Engineers and Planners (E&P), Ghana’s foremost indigenous engineering and mining services company, has secured a US$100 million investment facility from the ECOWAS Bank for Investment and Development (EBID) to acquire and develop the Black Volta Gold Project.
The official signing ceremony took place on Monday, July 7, 2025, in Accra, drawing participation from senior government officials, business executives, mining sector stakeholders, financial institutions, and the media.
The event marked a significant step toward enhancing local ownership and leadership within Ghana’s mining industry.
Sir Samuel Esson Jonah, renowned business leader and former CEO of Ashanti Goldfields Company, described the agreement as a pivotal milestone in the country’s mining evolution.
“This is the first large-scale, indigenous-owned gold mining project in the country,” he said.
“Today is not just about signing a document. It’s about repositioning Ghana from the periphery to the center of the mining value chain.”
He commended Ibrahim Mahama, founder and CEO of Engineers and Planners, for his vision and perseverance, calling him a symbol of Ghanaian ingenuity and ambition.
Sir Jonah recalled advising Mahama in 1998 to shift from alluvial mining to hard rock mining—guidance that has culminated in the current landmark project.
Deal Structure and Timeline
The US$100 million facility will be disbursed in two phases. The first tranche of US$50 million, initially scheduled for release in June 2024, has accrued a 4% penalty due to a delay in disbursement.
The second tranche is expected by June 30, 2026.
The funds will support E&P’s full acquisition of the Black Volta Gold Project and facilitate mine development over a 21-month implementation period.
Sir Jonah underscored that the transaction was driven entirely by commercial merit, highlighting its independence from political or personal interests.
“This is not a favour or an act of cronyism. It is a commercially sound transaction grounded in strong fundamentals and a bold vision for indigenous control of our mineral assets,” he added.
He also encouraged the formulation of policy frameworks that would support other Ghanaian mining companies to rise to E&P’s level of prominence and capability.
Background of the Black Volta Gold Project
Previously known as the Azuma Project, the Black Volta Gold Project is regarded as one of Ghana’s most promising yet untapped gold assets. Exploration dates back to the 1960s, with global mining firms including BHP Billiton and Ashanti Goldfields previously involved.
The project comprises the Kunche and Bepkong (also known as Big-Pong) deposits, as well as the Julie prospect.
Providing historical context, Noel Nii Addo, General Manager of Azuma and Chair of its Finance Committee, said Azuma was once listed on the Australian Stock Exchange before being 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 covering monthly operational costs amounting to US$500,000, even before the official acquisition was concluded,” he disclosed.
He noted that the agreement extends beyond mere ownership, opening the door to capital investment necessary to fully develop the mine and potentially attract more than US$245 million in additional funding.
A National Vision
Ibrahim Mahama, visibly moved during his address at the ceremony, paid tribute to his mentors and reaffirmed his commitment to reshaping 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 pledged.
Government representatives at the event echoed his sentiments, describing the development as being in line with Ghana’s policy direction to increase indigenous participation in extractive industries.
A government official noted, “The initiative by E&P strongly affirms our government’s commitment to resource nationalism anchored in indigenous entrepreneurship.”
A Call for Responsible Development
As the ceremony concluded, Sir Samuel Jonah emphasized the importance of responsible mining practices, environmental sustainability, and equitable economic benefits for communities.
“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,” he stated.
With the facility secured and formalities completed, Engineers and Planners is poised to begin work on Ghana’s first large-scale, locally owned gold mine — a project seen by many as a defining moment for the country’s mining landscape and economic sovereignty.
