ECOWAS Bank for Investment and development invests USD 120 million in Ghana’s mining industry

The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a USD 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. This transaction marks 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% 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 USD 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.