Prominent Ghanaian business leader Sir Sam Jonah has dismissed suggestions that Engineers & Planners’ (E&P) acquisition of the Black Volta Gold Project was driven by political favouritism.
According to Sir Jonah, the deal is a merit-based and commercially viable transaction, reflecting what he described as a long-overdue transformation in Ghana’s mining sector.
He emphasized 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 declared at a ceremony to celebrate the $100 million financing agreement between Engineers & Planners (E&P) and the ECOWAS Bank for Investment and Development (EBID).
Describing the moment as “historic” and a “turning point” in Ghana’s decades-long relationship with the mining industry, Sam Jonah 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.”
Sam Jonah, a longtime advocate for Ghanaian ownership of the mining value chain, praised Ibrahim Mahama, the founder of E&P, for his foresight and persistence.
“You are living out my dream. A dream I’ve held for decades. A dream that many believed was too ambitious.”
He recounted their first meeting in 1998 when Ibrahim Mahama sought advice on entering the mining space.
“Back then, I told him and his partner that while alluvial gold mining was unlikely to yield sustainable returns, hard rock mining was the future… That young man listened. He built a company. He earned the respect of the industry.”
Beyond celebrating the achievement, Sam Jonah used the occasion to push for policy reforms that favour local ownership and long-term national economic transformation.
“Ownership matters. Equity matters. And national pride demands that we do more to ensure that our people are at the heart of our mineral wealth.”
He drew a powerful comparison with South Africa’s Black Economic Empowerment (BEE) framework and called on Ghana to create similar conditions for local entrepreneurs to thrive.
“Our entrepreneurs are not lacking in talent. What they often lack is access: access to capital, access to opportunity, and access to policy support.”
Ending with a rallying call, Jonah urged stakeholders to view the Black Volta Gold Project not as an isolated win but as a blueprint for national resource empowerment.
“Let this be the dawn of a new era… from resource extraction for others to resource empowerment for ourselves.”
Source: www.citinewsroom.com
