Engineers & Planners, EBID Seal $130m Financing Facility for Black Volta Gold Project
Ghanaian-owned mining and construction firm, Engineers & Planners (E&P), has secured a $130 million Acquisition Facility Agreement with the ECOWAS Bank for Investment and Development (EBID) to finance the acquisition of the Black Volta Gold Project.
The signing ceremony for the first tranche of $100 million was held in Accra, marking a significant milestone in the establishment of Ghana’s first large-scale, wholly indigenous gold mining operation. The second tranche of $30 million, according to EBID President Dr. George Agyekum Donkor, will be concluded in December 2025.
The agreement positions E&P at the forefront of Ghanaian-led participation in the extractive sector, reflecting what many have described as a historic shift towards greater local ownership in the country’s mining industry.
Speaking at the signing event on Monday, July 7, renowned Ghanaian business leader Sir Sam Jonah rejected assertions that E&P’s acquisition was influenced by political connections. He insisted that the deal was a commercially sound, merit-based transaction, emblematic of the long-overdue transformation within Ghana’s mining landscape.
“Let us be clear: this is not a favour. This is not political patronage. This is not crony capitalism,” Sir Jonah stated. “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.”
Describing the development as “historic” and a “turning point” in the nation’s relationship with the mining industry, Sir Jonah hailed the agreement as a symbol of indigenous ambition backed by sound execution.
He disclosed that the deal had been signed as far back as October 2023 without political interference or undue influence, underscoring its credibility as a business transaction driven by financial strength and operational competence.
Sir Jonah further stressed that local ownership of Ghana’s mineral resources is essential for enhancing mining’s contribution to GDP, employment, and industrial development.
“That is why I call on the government not for handouts, but for preferential policy treatment, for incentives, for reforms that make it easier and more attractive for Ghanaians to own, operate, and lead in this sector. 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.
The Black Volta Gold Project, once operational, is expected to create thousands of jobs, boost local economies, and increase Ghana’s share of value retention in the gold mining sector, traditionally dominated by foreign multinationals.
The landmark agreement underscores the growing momentum for Ghanaian ownership within the natural resources sector and reflects a broader push for economic empowerment and sustainable development driven by indigenous enterprises.
