Engineers & Planners (E&P) and the ECOWAS Bank for Investment and Development (EBID) have officially signed a $100 million Acquisition Facility Agreement to finance the purchase of the Black Volta Gold Project.

The signing, held in Accra, marks a historic step toward the development of Ghana’s first large-scale, wholly indigenous gold mining operation, positioning E&P at the forefront of Ghanaian-led participation in the extractive sector.

Speaking at the event on Monday, July 7, prominent Ghanaian business leader Sir Sam Jonah dismissed suggestions that E&P’s acquisition of the Black Volta Gold Project was driven by political favouritism.

According to him, the deal was 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, rather than a politically influenced arrangement, and should be seen as part of a broader 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,” Jonah said.

Describing the moment as “historic” and a “turning point” in Ghana’s decades-long relationship with the mining industry, he applauded the deal as the first large-scale, wholly Ghanaian-owned gold mine, calling it a symbol of what is possible when indigenous vision meets 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 noted that the deal was signed in October 2023 “with no fanfare, no interference, and no backroom dealing,” further reinforcing the argument that the project’s success is grounded in “merit, backed by a strong balance sheet, and grounded in solid business fundamentals.”