Audio By Carbonatix
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.
Latest Stories
-
Journalists look back on a decade of breast cancer reporting in Ghana
16 minutes -
President Mahama ends Resetting Ghana tour of Ahafo Region
2 hours -
African negotiators seek delivery of climate commitments at COP31
2 hours -
BoG develops AI rules for financial sector
2 hours -
‘Big Push’: Government assures contractors of prompt payments
2 hours -
Court fines miner for breaking into gold buying shop
2 hours -
Tarkwa court jails labourer for three years over GH¢123,000 theft
3 hours -
GAEC must retain nuclear scientists for Ghana’s nuclear ambitions – Minister
4 hours -
Man reportedly mistaken for game and shot by hunter dead in forest
4 hours -
19-year-old mason jailed 15 years for defiling seven-year-old pupil
4 hours -
Ghana’s banking sector assets rise 20.47% to GH¢500.2bn – BoG Governor
4 hours -
22 injured as Sprinter bus overturns at Sege after tyre burst
4 hours -
UN housing expert urges Ghana to strengthen Rent Control Department amid housing affordability concerns
4 hours -
Delta-BCI partnership reaches 166,000 people with breast cancer education
4 hours -
Power restoration fault suspected in Kumasi Central Market fire
10 hours