Esteemed Ghanaian business figure Sir Sam Jonah has rejected allegations that Engineers & Planners’ (E&P) acquisition of the Black Volta Gold Project was influenced by political favoritism, insisting the transaction is rooted in commercial merit and a vision for national transformation.
Speaking at a ceremony marking the $100 million financing partnership between E&P and the ECOWAS Bank for Investment and Development (EBID), Sir Jonah described the deal as a watershed moment for Ghana’s mining industry.
He underscored that the agreement represents a significant shift towards empowering indigenous companies within the nation’s extractive sector.
“This is not a favour, nor is it political patronage or crony capitalism,” Sir Jonah declared, emphasizing the legitimacy and business soundness of the transaction.
Sir Jonah hailed the acquisition as historic, noting it marks the establishment of Ghana’s first large-scale, wholly Ghanaian-owned gold mine.
He characterized the event as a pivotal chapter in the country’s economic narrative, one led by local enterprise rather than foreign interests.
“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 highlighted that the agreement, finalized in October 2023, was concluded without undue publicity or interference, reinforcing its foundation on solid business principles and a robust financial footing.
He noted“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 commended E&P founder Ibrahim Mahama for his determination and strategic foresight.
He recalled their initial meeting in 1998, when Mahama sought guidance on entering the mining sector.
“At the time, I advised against alluvial gold mining in favor of hard rock mining for sustainable returns. He listened, built a reputable company, and earned industry respect,” Sir Jonah recounted.
Sir Jonah used the occasion to urge policymakers to implement reforms that promote local ownership and drive long-term economic transformation.
He drew parallels with South Africa’s Black Economic Empowerment (BEE) policy, advocating for similar frameworks in Ghana to support local entrepreneurs.
“Our entrepreneurs have the talent. What they often lack is access: to capital, opportunities, and supportive policies,” he stated.
Sir Jonah encouraged stakeholders to view the Black Volta Gold Project as a template for broader national resource empowerment, calling for a shift from resource extraction for external interests to resource empowerment for Ghanaians themselves.
“Let this be the dawn of a new era, one where our mineral wealth truly benefits our people,” he concluded.
Source :www.kumasimail.com /Kwadwo Owusu
