The Chief Executive Officer of indigenous mining firm Engineers & Planners (E&P), Ibrahim Mahama, has announced what he describes as a historic milestone for Ghana’s mining sector following his company’s acquisition of a 100% stake in the Black Volta Gold Project.
According to him, this marks the first large-scale gold mine in the country to be fully owned by a Ghanaian company.
The project, once operational, is expected to produce an average of 163,000 ounces of gold per year, about five tonnes annually, during its first five years.
This would represent roughly 3% of Ghana’s national gold output, which rose to 4.8 million ounces, or 150 tonnes, in 2024.
Speaking at the signing ceremony in Accra on July 7, 2025, after securing a $100 million facility from EBID for the project, Ibrahim Mahama said the acquisition represents a transformational moment for local participation in the mining industry.
“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,” Ibrahim Mahama said.
He recounted that the owners of Azumah Resources Ghana Limited (ARGL), Ibaera Capital, first approached him in early 2023 about the potential acquisition.
“At the time, I was initially hesitant, knowing the project had been on the drawing board for years without taking off,” he said.
However, following further engagement by the Minerals Commission and Ibaera’s leadership, Ibrahim Mahama said his technical team conducted due diligence and confirmed the project’s viability and alignment with E&P’s growth strategy.
This led to the signing of a Project Acquisition and Development Framework Agreement, under which E&P committed to financing the project through an earn-in arrangement, a requirement Ibrahim Mahama said the company has “religiously fulfilled to date.”
“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.
He also expressed gratitude to the ECOWAS Bank for Investment & Development (EBID) for providing the financial backing, describing the partnership as:
“This is a vote of confidence in our vision and capabilities,” he added.
Ibrahim Mahama emphasised that E&P would uphold the highest standards of safety, environmental stewardship, and social responsibility, pledging to ensure that the well-being of employees, contractors, and host communities remains a top priority.
“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.
