Prestea Sankofa Gold Limited (PSGL), a state-owned subsidiary of the Ghana National Petroleum Corporation (GNPC), has signed a Memorandum of Understanding (MoU) with Kingmamo Resources Holdings Company Limited, a Chinese investment firm, in a major step toward revitalizing the mining company and enhancing its production capacity.
The agreement was signed on June 10, 2026, and is expected to provide technical expertise, modern mining equipment and operational support to improve efficiency and drive long-term growth at the company.
Speaking at the signing ceremony, Managing Director of Prestea Sankofa Gold Limited, Alhaji Ishaq Dauda, highlighted the challenges facing the company due to ageing equipment and expressed optimism about the impact of the partnership.
“Look at the current state of the machines we have. It can take up to about 21 hours of maintenance. With this partnership, we are hopeful of significantly increasing our production,” he said.
According to him, the company currently produces approximately 50 kilograms of gold per month but is targeting an increase to between 100 and 150 kilograms monthly once the new equipment and technical support are fully deployed.
Alhaji Dauda noted that increased production would not only improve the fortunes of the company but also contribute positively to Ghana’s economy through higher revenues and profits.
“The more profit we make, the more GNPC benefits and ultimately the country benefits as well,” he stated.
Chairman of Kingmamo Resources Company Limited, Zhon Danhna, popularly known as Kofi Danny, said the company would introduce advanced mining and tailings-processing equipment to support Sankofa’s operations.
“We are coming to introduce some of the best mining and tailing machines to Sankofa and also bring the expertise to train local workers to manage the machines effectively,” he said.
He added that the partnership would extend beyond mining operations and explore opportunities in other sectors to position Sankofa as one of the leading mining companies in the country.
GNPC Board Member, Kwame Jantuah, Esq, described the agreement as a strategic move aimed at increasing gold production and strengthening Ghana’s mining sector.
“We are looking at the next three to six months to finalise all the necessary arrangements. We needed a company that could help increase our production and contribute to Ghana’s development. We went abroad in search of a suitable partner and have now struck a deal with Kingmamo to help boost production at Sankofa,” he said.
Interpretation during the meeting was provided by Deputy Superintendent Kwame Frimpong Yeboah of the Ghana Immigration Service.
