Engineers & Planners (E&P), a wholly owned Ghanaian company, has secured a $100 million facility from the Ecowas Bank for Investment and Development (EBID) towards the agreed acquisition of the Black Volta Gold Project in the Upper West Region.
The bank is also expected to make an additional $30 million available in December this year to finance the operations of the project upon the imminent acquisition.
The project, in its development stage, is owned by Azumah Resources Ghana Ltd, an Australian mining concern working in Ghana.
Consequently, EBID and E&P have signed a memorandum of understanding (MoU) for the acquisition of the project, which will be Ghana’s first large-scale indigenous gold mining project.
The President and Chairman of the Board of Directors of EBID, Dr George Agyekum Donkor, signed on behalf of the bank, while the Founder and Chief Executive Officer (CEO) of E&P, Ibrahim Mahama, appended his signature for the company.
The signing ceremony was attended by personalities such as the Upper West Regional Minister, Charles Lwanga; the CEO of LVS Africa, Naa Alhassan Andani; the CEO of Ghana Chamber of Mines, Dr Ken Ashigbey, and the CEO of Ghana Goldbod, Sammy Gyamfi.
Long overdue breakthrough
A business executive and statesman, Sir Dr Sam Jonah, who was the chairperson at the facility signing ceremony in Accra yesterday, described the project as a long-overdue breakthrough and “a powerful symbol of what is possible when vision meets courage, and ambition meets execution”.
“And this is happening at a most opportune time. President John Mahama’s government is pursuing an aggressive policy agenda aimed at promoting greater Ghanaian participation in the mining industry.
“The initiative by Engineers & Planners gives strong credence to the government’s commitment, not just in word, but in deed.
It is a practical expression of a policy vision that seeks to anchor resource nationalism in indigenous entrepreneurship,” Dr Jonah said.
“Let us be clear: this is not a favour.
This is not political patronage.
This is not crony capitalism.
The deal was signed in October 2023, with no fanfare, no interference, and no backroom dealing.
It is, in every sense of the word, a commercial transaction, built on merit, backed by a strong balance sheet, and grounded in solid business fundamentals,” the business mogul added.
Dr Jonah explained that the courage and foresight of Engineers & Planners — under the leadership of Ibrahim Mahama, whom he first met back in 1998 when he came to seek advice about entering the mining business — deserved the highest commendation.
Ghanaian ownership
Dr Jonah further stated that Ghanaian ownership of mines, as exemplified by Engineers & Planners, was crucial for driving meaningful change, saying it enabled local decision-making, value retention, and significant contributions to the country's gross domestic product (GDP), job market and industrial development.
“That is why I call on 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 added.
Transformational moment
Mr Mahama explained that the acquisition represented a transformational moment for local participation in the mining industry.
"This is a very significant milestone for this nation, to have the first indigenous mining firm acquire a 100 per cent stake in a large-scale mine in Ghana," he said.
He recounted that the owners of Azumah Resources Ghana Limited (ARGL), Ibaera Capital, first approached him in early 2023 about the potential acquisition.
"At the time, I was initially hesitant, knowing the project had been on the drawing board for years without taking off," he said.
However, following further engagement by the Minerals Commission and Ibaera’s leadership, Mr Mahama said his technical team conducted due diligence and confirmed the project's viability and alignment with E&P’s growth strategy.
This led to the signing of a Project Acquisition and Development Framework Agreement, under which E&P committed to financing the project through an earn-in arrangement, a requirement Mr Mahama said the company had “religiously fulfilled to date”.
Sustainable growth
For his part, Dr Donkor stated that the project had no links with politics but simply an enterprise to create value, jobs and sustainable growth in Ghana and within West Africa.
“This initiative is purely driven by economic and developmental goals.
“We are happy to be part of this project, whose total amount is $130 million; we are signing $100 million today, with the other $30 million to be signed in December this year,” he said.
Dr Donkor said the project represented a vital investment opportunity that aligned with the EBID's mission to drive regional development through strategic partnerships in critical sectors, including mining, infrastructure and energy, ultimately contributing to the economic growth and prosperity of the region.
Azumah’s challenges
The Director of Azumah Resources, Noel Nii Addo, said the acquisition agreement was signed in October 2023, paving the way for yesterday’s ceremony between E&P and the bank.
“As of the time, the company was going through many challenges, but since October 2023 E&P is supposed to be funding the project with half a million dollars every month,” he said.
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