Engineers & Planners Company Limited (E&P), a Ghanaian mining firm owned by businessman Ibrahim Mahama, has secured a landmark $205 million loan package from Stanbic Bank Ghana and Standard Bank of South Africa.
Structured as a five-year credit facility, the deal is divided into two tranches of $110 million and $95 million and represents one of the largest financing agreements ever secured by a locally owned mining company in the country.
The funds will primarily support E&P’s ongoing contract-mining work for Gold Fields Ghana Limited, with Ecobank Ghana PLC and Absa Bank Ghana LTD also participating as key lending partners in the transaction.
This substantial financial injection underscores the growing confidence of international and local financial institutions in the capacity of indigenous Ghanaian firms to handle large-scale mining operations.
By securing this facility, E&P is positioned to significantly enhance its operational capacity and equipment fleet, ensuring it can meet the rigorous demands of its partnership with Gold Fields.
The deal not only solidifies E&P’s standing as a major player in the West African mining sector but also sets a new precedent for local content participation, demonstrating that Ghanaian-owned companies can mobilize the significant capital required to compete with multinational rivals in the region's resource extraction industry.
Beyond expanding its operational footprint, the investment is poised to contribute significantly to the local economy through the preservation of thousands of jobs and increased local procurement across the mining supply chain.
The funding will support Engineers & Planners (E&P) in scaling its hard-rock extraction activities and upgrading its equipment to meet international mining standards.
“Our relationship with E&P spans more than two decades, anchored in mutual trust and a shared vision,” said Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana. “By structuring and mobilizing the USD205 million facility, we are not only enabling Engineers & Planners to scale its operations but also reinforcing Stanbic Bank’s role as a long-term partner in advancing localisation, strengthening Ghana’s mining value chain, and driving sustainable growth across the broader economy.” Read more...
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