Ibrahim Mahama’s Engineers and Planners Wins Bid to Take Over Damang Gold Mine
- Engineers and Planners (E&P) Limited has been approved by the government to take over the Damang Gold Mine
- The move followed a competitive tender process under Regulation 258 of the Minerals and Mining (Licensing Regulations), 2012 (LI 2176)
- The transition is expected to bring renewed investment and operational oversight to one of Ghana’s key gold-producing assets
Don't miss out! Get your daily dose of sports news straight to your phone. Join YEN's Sports News channel on WhatsApp now!
Engineers and Planners (E&P) Limited, a mining firm owned by Ghanaian business mogul Ibrahim Mahama, has secured government approval to take over the Damang Gold Mine.
This follows a recommendation from a Tender Committee set up by the Ministry of Lands and Natural Resources to grant the mining lease to E&P under Regulation 258 of the Minerals and Mining (Licensing Regulations), 2012 (LI 2176).
Source: UGC
The tender process was aimed to select a strategic investor through a competitive evaluation process to take over the mining lease and operations of the Damang mine.
Four firms bid, but E&P emerges victorious
According to a report by Citi News, four companies responded to the public tender announced in the media.
The report states that two of the four firms were shortlisted by the Mineral Titles Department of the Minerals Commission and subsequently submitted to the Tender Committee for further assessment.
At the end of the comprehensive competitive evaluation, E&P emerged as the highest evaluated bidder, leading to the Tender Committee’s recommendation for the award of the mining lease.
"Gold Fields Ghana Limited, which has operated in the country since its incorporation in 1993, currently holds a 90 percent stake in its mining operations, while the Government of Ghana retains a 10 percent free carried interest in line with Section 43 of the Minerals and Mining Act, 2006," the Citi News report said.
"The Damang mine, one of the country’s significant gold-producing assets, is expected to benefit from renewed investment and operational oversight should the recommendation be approved," it added.
The tender process and subsequent recommendation form part of broader efforts by the Ministry of Lands and Natural Resources and the Minerals Commission to ensure transparency, efficiency, and value maximisation in the management of Ghana’s mineral resources.
Ibrahim Mahama secures $100m for gold mining
In a related development, Ibrahim Mahama, who is the brother of Ghana's sitting President, John Mahama, has secured a $100 million facility from the ECOWAS Bank for Investment and Development (EBID) to acquire the Black Volta Gold Mining Project.
The deal was officially signed during a ceremony witnessed by prominent businessman and statesman Sir Sam Jonah.
Speaking at the event in Accra on Monday, July 7, 2025, Sir Sam Jonah, who is the Executive Chairman of Jonah Capital, said this would be the first large-scale, indigenous-owned gold mining project in the country.
Source: Twitter
He described Ibrahim Mahama’s move to acquire the Black Volta Gold Mining Project as “a long overdue breakthrough and a powerful symbol of what is possible when vision meets courage and ambition meets execution”.
Sir Jonah said the development came at a very opportune time, noting that President John Mahama’s government was pursuing an aggressive policy agenda aimed at promoting greater Ghanaian participation in the mining industry.
He added that the initiative by E&P gave strong credence to the government’s commitment not just in words, but in action, and described it as a practical expression of a policy vision anchored in resource nationalism and indigenous entrepreneurship.
Sir Jonah emphasised that it was not a favour or political patronage, nor crony capitalism or a matter of friends and family.
He explained that the deal being witnessed had actually been initiated as far back as October 2023, without fanfare, interference, or backroom dealings.
He further stressed that it was, in every sense, a commercial transaction built on merit, backed by a strong balance sheet, and grounded in solid business fundamentals.
“This is happening at a very opportune time. President John Mahama’s government is pursuing an aggressive policy agenda aimed at promoting greater Ghanaian participation in the industry. The initiative by E&P gives strong credence to the government’s commitment, not just in words, but in deed. Indeed, it’s a practical expression of policy vision that seeks to anchor resource nationalism and indigenous entrepreneurship,” he said.
“Ladies and gentlemen, let us be clear - and I repeat - let us be clear, this is not a favour. There is no political patronage here, this is not crony capitalism, this is not about friends and family. The deal we are witnessing today was actually initiated as far back as October 2023, with no fanfare, no interference, no backroom dealings. It’s, in every sense of the word, a commercial transaction built on merit, backed by a strong balance sheet and grounded in solid business fundamentals,” he stated.
Ibrahim donates to UG School of Law
Meanwhile, YEN.com.gh previously reported that Ibrahim Mahama supported the University of Ghana School of Law in its construction project.
The renowned businessman donated a truckload of cement for the school's new building complex.
His donation to the University of Ghana School of Law triggered massive reactions from Ghanaians on social media.
Source: YEN.com.gh
