Prominent Ghanaian business leader Sir Sam Jonah has emphasised that the acquisition of the Black Volta Gold Project is based on merit, without any political favouritism.

He dismissed suggestions that Engineers & Planners (E&P) secured the project due to political affiliation.

According to him, the deal marks a long-overdue transformation in Ghana's large-scale mining sector.

Despite ongoing controversies, Sam Jonah maintained that the deal is a legitimate business transaction, highlighting its potential benefits for Ghana.

He made these remarks at a ceremony held on July 7, 2025, to sign the $100 million financing agreement between Engineers & Planners and the ECOWAS Bank for Investment and Development (EBID).

“Let us be clear: this is not a favour. This is not political patronage. This is not crony capitalism.

“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.

Sam Jonah reiterated that the deal was signed in October 2023 “with no fanfare, no interference, and no backroom dealing”, stressing that it is grounded in merit, supported by a strong balance sheet, and backed by sound business fundamentals.

He also commended the founder of E&P, Ibrahim Mahama, for his advocacy in strengthening Ghana's mining value chain and securing more value for the country.

Jonah added that his long-held dream for local participation in mining is being realised through E&P.

“You are living out my dream, a dream I’ve held for decades. A dream that many once thought was too ambitious. Back then, I told him and his partner that while alluvial gold mining was unlikely to yield sustainable returns, hard rock mining was the future. That young man listened. He built a company. He earned the respect of the industry,” he said.

Sir Sam Jonah urged that the Black Volta Gold Project should be seen as a milestone for the local mining sector.

“Ownership matters. Equity matters. And national pride demands that we do more to ensure our people are at the heart of our mineral wealth. Our entrepreneurs do not lack talent. What they often lack is access; access to capital, access to opportunity, and access to policy support,” he said.

SSD/MA

Cheque Fraud EXPOSED: How it works and how to stay safe



GhanaWeb Special: The gold market that fuels galamsey