Sir Sam Jonah Defends Engineers & Planners’ Acquisition of Black Volta Gold Project as Merit-Based Deal, Not Politically Driven
Respected Ghanaian business leader, Sir Sam Jonah, has dismissed suggestions that the recent acquisition of the Black Volta Gold Project by Engineers & Planners (E&P) was the result of political favouritism, describing the deal as a landmark commercial transaction that marks a significant shift in Ghana’s mining landscape.
Speaking at a ceremony to commemorate the $130 million financing agreement between E&P and the ECOWAS Bank for Investment and Development (EBID), Sir Sam Jonah firmly stated that the transaction is grounded in merit, sound business fundamentals, and a vision to empower Ghanaian-owned enterprises in the extractive sector.
“Let us be clear: this is not a favour. This is not political patronage. This is not crony capitalism,” Sir Sam Jonah stressed. “This is a legitimate business decision and a demonstration of what is possible when Ghanaian ingenuity and resilience come together.”
Describing the development as “historic” and a “turning point” in Ghana’s decades-long engagement with the mining industry, Sir Sam Jonah lauded the deal as the first large-scale, wholly Ghanaian-owned gold mining project, positioning it as a model for indigenous participation in the country’s resource economy.
“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 narrative led not by foreign interests, but by our own,” he remarked.
Sir Sam Jonah noted that the agreement, signed in October 2023, was concluded without any political interference or underhand dealings, adding that the transaction was underpinned by the financial strength and business acumen of Engineers & Planners.
A longstanding advocate for increased Ghanaian ownership within the mining value chain, Sir Sam Jonah praised Ibrahim Mahama, Founder of E&P, for his determination and vision, recalling their first encounter in 1998 when Mr Mahama sought his counsel on venturing into the mining sector.
“At the time, I advised him that while alluvial gold mining may not yield sustainable returns, hard rock mining was the future. He listened, he built a company, and he earned the respect of the industry,” he said.
Sir Sam Jonah also used the occasion to push for wider policy reforms aimed at increasing local ownership and ensuring that Ghanaians take a central role in the country’s mineral wealth. Drawing inspiration from South Africa’s Black Economic Empowerment (BEE) framework, he called for the creation of an enabling environment where indigenous entrepreneurs can thrive.
“Our entrepreneurs are not short of talent. What they lack is access, access to capital, to opportunities, and to supportive policies,” he emphasised.
He concluded with a rallying call to industry players and policymakers to view the Black Volta Gold Project not as an isolated achievement but as a blueprint for long-term national resource empowerment.
“Let this be the dawn of a new era, an era where we move from resource extraction for others to resource empowerment for ourselves,” he said.
