Engineers and Planners (E&P), Ghana’s leading indigenous engineering and mining services company, has secured a landmark US$100 million investment facility from the ECOWAS Bank for Investment and Development (EBID) to acquire and develop the Black Volta Gold Project.
The signing ceremony, held in Accra on Monday, July 7, 2025 brought together senior government officials, business leaders, mining stakeholders, financial institutions and media to witness what is being hailed as a historic milestone in Ghana’s drive for greater local ownership of its mineral wealth.
Speaking at the event, Sir Samuel Esson Jonah, renowned Ghanaian business icon and former CEO of Ashanti Goldfields Company described the agreement as a “watershed moment in Ghana’s mining history.
“This is the first large-scale, indigenous-owned gold mining project in the country. Today is not just about signing a document. It’s about repositioning Ghana from the periphery to the center of the mining value chain,” Sir Jonah said.
He praised Ibrahim Mahama, founder and CEO of Engineers and Planners as a symbol of vision, resilience and indigenous ambition.
“Back in 1998, when Ibrahim Mahama came to me, focused on alluvial mining, I advised him to pursue hard rock mining instead. Today, he stands tall, leading a project that could redefine Ghanaian participation in the global gold economy.”
He emphasised that the acquisition is purely merit-based, with no political or personal influences, noting that the deal dates back to 2023.
Deal Structure and Development Plan
Under the terms of the facility, the US$100 million will be disbursed in two tranches. The first US$50 million, originally due in June 2024, is now subject to a 4% penalty due to delayed disbursement.
The second tranche is expected by June 30, 2026. The funds will enable E&P to acquire full ownership of the Black Volta Gold Project and support mine development over a 21-month period.
Sir Jonah reiterated the commercial and strategic nature of the transaction, “This is not a favour. This is not crony capitalism. This is a purely commercial transaction built on strong fundamentals and a bold vision for indigenous ownership.”
He also called on the government to craft policies that enable more local mining companies to reach the stature of Engineers and Planners.
About the Black Volta Gold Project
Formerly known as the Azuma Project, the Black Volta Gold Project is one of Ghana’s most promising undeveloped gold assets.
Exploration began in the 1960s, with global players such as BHP Billiton and Ashanti Goldfields previously involved.
The Kunche and Bepkong (Big-Pong) deposits, along with the Julie prospect, form the core of the asset.
Noel Nii Addo, General Manager of Azuma and Chair of its Finance Committee, provided insight into the project’s history.
He noted that Azuma was listed on the Australian Stock Exchange in 2007 and was fully acquired by a Liberian private equity firm in 2020.
“In October 2023, Azuma approached Engineers and Planners with a proposal to sell the project. Since then, E&P has been funding monthly operations to the tune of US$500,000, even before the formal acquisition,” Addo revealed.
He highlighted that the transaction goes beyond ownership and that it unlocks the capital needed to fully develop the mine and potentially attract more than US$245 million in future investment.
“This is not just an acquisition, it’s a launchpad for development, employment, and national value creation,” he said.
From Vision to Execution
Ibrahim Mahama, visibly moved by the occasion, expressed deep gratitude to his mentors and reaffirmed his commitment to transforming Ghana’s mining sector.“This project is not just for us, it’s for Ghana. It’s for every young Ghanaian who dreams of owning, building, and leading. We will deliver,” he said.
Government representatives echoed his sentiment, stating that the initiative aligns closely with national policy goals aimed at boosting local participation in the extractive industries.
“The initiative by E&P strongly affirms our government’s commitment to resource nationalism anchored in indigenous entrepreneurship,” a government official noted.
A Symbol of Hope and Responsibility
As the ceremony concluded, Sir Jonah issued a stirring call for responsible mining, environmental stewardship, and inclusive economic growth.
“Ownership matters, equity matters and national pride demands that we do more to ensure our people are at the heart of our mineral wealth development. Let today be remembered as the day Ghana turned the corner from resource extraction for others to resource empowerment for ourselves.”
With the deal now signed, Engineers and Planners will embark on a bold 21-month journey to bring Ghana’s first large-scale, locally owned gold mine into production, an achievement that could signal the dawn of a new era for the country’s mining industry and its broader economic future.
The post Engineers &Planners Acquires Black Volta Gold Project In Landmark $100m Deal appeared first on The Ghanaian Chronicle.
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