Businessman and philanthropist Ibrahim Mahama has sold the first gold output from the Damang Gold Mine to GoldBod, marking a significant development in Ghana’s mining sector.
The transaction involved 110 kilograms of gold, the gold was officially handed over to the government during a ceremony where the Chief Executive Officer of GoldBod, Sammy Gyamfi, addressed stakeholders on the broader implications for the country’s gold industry.
Speaking at the media, the Goldbod ECO expressed concern over the limited share of gold revenues retained within the Ghanaian economy. He noted that large-scale mining companies operating in the country sold only about 10 percent of their total gold output domestically in 2025.
“Out of nearly 100 metric tons of gold produced in 2025, only about 10 tons were sold locally,” he said. “Even when combined with foreign exchange repatriation through the Bank of Ghana, the total returns to the country do not exceed 20 percent.”
According to Sammy Gyamfi, despite the sector generating close to $10 billion in gold output for 2025, the actual financial benefits accruing to Ghana remain significantly lower. He attributed this disparity to agreements that allow multinational mining companies to retain a substantial portionsometimes up to 100 percent of the proceeds from their gold sales.
He further emphasized the importance of increasing local participation and retention within the mining sector, referencing recent involvement by Ghanaian-owned entities, including Mahama’s operations.
The sale of gold from the Damang Mine to GoldBod is seen as a step toward strengthening domestic gold trade and enhancing the country’s ability to benefit more directly from its natural resources.
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Source: www.kumasimail.com
