EBID to Release Additional $30m for E&P’s Black Volta Gold Project in December 2025
The President of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor, has revealed that the second tranche of a $130 million Acquisition Facility Agreement with Ghanaian-owned Engineers & Planners (E&P) will be signed in December 2025.
The financing facility will enable E&P to acquire a 100% stake in the Black Volta Gold Project from Azumah Resources, marking a significant step towards the establishment of Ghana’s first large-scale, wholly indigenous gold mining operation.
Speaking at the official signing ceremony for the first $100 million tranche of the facility on Monday, July 7, 2025, Dr. Donkor emphasised EBID’s longstanding relationship with E&P, dating back to 2011 when the bank first supported the company with financing for mining equipment.
“We are very happy to be here because this relationship is not new,” Dr. Donkor stated. “We actually granted a facility for mining equipment back in 2011, and since then, E&P has been one of our best clients. This project represents the continuation of that trusted partnership.”
Dr. Donkor underscored that the facility agreement and the acquisition of the Black Volta Gold Project are purely commercial and devoid of any political influence, a sentiment echoed by prominent businessman Sir Sam Jonah at the event.
“As Sir Sam Jonah said, this project has nothing to do with politics. It is based on merit, diligence, and a shared vision for economic transformation,” he stressed.
He further explained that EBID has undergone a strategic shift since 2020 under his leadership, moving from financing smaller transactions of around $20 million to targeting larger, high-impact projects worth $50 million and above. This change, he noted, has contributed to improved credit ratings for the bank, which now holds a B2 stable outlook rating from Moody’s.
“As a development finance institution, we cannot transform economies by financing $10 million projects. We must aim higher – $50 million, $100 million, $200 million – and that is exactly what we are doing,” Dr. Donkor asserted.
He disclosed that EBID has invested over $5 billion across key sectors such as agro-industry, infrastructure, technology, energy, and healthcare in its Member States. Therefore, the decision to support E&P’s acquisition, he added, was informed by the bank’s strategy of backing projects that will create jobs and strengthen local industries.
“We believe this project will not only be successful but will also contribute significantly to Ghana’s economy through job creation and value retention. Supporting such projects is central to EBID’s mandate of fostering industrialization and prosperity in West Africa,” Dr. Donkor stated.
The remaining $30 million tranche of the financing facility is expected to be finalized and signed by December 2025, further solidifying E&P’s position at the forefront of indigenous participation in Ghana’s mining sector.
Dr. Donkor reaffirmed EBID’s commitment to supporting E&P and other local entrepreneurs across West Africa, noting that the bank’s ultimate goal is to drive sustainable development and economic transformation in the region.
