Sir Sam Jonah Hails E&P’s $100 Million Deal as a Turning Point for Ghana’s Mining Sector
Renowned business mogul Sir Samuel Esson Jonah has described the recent $100 million financing deal between Engineers & Planners (E&P) and the ECOWAS Bank for Investment and Development (EBID) as a historic turning point for Ghana’s mining industry.
Speaking at the facility signing ceremony in Accra on July 7, 2025, Sir Jonah who chaired the event said the transaction marks a major breakthrough in Ghana’s long-standing efforts to promote indigenous ownership in the mining sector.
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 stated.
The $100 million facility will enable E&P, led by CEO Ibrahim Mahama to acquire the Black Volta Gold Project which will become Ghana’s first large-scale wholly Ghanaian-owned gold mine. The project is expected to produce an average of 163,000 ounces of gold per year during its first five years representing about 3% of Ghana’s annual gold output.
Sir Jonah a strong advocate for local participation in mining said this success story proves his long-held belief that Ghanaians must move from being labour providers to key decision-makers in the mining value chain.
We cannot continue to be mere labour providers or royalty collectors while others control the equity the strategy and ultimately, the wealth, he stressed.
He praised Ibrahim Mahama for his vision and resilience recalling how their paths first crossed in 1998 when a young Mahama sought his guidance about venturing into the mining business.
That young man listened. He built a company He earned the respect of the industry and now he stands poised to fulfil a vision that many considered impossible. Congratulations, Ibra you have made us all proud, Sir Jonah said.
He used the occasion to urge the government to introduce policy reforms and incentives that make it easier for Ghanaians to own and lead mining companies.
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 said.
Drawing inspiration from South Africa’s Black Economic Empowerment (BEE) programme and the rise of South African mining billionaire Patrice Motsepe, Sir Jonah argued that Ghana must also create an environment for homegrown industrial champions to thrive.
If we remove the barriers, I have no doubt that many more Motsepes will emerge from Ghana, he said.
Sir Jonah commended EBID for supporting the project describing the bank’s decision as a bold vote of confidence in indigenous entrepreneurship.
You have not only provided financing you have de-risked hope, he noted.
He also called on E&P to uphold high standards in governance, environmental protection and community development, stressing that the project must prove that Ghanaian companies can compete with the best in the world with integrity.
Let this day be remembered as the day we turned the corner from resource extraction for others to resource empowerment for ourselves. Let us rise as a people, let us mine our gold and own our future, he concluded.
The success of this deal has inspired hope that more Ghanaians will take up leadership roles in unlocking the country’s vast mineral resources for the benefit of the nation and its people.