Accra, Ghana – July 7, 2025 – The Board of Directors of the ECOWAS Investment and Development Bank (BIDC) has approved a $120 million financing facility for Engineers & Planners Limited (E&P), a leading local mining and construction company in Ghana, for the acquisition of the Black Volta gold mine. This transaction marks a significant step towards the creation of the first fully indigenous Ghanaian mining company, 100% locally owned, in line with global standards for local participation and sustainable resource development.
This agreement, which began approximately 18 months ago, was formalized at a signing ceremony attended by senior government officials, regulatory authorities, and key industry stakeholders.
This facility underscores BIDC’s commitment to fostering sustainable economic development and regional integration in West Africa. Gold mining is a cornerstone of the Ghanaian economy, accounting for 57% of total export revenue in 2024. This investment aims to strengthen local capacities, promote value addition, and align with international best practices in environmental management and community engagement.
Dr. George Agyekum Donkor, President of BIDC and its Board of Directors, emphasized that “BIDC’s support for the Black Volta gold project reflects the Bank’s strategic focus on sectors essential to Africa’s socio-economic transformation. Through these transactions, we promote inclusive growth and ensure that mineral wealth benefits local communities and economies.”
Mr. Ibrahim Mahama, CEO of E&P, stated: “This acquisition is a significant milestone for the Ghanaian mining sector. E&P is committed to operating in line with global standards, prioritizing environmental sustainability, and creating long-term value for all stakeholders.”
BIDC has invested nearly $5 billion in the West Africa region, in various sectors such as infrastructure, energy, and private sector development. The Bank remains committed to leveraging its expertise to drive industrialization and enhance regional competitiveness.
