Prominent Ghanaian business leader Sir Sam Jonah has come to the defense of Engineers & Planners’ (E&P) acquisition of the Black Volta Gold Project, dismissing claims of political favoritism.
According to Sir Jonah, the $100 million deal is a merit-based and commercially viable transaction that showcases a long-overdue transformation in Ghana’s mining sector.
Speaking at a ceremony to celebrate the financing agreement between E&P and the ECOWAS Bank for Investment and Development (EBID), Sir Jonah emphasized that the agreement is a legitimate business move, rather than a politically influenced arrangement. He described the moment as “historic” and a “turning point” in Ghana’s decades-long relationship with the mining industry.
Sir Jonah praised the deal as the first large-scale, wholly Ghanaian-owned gold mine, calling it a symbol of what is possible when indigenous vision meets execution. He noted that the deal was signed in October 2023 “with no fanfare, no interference, and no backroom dealing,” further reinforcing the argument that the project’s success is grounded in “merit, backed by a strong balance sheet, and grounded in solid business fundamentals.”
Sir Jonah, a longtime advocate for Ghanaian ownership of the mining value chain, praised Ibrahim Mahama, the founder of E&P, for his foresight and persistence. Recounting their first meeting in 1998, Sir Jonah revealed that he had advised Mahama to focus on hard rock mining, which he believed held more promise than alluvial gold mining. “You are living out my dream,” Sir Jonah said, commending Mahama for building a company that has earned the respect of the industry.
Beyond celebrating the achievement, Sir Jonah used the occasion to push for policy reforms that favor local ownership and long-term national economic transformation. He emphasized that ownership and equity matter, and national pride demands that Ghanaians be at the heart of their mineral wealth. Drawing a comparison with South Africa’s Black Economic Empowerment (BEE) framework, Sir Jonah called on Ghana to create similar conditions for local entrepreneurs to thrive.
Ending with a rallying call, Sir Jonah urged stakeholders to view the Black Volta Gold Project not as an isolated win but as a blueprint for national resource empowerment. “Let this be the dawn of a new era… from resource extraction for others to resource empowerment for ourselves,” he declared.
Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen
