E&P Secures Landmark $100M Deal to Acquire Black Volta Gold Mine

Engineers & Planners (E&P), a wholly Ghanaian-owned firm, has taken a bold step into mining history with the acquisition of the Black Volta Gold Project, a move that positions it as the first local company to fully own and operate a large-scale gold mine in Ghana.

The acquisition, valued at an initial $100 million, is being financed by the ECOWAS Bank for Investment and Development (EBID) and represents what many industry leaders are calling a defining moment for indigenous participation in Ghana’s mining sector.

An additional $30million would be sealed by close of year.

Speaking at the official facility signing ceremony in Accra, E&P CEO Ibrahim Mahama said the deal reflects a long-held ambition to see Ghanaians take centre stage in the country’s mineral wealth.

“This is a very significant milestone for our nation,” Mahama said. “It is the first time a wholly indigenous firm has taken full ownership of a large-scale mining asset in Ghana. We are proud to lead this transformation.”

The project, expected to begin full operations in 2026, will produce an average of 163,000 ounces of gold annually for its first five years—contributing about 3 percent of Ghana’s total gold output, which reached 4.8 million ounces in 2024.

From Prospect to Production

The Black Volta Gold Project was initially developed by Azumah Resources Ghana Limited (ARGL), with backing from private equity firm Ibaera Capital. According to Mahama, E&P was first approached in early 2023 to explore a potential acquisition. After initial hesitations, the company conducted a thorough technical and commercial assessment, resulting in a signed agreement by October 2023.

“This is a testament to our company’s growth, discipline, and capacity,” Mahama said. “We saw the opportunity, conducted due diligence, and committed to financing it through an earn-in model, which we have delivered on.”

Celebrated by Industry Veterans

The achievement has drawn widespread praise, most notably from Sir Samuel Esson Jonah, former CEO of Ashanti Goldfields, who served as chairman of the signing ceremony. Jonah hailed the project as a pivotal moment in Ghana’s economic evolution.

“This is not just a deal—it is a national statement,” Jonah declared. “It signals a shift from decades of foreign dominance in the mining sector to a future where Ghanaian firms lead, decide, and retain value.”

Jonah also underscored the commercial integrity of the transaction, dismissing any suggestions of political favouritism.

“This is not cronyism or political patronage. This deal was signed without interference, negotiated on merit, and backed by a strong balance sheet,” he said.

Reshaping the Mining Economy

Both Mahama and Jonah stressed that E&P’s entrance into large-scale mining has implications far beyond gold production. It marks the beginning of greater integration between mining and the domestic economy, creating stronger local linkages in procurement, employment, and value addition.

“For too long, Ghana’s mining wealth has been exported along with the value,” Jonah said. “This project changes the equation. Ownership is here. Decisions are made here. And the wealth will increasingly stay here.”

Mahama pledged to operate the mine with the highest standards of safety, environmental stewardship, and community responsibility, noting that the project will also deliver local development benefits in health, infrastructure, and skills training.

Financing Confidence and Future Vision

EBID’s decision to finance the project was widely praised as a bold move to support regional economic empowerment. Jonah lauded the bank’s confidence in E&P as a sign of changing times.

“You have not only provided capital,” he said. “You have de-risked hope. This is how transformation begins.”

As Ghana pushes for deeper local content and indigenous ownership across its resource sectors, the E&P-Black Volta deal is expected to become a model for how policy, private capital, and local ambition can align to deliver national progress.

“Let this be the dawn of a new era,” Jonah concluded. “From resource extraction for others to resource empowerment for ourselves.”