Ghanaian businessman Ibrahim Mahama has sealed a $100 million gold financing deal for the Black Volta Gold Project, marking a significant milestone in Ghana’s mining history. The project, located in north-western Ghana, spans over 934 square kilometers under mining and exploration licenses and is one of the largest gold exploration positions in Ghana not controlled by multinational mining companies.
Key Highlights:
Local Ownership: The deal supports a broader plan to increase Ghanaian ownership in the country’s extractive industry, shifting control from foreign to local hands.
-Project Value: The Black Volta Gold Project is expected to produce an average of 163,000 ounces of gold annually during its first five years, contributing around 3% to Ghana’s projected 2025 national output.
Financing: The $100 million acquisition facility agreement was signed with the ECOWAS Bank for Investment and Development (EBID), with the funds to be disbursed in two tranches.
Timeline: The project is expected to be completed within a 21-month period, with the first tranche of $50 million initially due in June 2024, now subject to a 4% penalty due to delayed disbursement .
Reaction from Industry Leaders:
Ghanaian business leader Sam Jonah welcomed the announcement, describing the deal as a “watershed moment in Ghana’s mining history” and a “commercially sound and credible business transaction”.
Jonah emphasized that the project’s significance goes beyond business, representing a long-overdue shift in control over the nation’s mineral wealth .
Future Implications:
The deal is expected to unlock future investments of over $245 million and create employment opportunities for Ghanaians.
It also marks a step towards responsible mining, environmental stewardship, and inclusive economic growth .
