Ghana expands gold refining mandate as Damang mine delivers entire output to state board

Ghana has proposed a new gold policy requiring large‑scale mines to sell at least 30% of their annual output to the central bank in doré form, aiming to boost local refining capacity and increase foreign‑exchange reserves. Paul Bleboo, head of gold management at the Bank of Ghana, said the move is intended to "increase the local refining capacity and create jobs through value addition." The proposal, which would raise the current 20% quota, is still being negotiated over pricing, with industry leaders such as AngloGold Ashanti and Newmont concerned about a 1% discount to spot prices.

In parallel, the Damang Gold Mine has shipped a second consignment representing 100% of its production – about 121 kg (3,400 oz) – to the Ghana Gold Board. Technical Director Michael Arko praised the mine’s commitment to the national gold policy, calling the delivery "a very significant and refreshing moment." Legal representative Bobby Banson echoed the sentiment, noting the company’s pledge to give the Board the right of first refusal for future output, provided the Board has the financial capacity to purchase it.