By Kizito CUDJOE
Veteran mining executive, Sir Samuel Esson Jonah, has described the US$100 million financing deal secured by Engineers and Planners (E&P) for the Black Volta Gold Project as a milestone in Ghana’s effort to localise ownership and leadership in the mining sector.
“This project is a long-overdue breakthrough and a powerful symbol of what is possible when vision meets courage,” he said at the signing ceremony in Accra, noting that it would be the country’s first large-scale gold mine developed entirely by a Ghanaian-owned company.
“We cannot continue to be mere labour providers or royalty collectors while others control the equity, the strategy, and ultimately, the wealth,” he added.
Sir Jonah praised President Mahama’s administration’s push to increase Ghanaian participation in the industry, calling E&P’s move a practical step toward aligning resource nationalism with indigenous entrepreneurship.
He argued that the success of the deal could help address the sector’s long-standing disconnect from the broader economy, often caused by foreign ownership and offshore procurement.
“There has been little integration, weak linkages, and minimal domestic value creation. This must change,” he said.
He called on the government to adopt preferential policies that support Ghanaian ownership and leadership in mining. “Ownership matters. Equity matters. And national pride demands that our people be at the heart of our mineral wealth.”
He also urged E&P to uphold high standards in profitability, environmental care, local content, and governance, stating: “Ghanaian companies must compete with the best—and do so with integrity.”
E&P, a wholly Ghanaian-owned firm, secured the US$100 million facility from the ECOWAS Bank for Investment and Development (EBID) to fund the full acquisition of the Black Volta Gold Project in Ghana’s Upper West Region.
Once operational, the project is expected to produce an average of 163,000 ounces of gold annually, approximately five tonnes, during its first five years. That output would represent about 3 percent of Ghana’s total gold production, which reached 4.8 million ounces (150 tonnes) in 2024, according to official figures.
The US$100 million will fund the acquisition, while EBID has committed an additional US$30 million by December 2025 to support capital expenditure.
The Chief Executive Officer (CEO) of E&P, Ibrahim Mahama, described the acquisition as a transformational moment for Ghanaian participation in the mining sector. “This is a very significant development for this nation, to have the first indigenous mining firm acquire a 100 percent stake in a large-scale mine in Ghana.”
“We are committed to unlocking the value of Ghana’s natural resources while ensuring sustainable benefits for local communities and the nation at large,” he said.
He also expressed gratitude to EBID for backing the project. “This partnership is a vote of confidence in our vision and capabilities.”
Mr. Mahama added that E&P will uphold the highest standards of safety, environmental protection, and social responsibility. “The well-being of employees, contractors, and host communities will remain a top priority.”
The Director, Azumah Resources, Mr. Noel Nii Addo, recalled Mr. Mahama being approached in early 2023 by the owners of Azumah Resources Ghana Limited (ARGL), Ibaera Capital, with the acquisition proposal. “At the time, he was initially hesitant, knowing the project had been on the drawing board for years without taking off.”
However, he said after sustained engagement by the Minerals Commission and Ibaera’s leadership, E&P’s technical team conducted due diligence and confirmed the project’s viability and alignment with the company’s growth strategy.
This led to the signing of a Project Acquisition and Development Framework Agreement, under which E&P committed to financing the project through an earn-in arrangement.
At the ceremony, EBID President and Chairman, Dr. George Agyekum Donkor, reaffirmed the bank’s support for indigenous ventures and noted that E&P has been a longstanding client since 2011.
He said the current transaction followed two years of due diligence and strategic alignment.
“Gold prices have risen significantly, from around US$1,700 per ounce in 2020 to over US$3,000 in 2025, making projects like this increasingly viable,” he noted.
Dr. Donkor added that EBID follows a data-driven, multi-sector strategy focusing on agro-industry, infrastructure, energy, and health. To date, the bank has invested over US$5 billion across ECOWAS member states.
The Minerals Commission welcomed the announcement, while the Ghana Chamber of Mines said the project reflects a future where Ghanaian expertise and capital play a central role in the mining sector.
The CEO, Ing. Dr. Kenneth Ashigbey, urged strong collaboration and proactive problem-solving to ensure the project’s long-term success.
Also speaking on the sidelines of the event, the legal representative of E&P, Bobby Banson, said the company signed a formal agreement with shareholders of Azumah Resources in October 2023, for the acquisition of a 100 percent stake in the mine.
He said, while the US$100 million payout was expected to be completed by June 30 2026, E&P has moved to secure the necessary funding to conclude the deal.
