Sir Sam Jonah Defends Engineers & Planners’ Acquisition of Black Volta Gold Project
Prominent Ghanaian business leader Sir Sam Jonah has strongly defended Engineers & Planners’ (E&P) acquisition of the Black Volta Gold Project, dismissing claims of political favoritism in the deal.
Speaking at a ceremony celebrating the $100 million financing agreement between E&P and the ECOWAS Bank for Investment and Development (EBID), Sir Jonah described the transaction as merit-based and commercially sound, emphasizing it as a “historic” shift in Ghana’s mining landscape.
“Let us be clear: this is not a favour. This is not political patronage. This is not crony capitalism,” he declared.
He praised the deal as a significant breakthrough, positioning it as Ghana’s first large-scale, wholly Ghanaian-owned gold mine, and a turning point for indigenous participation in the nation’s mineral wealth.
“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 said.
Sir Jonah revealed that the deal, signed in October 2023, was executed transparently, “with no fanfare, no interference, and no backroom dealing,” underscoring its foundation on sound business principles and a strong balance sheet.
He also commended E&P’s founder, Ibrahim Mahama, for his foresight and tenacity, recounting their first meeting in 1998 when Mahama sought advice about entering the mining sector.
“You are living out my dream. A dream I’ve held for decades. A dream that many believed was too ambitious,” Sir Jonah said, recalling how he had advised Mahama back then to focus on hard rock mining for long-term sustainability.
Beyond applauding the deal, Sir Jonah advocated for policy reforms to empower more Ghanaian businesses within the mining sector. He urged government and stakeholders to emulate frameworks like South Africa’s Black Economic Empowerment (BEE) policy to enhance local participation.
“Our entrepreneurs are not lacking in talent. What they often lack is access: access to capital, access to opportunity, and access to policy support,” he noted.
He concluded by urging the nation to view the Black Volta Gold Project as a model for national resource empowerment, stating, “Let this be the dawn of a new era… from resource extraction for others to resource empowerment for ourselves.”
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