A new era for Ghana’s mining sector was officially ushered in on Monday, July 7, as Engineers & Planners (E&P), a Ghanaian-owned powerhouse, and the ECOWAS Bank for Investment and Development (EBID) formalised a $100 million Acquisition Facility Agreement.
This landmark deal is set to finance E&P’s purchase of the Black Volta Gold Project, a move that positions the company at the vanguard of indigenous participation in Ghana’s lucrative extractive industry and marks the development of the nation’s first large-scale, wholly Ghanaian-owned gold mining operation.
The signing ceremony, held in Accra, was imbued with a sense of historic significance, signalling a conscious shift towards greater local control over Ghana’s rich mineral resources.
Ghana, a leading gold producer in Africa, has historically seen its large-scale mining operations dominated by foreign entities.
This agreement, therefore, represents a crucial step in repatriating wealth and fostering domestic industrialisation.
Speaking at the event, prominent Ghanaian business leader Sir Sam Jonah directly addressed and vehemently dismissed any suggestions that E&P’s acquisition of the Black Volta Gold Project was driven by political favouritism.
According to Sir Jonah, the deal is unequivocally a “merit-based and commercially viable transaction,” reflecting what he described as a long-overdue transformation in Ghana’s mining sector.
He emphasised that the agreement stands as a legitimate business move, distinct from any politically influenced arrangement, and should be viewed as an integral part of a broader national 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,” Sir Jonah declared, underscoring the transparency and legitimate nature of the transaction.
Sir Jonah described the momentous occasion as both “historic” and a “turning point” in Ghana’s decades-long relationship with its mining industry. He lauded the deal as a testament to what can be achieved when indigenous vision meets determined execution.
“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 proclaimed, painting a vivid picture of a future where Ghana’s economic narrative is increasingly shaped by its own citizens.
To further reinforce the integrity of the acquisition, Sir Jonah highlighted that the deal was quietly signed in October 2023 “with no fanfare, no interference, and no backroom dealing”.
This understated approach, he argued, solidifies the project’s success as being grounded in “merit, backed by a strong balance sheet, and grounded in solid business fundamentals.”
This deliberate transparency aims to differentiate the Black Volta Gold Project from past resource deals that have sometimes attracted scrutiny for opaque processes.
The Black Volta Gold Project is situated in an area historically known for its gold deposits, and its development under Ghanaian ownership is expected to create significant local employment opportunities and enhance revenue streams for the state.
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