Ghanaian company Engineers & Planners (E&P) has secured a $100 million facility from the ECOWAS Bank for Investment and Development (EBID) to support its acquisition of the Black Volta Gold Project in the Upper West Region.
The project, currently owned by Australian firm Azumah Resources Ghana Ltd, is set to become Ghana’s first large-scale gold mine under indigenous ownership. An additional $30 million is expected in December 2025 to support operations.
A memorandum of understanding was signed between EBID President Dr George Agyekum Donkor and E&P CEO Ibrahim Mahama, witnessed by dignitaries including Upper West Regional Minister Charles Lwanga and Ghana Chamber of Mines CEO Dr Ken Ashigbey.
Chairing the ceremony, business magnate Sir Dr Sam Jonah described the development as a “long-overdue breakthrough” and a “powerful symbol of what is possible when vision meets courage, and ambition meets execution.”
He emphasized that the transaction is entirely commercial, free from political influence or patronage. “This is not a favour,” he stressed. “It is a commercial transaction, built on merit, backed by a strong balance sheet, and grounded in solid business fundamentals.”
Dr Jonah commended Ibrahim Mahama’s leadership, recalling their first meeting in 1998 when Mahama sought advice about entering the mining sector.
He underscored the importance of Ghanaian ownership in mining, urging government support through preferential policies. “Ownership matters. Equity matters. And national pride demands that we do more to ensure that our people are at the heart of our mineral wealth,” he asserted.
Mr Mahama described the acquisition as a transformational step for local participation in mining. Initially hesitant, he was convinced by engagement from the Minerals Commission and the project’s promoters, Ibaera Capital, which led to E&P’s due diligence and eventual commitment under a Project Acquisition and Development Framework Agreement.
Dr Donkor emphasized that the initiative is apolitical and driven purely by economic development and job creation goals. “We are happy to be part of this $130 million project,” he said.
Azumah Resources Director Noel Nii Addo confirmed that E&P has been funding the project with $500,000 monthly since October 2023.
