020\/"},"modified":"2026-05-01T17:16:12","modified_gmt":"2026-05-01T17:16:12","slug":"ibrahim-mahama-led-damang-mine-delivers-first-110kg-of-gold-to-bank-of-ghana-after-ownership-takeover","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/407020\/","title":{"rendered":"Ibrahim Mahama-led Damang mine delivers first 110kg of gold to Bank of Ghana after ownership takeover"},"content":{"rendered":"


\n This comes amid Ghana\u2019s broader push to tighten control over key gold assets, including the Damang Mine, following a recent shift in ownership to local operators<\/a> under a policy drive to expand domestic participation in the mining sector and retain more value within the economy. \n <\/p>\n


\n Roughly 110 kilogrammes of gold were delivered to the Gold Board\u2019s assay laboratory in Accra on Thursday, May 30, 2026. \n <\/p>\n


\n The consignment will be tested, valued, and purchased on behalf of the Bank of Ghana before being refined and added to national reserves, marking an early boost to the country\u2019s gold-backed reserve strategy.<\/a> \n <\/p>\n


\n Sammy Gyamfi, Chief Executive Officer of the Gold Board, who received the Damang delegation led by Mahama, said the transaction reflects the importance of greater local involvement in mining. \n <\/p>\n


\n He noted that expanding Ghanaian control over mineral resources is key to strengthening foreign exchange buffers and improving long-term economic resilience. \n <\/p>\n


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\n Push for local control reshapes Ghana\u2019s mining sector
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\n Gyamfi also raised concerns over what he characterised as the historically limited contribution of large-scale mining firms to Ghana\u2019s reserve accumulation, urging other operators to follow Damang\u2019s example. \n <\/p>\n


\n According to him, such transactions are central to the government\u2019s Ghana Accelerated National Reserve Accumulation Programme, which seeks to bolster external buffers amid ongoing currency and balance-of-payments pressures. \n <\/p>\n


\n Recall in a March 24 notice, Lands Minister Emmanuel Armah-Kofi Buah had stated that only companies fully owned by Ghanaian citizens would be eligible to operate certain mining assets, effectively shutting out foreign bidders. \n <\/p>\n


\n Subsequently, Engineers & Planners, the indigenous mining firm led by Mahama, was selected to take over Damang<\/a> after meeting stringent financial and technical requirements, including demonstrating access to over $505 million in funding. \n <\/p>\n


\n While Ghana remains Africa\u2019s largest gold producer, the sector has long been dominated by multinational firms, limiting domestic value capture. \n <\/p>\n


\n The Damang transaction signals a broader push to reverse that trend by ensuring more gold output directly supports national reserves and economic stability. \n <\/p>\n","protected":false},"excerpt":{"rendered":" This comes amid Ghana\u2019s broader push to tighten control over key gold assets, including the Damang Mine,…\n","protected":false},"author":2,"featured_media":407021,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-407020","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/407020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=407020"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/407020\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/407021"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=407020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=407020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=407020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}