Damang Gold Mine has sold 100 per cent of its latest gold production to the Ghana Gold Board (GoldBod). The consignment consisted of 121 kilogrammes of gold. This is equivalent to approximately 3,400 ounces of the precious metal. It surpasses the 103 kilogrammes delivered in the mine's initial transaction with GoldBod.
This transaction signals strong industry backing for Ghana's initiative to capture more value from its mineral wealth. GoldBod's Technical Director, Michael Arko, praised Damang Gold Mine and its parent company, Engineers and Planners. He highlighted their confidence in the government's national gold policy. Mr. Arko stated that this commitment shows growing support for efforts to maximise national benefits from Ghana's abundant mineral resources.
The Ghanaian government's policy encourages large mining firms to sell a portion of their gold to the state. This aims to boost national revenue and economic resilience. Previously, the target was between 20 and 30 per cent of production. Damang Gold Mine's decision to sell 100% goes beyond this initial encouragement. This follows Ghana's long-standing efforts to increase local participation in its gold trade. The country has faced challenges in retaining the full value of its gold exports for decades.
Michael Arko, GoldBod's Technical Director, spoke on Monday, May 18, 2026, at the GoldBod Assay Laboratory in Accra. He commended Damang Gold Mine's management for their support. "This is the second time Damang Gold Mine is delivering 100 per cent of its gold production to the Ghana Gold Board, and we highly commend the management for supporting the national policy," Mr. Arko stated. He urged other mining companies to follow this example to benefit the Ghanaian economy.
Bobby Banson, a legal representative for Damang Gold Mine, confirmed the company's commitment. He stated that selling all its gold output to GoldBod demonstrates support for Ghana's economic development. Mr. Banson rejected claims that the first sale was merely symbolic. He emphasized that this second transaction proves the mine's long-term dedication. "For those who thought what we did last time was a nine-day wonder, this is further evidence of the commitment of the mine, wholly owned by a Ghanaian, to support the Ghanaian economy," Mr. Banson told the media.
This sustained engagement from Damang Gold Mine is a significant step for the Ghana Gold Board. It aims to establish a more robust system for managing the nation's gold resources. The policy seeks to ensure that a larger share of the profits from mining remains within Ghana. This can help fund development projects and stabilize the national currency. Markets will watch if other large-scale mining operations follow this trend. Such adoption is crucial for the policy's overall success and impact on Ghana's economy.