Accra, July 9, 2025 – In a transformative leap for Ghana’s mining industry, Engineers & Planners (E&P), under the leadership of Ibrahim Mahama, has completed a groundbreaking acquisition of the Black Volta Gold Project with the support of a $100 million financing facility provided by the ECOWAS Bank for Investment and Development (EBID). This move sets the stage for the first large-scale gold mine in Ghana to be 100 percent owned and operated by a Ghanaian firm.
A Transaction Built on Merit
At the signing ceremony, respected mining stalwart Sir Sam Jonah emphasized that the deal was purely merit-based—rooted in financial discipline and technical competence, not political ties or favoritism. He underscored that the agreement, quietly negotiated and approved in late 2023, reflects a fundamental shift toward empowering local capital in a sector historically dominated by international corporations.
A Milestone in Local Ownership
E&P’s CEO, Ibrahim Mahama, echoed the sentiment, calling the acquisition a watershed moment for Ghanaian industry. He pointed out that rigorous due diligence confirmed the project’s feasibility and aligned with E&P’s strategy to develop projects from a local standpoint. With the planned production of around 163,000 ounces of gold annually—nearly five tonnes per year during the first half-decade—the mine is projected to contribute about 3 percent of national output.
Mahama reaffirmed the firm’s commitment to high standards in safety, environmental stewardship, and community well-being. “This milestone is not just a testament to our company’s achievements,” he said, “but also a beacon of hope for the future of Ghana’s mining industry.”
Facing Challenges & Disputes
Despite jubilant celebrations, the acquisition has not been without controversy. Azumah Resources, the previous project owner, has publicly denied selling the mine, launching a legal challenge and claiming payment has not been completed. The issue is now being navigated through arbitration and Ghana’s courts—an unfolding legal narrative that could influence future resource sector governance.
Strategic & Economic Implications
This acquisition represents more than just a business transaction:
- Economic Repatriation: By shifting control from foreign to domestic hands, it ensures more revenue remains within Ghana, bolstering the national economy.
- Investor Confidence: Success here would validate Ghana’s capacity to back homegrown ventures in capital-intensive sectors.
- Governance & Transparency: The dispute also underscores the importance of transparent negotiations and legal accountability in resource development.
What Lies Ahead
With regulatory approvals in place, E&P aims to initiate development and commence gold production within the next 36 months. The utilization of EBID’s facility to finalize the purchase signals strong regional confidence in both E&P and Ghana’s mining potential. If all goes well, the project could deliver substantial job creation, revenue inflows, and long-term national benefits.
Final Word
The takeover of the Black Volta Gold Project by E&P signifies more than a business victory—it marks a new era for Ghana’s mining sector, one defined by local leadership, financial independence, and national pride. How the company addresses legal challenges and operational execution in the coming years will determine whether this milestone becomes a model for sustainable, indigenous industrial development.
