Engineers & Planners (E&P) has signed a $100 million Acquisition Facility Agreement with the ECOWAS Bank for Investment and Development (EBID). The deal will fund E&P’s purchase of the Black Volta Gold Project.
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The signing ceremony took place in Accra and marked a key milestone in Ghana’s mining sector. This agreement paves the way for the country’s first large-scale, wholly Ghanaian-owned gold mine. It positions E&P as a leader in indigenous participation in the extractive industry.
Ghanaian business magnate Sir Sam Jonah addressed concerns about political favoritism. He stated that the acquisition was based on commercial merit, not politics. “This is not political patronage. It’s not a favour. It’s not crony capitalism,” he emphasized.
He described the project as a game-changer for local ownership in mining. “We’re celebrating a bold chapter in Ghana’s economic story, led not by outsiders, but by our own,” Jonah added.
The original agreement was signed in October 2023. Jonah noted that it happened quietly, without political interference or backroom dealings. He stressed that the project’s strength lies in solid business fundamentals and a strong balance sheet.
This development signals a major shift in Ghana’s approach to natural resource ownership and signals confidence in indigenous entrepreneurship.
