ACCRA, Ghana – Engineers & Planners (E&P) and the ECOWAS Bank for Investment and Development (EBID) have officially signed a $100 million Acquisition Facility Agreement. This financing will fund the purchase of the Black Volta Gold Project, marking a significant step towards developing Ghana’s first large-scale, wholly indigenous gold mining operation and positioning E&P as a leader in Ghanaian-led participation in the extractive sector.
The signing ceremony took place in Accra on Monday, July 7.
During the event, prominent Ghanaian business leader Sir Sam Jonah addressed suggestions of political favoritism in E&P’s acquisition of the Black Volta Gold Project. He dismissed such claims, asserting that the deal was a merit-based and commercially viable transaction, representing a much-needed transformation in Ghana’s mining sector.
Mr. Jonah emphasized that the agreement is a legitimate business move, not a politically influenced arrangement, and should be viewed as part of a broader effort to empower Ghanaian-owned companies in the extractive industry.
“Let us be clear: this is not a favour. This is not political patronage. This is not crony capitalism,” Jonah stated. He described the moment as “historic” and a “turning point” in Ghana’s long-standing relationship with the mining industry, applauding the deal as the first large-scale, wholly Ghanaian-owned gold mine and a symbol of indigenous vision and execution.
Mr. Jonah added, “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.” He also noted that the initial deal was signed in October 2023 “with no fanfare, no interference, and no backroom dealing,” reinforcing the argument that the project’s success is based on merit, a strong balance sheet, and solid business fundamentals.
Ruth Abla ADJORLOLO
