Ghanaian business mogul Sir Sam Jonah has refuted assertions that Engineers & Planners’ (E&P) acquisition of the Black Volta Gold Project was driven by political favoritism.
He stated that the deal is a merit-based and commercially viable transaction, reflecting what he described as a long-overdue transformation in Ghana’s mining sector.
Speaking at a ceremony celebrating the landmark financing agreement between E&P and EBID, Sir Jonah said: “Let us be clear: this is not a favour. This is not political patronage. This is not crony capitalism.”
Sir Jonah described the moment as “historic” and a “turning point” in Ghana’s decades-long relationship with its mining sector.
He noted that: “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.”
According to him, 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 Sam Jonah commended Ibrahim Mahama, the founder of E&P, for his foresight, persistence, and entrepreneurial spirit.
“You are living out my dream. A dream I’ve held for decades. A dream that many believed was too ambitious,” Jonah told Mahama, recounting their first meeting in 1998 when a young Ibrahim Mahama sought his advice on entering the mining sector.
“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,” Sir Jonah said.
He further declared that: “Ownership matters. Equity matters. And national pride demands that we do more to ensure that our people are at the heart of our mineral wealth’.”
Sir Jonah underscored the need for Ghana to create similar enabling conditions for local entrepreneurs to thrive.
“Our entrepreneurs are not lacking in talent. What they often lack is access: access to capital, access to opportunity, and access to policy support,” he added.
He concluded by proposing that Ghana adopt a system where Ghana’s vast mineral wealth directly fuels its own sustainable development and benefits its citizens more directly.
The Black Volta Gold Project, located in the resource-rich Bono Region, is expected to create significant employment opportunities and contribute substantially to government revenues through taxes and royalties, further demonstrating the tangible benefits of local ownership.
This landmark deal serves as a beacon of possibility for other West African nations striving to gain greater control over their natural resources and drive indigenous industrialization.
By: Rainbowradioonline.com/Ghana
