Mr. Ibrahim Mahama (L) with George Agyekum Donkor, President and Chairman of EBID
Engineers & Planners (E&P), an indigenous mining company, has secured a $100 million facility from the ECOWAS Bank for Investment and Development (EBID) to acquire the Black Volta Gold project, marking the first large-scale mining firm to be fully owned by a Ghanaian company.
The 100 percent stake in the Black Volta Gold project by Engineers & Planners is expected to contribute an estimated 3 percent to Ghana’s national gold output, which rose to 4.8 million ounces (150 tonnes) in 2024.
According to EBID, the deal also represents a “historic milestone” in Ghana’s mining industry and a transformational moment for local participation in the sector.
Speaking at the facility signing ceremony yesterday in Accra, renowned mining entrepreneur and event chair, Sir Sam Jonah, described the transaction as a game changer and a practical breakthrough in the country’s long-standing quest for indigenous ownership in the mining sector.
Sir Jonah, an advocate for local participation in mining, noted that the achievement vindicates his decades-long call for Ghanaians to move from the periphery to the centre of the mining value chain.
“Today, we are not merely here to witness the signing of a facility agreement. We are here to celebrate a milestone, affirm a vision, and embrace a bold new chapter in Ghana’s economic story led not by foreign interests, but by our own,” he emphasised.
“We cannot continue to be mere labour providers or royalty collectors while others control the equity, the strategy, and ultimately, the wealth. Let this day be remembered as the day we turned the corner from resource extraction for others to resource empowerment for ourselves. Let us rise as a people. Let us mine our gold and own our future,” he added.
He also commended E&P’s founder, Ibrahim Mahama, for his persistence and vision, recalling their first meeting in 1998 when Mahama sought his advice about entering the mining business.
Sir Jonah used the occasion to call on the government to introduce policy reforms and incentives that would make it easier for Ghanaians to own and lead mining enterprises. He stressed the need to place Ghanaians at the centre of the country’s mineral wealth.
Referencing South Africa’s Black Economic Empowerment (BEE) programme and the rise of billionaire Patrice Motsepe, Mr. Jonah argued that Ghana must similarly create opportunities to grow its own industrial champions.
He explained that this could be achieved by removing structural barriers, while applauding EBID for backing the project and describing the bank’s decision as a bold endorsement of indigenous entrepreneurship.
He further urged E&P to set high standards in governance, environmental stewardship, and community engagement, noting that the project must prove that Ghanaian companies can compete with the best in the world, with integrity.
Founder and Chief Executive Officer of Engineers & Planners, Ibrahim Mahama, on his part, stated that the 100 percent stake in the Black Volta Gold project is expected to produce an average of 163,000 ounces of gold per year –equivalent to five tonnes annually, during its first five years.
He recounted how the owners of Azumah Resources Ghana Limited (ARGL), Ibaera Capital, first approached him in early 2023 about the potential acquisition.
Although initially hesitant, given the project had been on the drawing board for years without taking off, Mr. Mahama said he expressed interest after further engagement with the Minerals Commission and Ibaera’s leadership.
Mr. Mahama stated that his technical team later conducted due diligence and confirmed the project’s viability and alignment with E&P’s growth strategy.
“This achievement is a testament to our company’s unwavering commitment to Ghana’s economic development. 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 providing the financial backing and passing a vote of confidence in the company’s vision.
He assured Ghanaians of the company’s readiness to uphold the highest standards of safety, environmental stewardship, and social responsibility.
Mr. Mahama further described the deal not only as a testament to the company’s achievements but also as a beacon of hope for the future of Ghana’s mining industry, pledging to ensure that the well-being of employees, contractors, and host communities remains a top priority.
By Ebenezer K. Amponsah