Sir Sam Jonah
In a historic move set to reshape Ghana’s mining landscape, Engineers & Planners (E&P), a wholly Ghanaian-owned company, has secured a US$100 million financing agreement from the ECOWAS Bank for Investment and Development (EBID) to acquire and develop the Black Volta Gold Project.
Once operational, the project will become Ghana’s first large-scale, indigenously owned gold mine—marking a major milestone in the country’s long-standing ambition to boost local ownership in its resource sector.
The agreement was formally celebrated at a ceremony attended by key figures in the industry and government, where respected statesman and mining executive Sir Sam Jonah delivered a powerful keynote address.
“Let us be clear: this is not a favour. This is not political patronage. This is not crony capitalism,” Sir Sam stated emphatically. “This is a solid commercial transaction, grounded in strong business fundamentals. It is the product of vision, hard work, and integrity—built on a strong balance sheet and the courage to take risks.”
According to Sir Sam, the deal—initiated as far back as October 2023—was free from political interference or backroom negotiations. It reflects a major shift in Ghana’s mining model, which has for decades been dominated by foreign-owned companies and offshore capital flows. “For too long,” he lamented, “the mining sector has operated as an enclave economy—largely disconnected from the broader national economy. That must change, and today marks a step in the right direction.”
He further underscored the importance of this development within the context of national policy. The Black Volta Gold Project aligns with the government’s ongoing efforts, under President John Mahama, to promote greater Ghanaian participation in the natural resource sector through local content policies and strategic investments. “This initiative gives strong credence to the government’s commitment—not just in word, but in deed,” he added.
Sir Sam reserved special praise for E&P founder and CEO Ibrahim Mahama, describing him as a visionary leader whose persistence and integrity had made the achievement possible. He recalled meeting a young Ibrahim Mahama in 1998, when the latter expressed interest in alluvial gold mining. “I told him then that hard rock mining was the future,” Sir Sam recalled. “Today, he stands tall—his hair now grey—with a company that has earned the respect of the industry and is poised to take on one of the most ambitious indigenous mining projects in our country’s history.”
Beyond the symbolism, the project is expected to create significant economic value. It promises to generate hundreds of jobs, stimulate local supply chains, and increase Ghana’s domestic share of mining profits—helping to correct decades of limited value retention in the sector.
