Mr. Ibrahim Mahama, the CEO of the local mining company Engineers & Planners (E&P), has declared what he calls a historic turning point for Ghana’s mining industry after his company acquired a 100% share in the Black Volta Gold Project.
This is the first large-scale gold mine in the nation to be entirely owned by a Ghanaian enterprise, he claims.
It is anticipated that the project will yield an average of 163,000 ounces of gold annually, or roughly five tonnes, during the course of its first five years of operation.
This amounts to about 3% of Ghana’s total gold production, which increased to 150 tonnes (4.8 million ounces) in 2024.
This point was raised by Mr. Ibrahim Mahama during the signing ceremony held in Accra on July 7, 2025, following the acquisition of a $100 million facility from EBID for the project. He claimed that the transaction marks a turning point for indigenous involvement in the mining sector.
“This is a very significant milestone for this nation, to have the first indigenous mining firm acquire a 100% stake in a large-scale mine in Ghana,” Mr. Ibrahim Mahama said.
He said that in early 2023, he was first contacted by Ibaera Capital, the proprietors of Azumah Resources Ghana Limited (ARGL), regarding the possible acquisition.
“At the time, I was initially hesitant, knowing the project had been on the drawing board for years without taking off,” he stated.
However, Mr. Ibrahim Mahama stated that his technical team carried out due diligence and verified the project’s feasibility and alignment with E&P’s growth strategy after more interaction by the Minerals Commission and Ibaera’s leadership.
In order to finance the project through an earn-in arrangement, E&P agreed to sign a Project Acquisition and Development Framework Agreement. Mr. Ibrahim Mahama stated that the company had “religiously fulfilled to date” this criterion.
“This achievement is a testament to our company’s unwavering commitment to Ghana’s economic development. We are committed to unlocking the value of Ghana’s natural resources while ensuring sustainable benefits for local communities and the nation at large,” he added.
Additionally, he conveyed his appreciation to the ECOWAS Bank for Investment & Development (EBID) for the financial support, characterizing the collaboration as
“This is a vote of confidence in our vision and capabilities,” he added.
E&P would maintain the greatest standards of safety, environmental stewardship, and social responsibility, Mr. Ibrahim Mahama emphasized, promising to make sure that the welfare of workers, contractors, and host communities always comes first.
“This milestone is not just a testament to our company’s achievements but also a beacon of hope for the future of Ghana’s mining industry,” he concluded.
Source: newsthemegh.com