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Ghanaian tycoon Ibrahim Mahama has strengthened his standing in the country’s mining sector after his firm, Engineers & Planners Ltd., completed the takeover of the Black Volta and Sankofa gold projects.
The acquisition followed the transfer of all issued shares from Azumah Resources Ghana Ltd. and Upwest Resources Ltd., according to filings with Ghana’s Registrar of Companies. The projects, which hold sizable reserves, had long been stalled by funding challenges that limited progress.
First large-scale locally owned gold mine
The deal builds on a $100 million financing agreement Mahama secured in July to acquire Black Volta. His goal is to establish Ghana’s first large-scale, locally owned gold mine, a milestone in a sector where foreign operators have historically dominated production. Industry watchers say the transaction signals rising local capacity in West Africa’s mining business.
Founded in 1997, Engineers & Planners has grown into one of Africa’s leading indigenous mining and civil engineering contractors. The acquisition gives the company a deeper foothold in Ghana’s natural resource industry and is expected to spur jobs and economic activity in the Upper West Region.
Unlocking reserves after years of delays
The Black Volta and Sankofa projects were granted mining leases by the government in 2014 but struggled to move forward amid limited capital. With E&P’s financial muscle and technical depth, development is now expected to accelerate, potentially adding meaningful output to Ghana’s gold production.
Azumah and Upwest, in a joint statement, acknowledged the difficulties faced in advancing the projects but voiced confidence in Mahama’s ability to deliver. The companies also thanked regulators and local stakeholders who had supported the ventures since inception.
Mahama’s wider business reach
Mahama’s interests stretch beyond mining. E&P, which employs more than 4,000 workers across Ghana, Liberia, and Sierra Leone, also provides heavy equipment leasing and civil engineering services. In 2023, the company struck a $230 million deal with the Mansour Group, which is based in Dubai and Egypt, to help it run its business better.
Mahama, the younger brother of former President John Dramani Mahama, is also known for philanthropy. In July 2024, he donated vehicles and power generators to Liberia’s main airport to help improve security and energy reliability.
Ghana’s gold future
Analysts say the acquisition highlights Ghana’s position as one of Africa’s most attractive mining destinations. With E&P now at the helm, the Black Volta and Sankofa projects are expected to advance more quickly, bolstering the country’s output while marking an important step for local ownership in a global industry.
