Table of Contents
Key Points
- Ibrahim Mahama secures $100 million deal to finance acquisition of the Black Volta Gold Project, aiming to establish Ghana’s first large-scale, locally owned gold mine.
- The project marks a shift toward increased Ghanaian control of mineral resources, moving away from dominance by multinational mining companies.
- Despite past legal disputes, Mahama’s Engineers & Planners regains momentum with institutional backing to reshape Ghana's mining industry from within.
Ghanaian businessman Ibrahim Mahama has taken a major step toward setting up the country’s first large-scale, wholly indigenous gold mine. Through his mining and construction firm, Engineers & Planners (E&P), Mahama signed a $100 million acquisition facility agreement on Monday, July 7, to finance the purchase of the Black Volta Gold Project in north-western Ghana.
The deal supports a broader plan to increase Ghanaian ownership in the country’s extractive industry. Spanning over 934 square kilometers under mining and exploration licenses, the Black Volta Gold Project is one of the largest gold exploration positions in Ghana not controlled by multinational mining companies.
Ghana asserts control over mining sector
For E&P, this marks a commitment to reshaping how Ghana participates in the mining sector, not as a host to foreign interests but as a driver of its own development. Ghanaian business leader Sam Jonah welcomed the announcement, describing the deal as a commercially sound and credible business transaction. He stressed that the project’s significance goes beyond business—it represents a long-overdue shift in control over the nation’s mineral wealth.
“Let us be clear: this is not a favour. This is not political patronage. This is not crony capitalism,” Jonah said at the signing. He called it a turning point in Ghana’s mining history, one that shows what’s possible when local ambition meets execution. “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.”
Ghana’s own changing the landscape
Ibrahim Mahama’s business interests span mining, construction, agriculture, and real estate. Over the past two decades, he has built Engineers & Planners (E&P) into one of West Africa’s most established locally owned mining and construction groups, employing over 4,000 people.
Since founding the firm in 1997, the Tamale-born businessman, who is also the younger brother of Ghana’s president, John Dramani Mahama, has focused on strengthening local participation in industries historically dominated by foreign companies. E&P’s core work includes heavy equipment leasing and civil engineering services, supporting mining operations across Ghana, Liberia, and Sierra Leone, often in collaboration with international firms.
E&P wins backing amid legal dispute
This week’s funding agreement offers a strong signal of confidence in E&P’s direction, but it also follows a contentious legal battle tied to the same gold project. In October 2024, the company filed a lawsuit against Australian mining company Azumah Resources, accusing it of breaching a 2023 development deal that gave E&P early-stage rights in exchange for equity.
Azumah later terminated the agreement, arguing that E&P had failed to line up financing, sign technical contracts, or begin field work. The dispute escalated into a $100 million counterclaim, with Azumah alleging contract breaches, misuse of funds, and unauthorized operations.
Despite the legal wrangling, Monday’s deal repositions E&P as a key player in what could become a new chapter for Ghanaian-led mining ventures. With institutional backing and experienced leadership in place, the Black Volta Gold Project now has the potential to go beyond just extraction—it could help reset the conversation around how resource wealth is developed and shared by those who live on the land it’s drawn from.
