Ibrahim Mahama’s E&P takes full control of Black Volta Gold Mine in $100M deal; Sam Jonah dismisses political favour

Engineers and Planners (E&P), a company owned by businessman Ibrahim Mahama, has secured full ownership of the Black Volta Gold Project—a historic milestone for Ghana’s mining sector.

The deal was cemented on Monday, July 7, with a $100 million financing agreement signed in Accra between E&P and the ECOWAS Bank for Investment and Development (EBID). This makes E&P the first indigenous Ghanaian company to wholly own a large-scale gold mine in the country.

No political angle
Given Ibrahim Mahama’s relation with President John Mahama, some have questioned the deal’s political implications.

However, prominent businessman Sir Sam Jonah has dismissed such claims, insisting the transaction is merit-based and commercially viable. “This marks a long-overdue transformation in Ghana’s mining sector,” Jonah stated, emphasizing that the deal reflects genuine progress rather than political patronage.

Economic and social impact
The Black Volta Gold Mine is projected to bring substantial socio-economic benefits to Wa, the Upper West Region, and Ghana as a whole. Over 1,000 jobs will be created during construction, with hundreds more permanent roles once operations begin.

The mine is expected to produce 163,000 ounces of gold annually in its first five years, tapering to 148,000 ounces over the initial nine years. This would account for roughly 3% of Ghana’s total gold output, which reached 4.8 million ounces (150 tonnes) in 2024.

Scheduled to commence operations in 2026, the mine has an 11-year production lifespan, with estimated reserves of 1.37 million ounces in mineral reserves and 2.8 million ounces in mineral resources across a 934 square-kilometer exploration area.

Transformational milestone
Ibrahim Mahama described the acquisition as a transformational moment for local participation in Ghana’s mining industry.

Legitimacy
Jonah, reinforcing the deal’s legitimacy, stated: “Let us be clear: this is not a favour. This is not political patronage. This is not crony capitalism.”

Journey
Reflecting on Ibrahim’s journey, Jonah added: “You are living out my dream—a dream I’ve held for decades. A dream many believed was too ambitious.” He recalled advising Ibrahim in 1998 against alluvial gold mining in favour of hard rock mining. That young man listened. He built a company. He earned the respect of the industry.”