Prominent Ghanaian business mogul and mining industry veteran, Sir Sam Jonah, has pushed back against claims that Engineers & Planners’ (E&P) acquisition of the Black Volta Gold Project was politically motivated, describing it instead as a landmark, merit-based achievement that signals a new era for Ghanaian ownership in the extractive sector.
Speaking at a ceremony commemorating the $100 million financing agreement between E&P and the ECOWAS Bank for Investment and Development (EBID), Sir Jonah described the deal as a “historic and transformative moment” that should not be clouded by speculation of political favouritism.
“Let us be clear: this is not a favour. This is not political patronage. This is not crony capitalism.
“This is a legitimate, commercially sound business move, grounded in competence, vision, and execution.”
Sir Sam Jonah, Prominent Ghanaian business mogul and mining industry veteran
The Black Volta Gold Project represents Ghana’s first large-scale, wholly indigenous-owned gold mining enterprise.
Sir Jonah praised this development as a long-overdue shift in the dynamics of Ghana’s mining sector, which has historically been dominated by foreign entities.
“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.”
Sir Sam Jonah, Prominent Ghanaian business mogul and mining industry veteran
He highlighted that the agreement, which was signed in October 2023, happened “with no fanfare, no interference, and no backroom dealing,” reinforcing his point that the success of the project stems from solid fundamentals and not political leverage.
Ibrahim Mahama’s Vision Applauded
Sir Jonah heaped praise on Ibrahim Mahama, founder of Engineers & Planners, crediting him with tenacity, vision, and years of hard work that led to this breakthrough.
He recounted their first meeting in 1998, when Mahama approached him for advice about entering the mining sector.
“Back then, I told him that while alluvial gold mining wouldn’t be sustainable, hard rock mining held the future.
“That young man listened. He built a company. He earned the respect of the industry.”
Sir Sam Jonah, Prominent Ghanaian business mogul and mining industry veteran
Sir Jonah added, “You are living out a dream I’ve held for decades. A dream many believed was too ambitious.”
While celebrating the success of E&P, Sir Jonah also used the platform to advocate for policy reforms that will make it easier for local companies to compete and thrive in Ghana’s mineral sector.
He referenced South Africa’s Black Economic Empowerment (BEE) programme as a model Ghana could adapt to level the playing field.
“Ownership matters. Equity matters. National pride demands that we ensure our people are at the heart of our mineral wealth.
“Our entrepreneurs are not lacking in talent. What they often lack is access—access to capital, access to opportunity, and access to policy support.”
Sir Sam Jonah, Prominent Ghanaian business mogul and mining industry veteran
From Extraction to Empowerment
The seasoned businessman emphasized that the Black Volta Gold Project should not be viewed as an isolated incident, but as a blueprint for broader resource empowerment in Ghana and across the continent.
He noted that Ghana’s resource endowment must increasingly benefit Ghanaians themselves, not just through employment but also through ownership, leadership, and profit-sharing across the value chain.
“Let this be the dawn of a new era… one where we move from resource extraction for others to resource empowerment for ourselves.”
Sir Sam Jonah, Prominent Ghanaian business mogul and mining industry veteran
The $100 million financing from EBID is earmarked for the full development and operationalisation of the Black Volta Gold Project, which is expected to contribute significantly to local job creation, export revenues, and Ghana’s gold production output.
The project also aligns with national aspirations for increased local content participation and economic self-reliance.
Sir Sam Jonah’s emphatic endorsement of the E&P transaction reinforces a broader narrative gaining traction within Ghana: that it is time for homegrown companies to lead in sectors historically dominated by foreign capital and influence.
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