By Samuel Lartey(Prof)
On the sun-drenched afternoon of July 5, 2025, industry leaders and government officials gathered at a landmark ceremony in Accra.
It was here that Engineers & Planners (E&P), a Ghanaian-owned mining and construction firm sealed a groundbreaking US $100 million tranche of a US $130 million Acquisition Facility Agreement with the ECOWAS Bank for Investment and Development (EBID).
This milestone marks Ghana’s first large‑scale, wholly indigenous gold mining operation at the Black Volta Gold Project. The remaining US $30 million, as pledged by EBID President Dr. George Agyekum Donkor, will conclude by December 2025. Symbolic of national pride and economic ambition, this deal lays the foundation for a new era in Ghana’s extractive sector.
Ghana’s Rest Agenda: A Pathway to National Prosperity
The Ghanaian government has long championed a “Resource Efficiency and Self‑reliance Transformation” (REST) agenda, one that emphasizes domestic ownership and value addition in natural resources. E&P’s deal with EBID aligns perfectly with REST by:
- Boosting Sovereign Wealth
By retaining full ownership of the Black Volta Gold Project, Ghana ensures greater control over revenue flows, royalty collection, and taxation.
- Encouraging Value-Addition
Integrating mining with local processing boosts fiscal returns and builds technical capacity.
- Strengthening Local Partnerships
This transaction signals confidence in Ghanaian firms, drawing foreign partners into joint ventures with reduced dependence on expatriate entities.
Stakeholder Gains: Company and Investor Horizons
For E&P, this acquisition accelerates its transition from contract mining to major operator status. The company gains access to capital, enhanced infrastructure, cutting-edge equipment, and deep expertise establishing it as a leading gold producer.
EBID investors and regional financiers also benefit, securing attractive returns on a development-stage gold asset with high-value upside. With gold priced around US $1,950/oz as of mid‑2025, even a conservative output projection of 150,000 ounces annually translates to US $292.5 million/year in gross revenue.
Transforming the Upper West Region
The Upper West Region stands to be the heartbeat of this operation and its ripple effects:
- Employment:
Thousands of jobs across mining, engineering, transport, and services.
- Infrastructure:
Development of roads, power, water, and healthcare facilities.
- Agriculture & SMEs:
Local farmers, logistics providers, and hospitality businesses gain new markets and revenues.
- Skills Development:
E&P will train hundreds of local employees in mine operations, safety, and environmental management.
Empowering Local Content & Ghanaian Households
Central to this development is E&P’s commitment to local content, reflecting Ghana’s 2021 Local Content and Local Participation Regulation. Measures include:
- Procurement:
At least 70% of supplies sourced from Ghanaian businesses—for mining supplies, such as reagents, fuel, catering, and accommodations.
- Training:
Vocational and technical training for local youth, reinforcing “Ghana First” in human capital.
- Dividends & Taxes:
Revenues will flow into government coffers, fuelling education, healthcare, and social safety nets.
Financial Implications: A Catalyst for Sustainable Growth
- Project Valuation:
Estimated at US $200–250 million.
- Gold Production:
Projected 150–200,000 oz/year—translating to US $300–390 million/year in revenue at prevailing prices.
- Government Receipts:
Anticipated annual tax, royalty, and export receipts between US $40–60 million.
- Economic Multiplier:
A GDP contribution exceeding US $100 million annually, once downstream services, infrastructure, and consumption are considered.
Saluting Azuma Resources: A Beacon of Ghanaian Leadership
A particularly commendable component of this deal is Azuma Resources, an E&P subsidiary led by dynamic CEO Dr. Sarah Koomson. Its visionary leadership drove the technical assessments, orebody confidence, and financing structuring that secured EBID’s backing. This initiative stands as proof that Ghanaian firms not just multinationals can conceptualize, finance, and execute world‑class mining projects.
Azuma’s resolve reflects Ghana’s growing self-assurance in its extractive ambitions. This landmark acquisition transcends mere corporate achievement, it’s a clarion call for African agency and economic renaissance in mining.
Conclusion
The US $130 million acquisition of the Black Volta Gold Project is more than just a business transaction; it is a bold declaration. Ghana’s mining future is domestic-led, sustainable, and value-generative. With the REST agenda anchored, stakeholders aligned, and regional benefits clearer than ever, this milestone may catalyze a shift in precedent, from resource extraction by outsiders to wealth creation by Ghanaians.
By combining ambitious capital, community focus, and visionary leadership, E&P and its innovative branch Azuma Resources has not only redefined Ghana’s mining narrative but has also set a gold-standard for locally-driven development across Africa.
