The Board of Directors of the ECOWAS Bank for Investment and Development (EBID)has approved a $120 million financing facility for Engineers & Planners Limited (E&P), a leading indigenous mining and construction firm in Ghana, to acquire the
Black Volta Gold Mine.
A statement made available to this medium by Anita SOMDA of the communication and external relations unit, EBID, said this transaction marked a significant step toward establishing Ghana’s first fully indigenous, wholly owned mining company, aligning with global standards for local participation and sustainable resource development.
The transaction, which started about 18 months ago, was formalised at a signing ceremony attended by high-level government officials, regulatory authorities, and key industry stakeholders.
The facility underscores EBID’s commitment to fostering sustainable economic development and regional integration in West Africa. Gold mining is a cornerstone of Ghana’s economy, contributing 57 per cent of total export earnings in 2024. This investment
aims to enhance local capacity, promote value addition, and align with international best practices in environmental stewardship and community engagement.
Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, emphasised that “EBID’s support for the Black Volta Gold Project reflects the bank’s strategic focus on sectors critical to Africa’s socio-economic transformation.
“Through these transactions, we are advancing inclusive growth and ensuring that mineral wealth benefits local communities and economies.”
Mr. Ibrahim Mahama, CEO of E&P, stated: “This acquisition is a landmark achievement for Ghana’s mining sector. E&P is committed to operating in compliance with global standards, prioritising environmental sustainability, and creating long-term
value for all stakeholders.”
EBID has invested almost $5 billion in the West African region over the various sectors spanning infrastructure, energy, and private sector development.
The bank continues to leverage its expertise to drive industrialisation and enhance regional competitiveness.
About EBID
ECOWAS Bank for Investment and Development (EBID) is the development finance
institution of the Economic Community of West African States (ECOWAS) comprising 15 Member States namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Based in Lomé, Togolese Republic, the Bank is committed to financing developmental
projects and programmes covering diverse initiatives from infrastructure and basic amenities,
rural development and environment, industry, and social services sectors, through its private
and public sector windows. EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations, and related services.
