Damang Mine Limited has delivered a total of 224 kilogrammes of gold to the Ghana Gold Board, strengthening Ghana’s national reserve accumulation drive under a policy framework targeting 15 months of import cover by 2028.
The company, a subsidiary of Dzata Holdings Limited owned by businessman Ibrahim Mahama, completed two consecutive full-production deliveries to the Ghana Gold Board (GoldBod), equivalent to 7,202 ounces in cumulative value. The first delivery comprised 103 kilogrammes, representing 3,311 ounces, followed by a second consignment of 121 kilogrammes, equivalent to 3,890 ounces.
Under the operational framework, GoldBod assays, values and purchases all delivered gold on behalf of the Bank of Ghana (BoG). The bullion is then refined and added directly to the central bank’s official reserve holdings.
The transactions contribute to the Accelerated National Reserve Accumulation Policy (GANRAP), which targets an increase in Ghana’s import cover from the current estimated 5.7 months to 15 months by the end of 2028. Achieving that goal requires the country to build approximately 9.3 additional months of import cover, translating into an average net reserve increase of around US$9.5 billion annually. To support that trajectory, GANRAP has set a weekly gold purchase target of 3.02 tonnes, projected to generate annual gross inflows of approximately US$25.3 billion.
Receiving the second delivery on behalf of GoldBod, Director for Technical Affairs Michael Arko described the moment as significant for both the institution and the country.
“This is a refreshing moment for us at the Ghana Gold Board,” he said.
Arko noted that the increase in the volume of gold delivered between the first and second transactions reflected growing confidence in Ghana’s economic direction and in GoldBod as a national institution. He further commended Ibrahim Mahama, describing the company’s consistency as a demonstration of patriotism and commitment to national economic transformation.
Counsel for Dzata Holdings Limited, Bobby Banson, argued that the Damang Mine example illustrates what is achievable when mining companies place national interest alongside commercial objectives. He called on other large-scale mining firms to adopt similar approaches, contending that broader industry participation would accelerate economic growth and deliver more sustainable outcomes for Ghana.
Banson also noted that regular gold inflows into the central banking system would support cedi stability, strengthen investor confidence and improve Ghana’s balance of payments position.
As part of its broader reserve strategy, the BoG is pursuing negotiations to increase the share of gold output that large-scale mining companies are required to sell to the central bank, from 20 percent to 30 percent, with all allocations to be delivered in doré form.
