Sir Sam Jonah, a renowned Ghanaian business magnate, has rejected claims of political favouritism surrounding Engineers & Planners’ (E&P) acquisition of the transformative Black Volta Gold Project.
According to Sam Jonah, Ibrahim Mahama’s gold deal is merit-based, not political favouritism.
Sir Jonah asserted that the deal, valued at $100 million in financing from the ECOWAS Bank for Investment and Development (EBID).
He revealed that the deal is a purely merit-based and commercially viable transaction, heralding it as a long-overdue and essential shift towards empowering Ghanaian-owned enterprises in the nation’s critical extractive sector.
His comments come following the brouhaha surrounding Ibrahim Mahama’s Engineers and Planners Company Ltd acquisition of the transformative Black Volta Gold Project.
However, NPP communicator and Lawyer Kwesi Botchwey Jr has accused President Mahama’s brother, Ibrahim Mahama’s Engineers and Planners Company Ltd, of forcefully taking over $5bn gold project without due process.
Kwesi Botchwey shockingly accused Ibrahim Mahama of state capture in the Black Volta deal.
In a Facebook post, Kwesi Botchwey Jr stated, “President Mahama’s brother, Ibrahim Mahama’s Engineers and Planners Company Ltd has this afternoon “forcefully and without due process” acquired the Black Volta Gold Project located in Northwest of Ghana, which is expected to produce 163,000 ounces of gold annually, approximately $5 billion ( 52 trillion Ghana cedis) every year. Tapering to 148,000 ounces over the first few years.
The project has an estimated reserve of approximately 1.37 million ounces. Covering a 934-square-kilometre exploration area, Black Volta is one of the largest licensed zones outside of major mining players in Ghana.
The president’s brother is about to control one of our largest gold reserves.
This deal is not transparent. It is daylight robbery. It is not in the interest of Ghanaians.
SAY NO TO STATE CAPTURE
I shall be back with more details”, he added.
His comments come following the signing of a $100 million acquisition facility between E&P and the ECOWAS Bank for Investment and Development (EBID).
The Black Volta Gold Project is located in Ghana’s Upper West Region and holds significant promise as one of the country’s untapped gold assets.
The funds will be used to settle Azumah Resources, paving the way for E&P to gain full ownership rights over the Black Volta concession, in line with the initial agreement both parties entered into in 2023.
Bobby Banson, the legal counsel for Engineers & Planners speaking to the media after the signing stated, “What you have witnessed is the signing of the agreement between E& P and EBID for the ECOWAS Bank to give Engineers and Planners $100 million dollars for E& P to now go to Azumah with the agreement already signed saying we said we will pay in 2026 but we are in 2025 take the 100 million and now we the owners,” he said.
“Now the discussion that culminated in today’s agreement started about 18 months ago, but the most important part of it, which is the money, has been earned, so now that we have the money will go to the ICC and say let’s close this”, he added.
See the post below:
Renowned Ghanaian business magnate Sir Sam Jonah has unequivocally rejected claims of political favouritism surrounding Engineers & Planners’ (E&P) acquisition of the transformative Black Volta Gold Project.
Sir Jonah asserted that the deal, valued at $100 million in financing… pic.twitter.com/PG1PZltEHV
— Joy 99.7 FM (@Joy997FM) July 8, 2025
