Stanbic Bank Ghana, in collaboration with its parent company Standard Bank of South Africa, has finalized a significant financing deal aimed at reinforcing one of Ghana’s leading indigenous enterprises.
A landmark financing transaction has been concluded to bolster Engineers & Planners Company Limited (E&P), the mining services firm established by Ghanaian businessman Ibrahim Mahama, who is also the younger brother of President John Dramani Mahama.
Stanbic Bank Ghana and its parent company, Standard Bank of South Africa, jointly arranged a US$205 million senior secured term loan alongside a revolving credit facility for the company.
The transaction stands among the most substantial funding packages ever secured by a wholly Ghanaian-owned mining services provider.
Structured with a five-year tenure, the facility is split into two portions US$110 million and US$95 million and attracted additional participation from Ecobank Ghana and Absa Bank Ghana, forming a strong banking syndicate active across West Africa’s corporate landscape.
A significant share of the funds will support E&P’s long-term contract mining engagements with Gold Fields Ghana, whose portfolio features the Tarkwa Mine and Damang Mine both key contributors to Ghana’s gold output.
Through this capital injection, E&P plans to modernise its fleet of heavy-duty equipment, strengthen its hard-rock mining capabilities and enhance overall productivity in line with international industry benchmarks.
During the signing event held in Accra, Stanbic Bank Ghana’s Chief Executive, Kwamina Asomaning, highlighted the long-standing collaboration between the financial institution and E&P.
He noted that the partnership, built over more than 20 years, reflects mutual confidence and shared vision. According to him, arranging and mobilising the US$205 million package not only empowers E&P to expand but also underscores Stanbic’s commitment to localisation, the development of Ghana’s mining value chain and sustainable economic advancement.
His comments illustrate the growing involvement of financial institutions in equipping locally owned enterprises to compete effectively with multinational players.
For Ibrahim Mahama, who serves as Founder and CEO of E&P, the financing agreement represents a pivotal moment in the company’s growth trajectory.
Established in 1997 as a small mining support venture, E&P has evolved into West Africa’s largest indigenous contract mining firm, with a workforce exceeding 4,000 employees and operations spanning Ghana, Liberia and Sierra Leone.
Mahama described the arrangement as another milestone in a productive relationship with Stanbic Bank, emphasising that the new funding strengthens E&P’s ability to execute large-scale mining projects to global standards while increasing Ghanaian participation in the sector.
The timing of the financing coincides with Ghana’s renewed focus on the extractive industry. In 2024, mining and manufacturing collectively accounted for roughly 31 percent of the country’s gross domestic product, recording solid year-on-year expansion.
Since assuming office again in January 2025, President Mahama has prioritised the extractive sector as a cornerstone of economic recovery, viewing it as critical for foreign exchange generation and fiscal stability.
Empowering firms such as E&P aligns with broader state initiatives aimed at promoting responsible large-scale mining while intensifying efforts to curb illegal small-scale activities that have degraded forest reserves and polluted water bodies.
In addition to operational improvements, the financing package is projected to produce ripple effects across the economy.
By underwriting E&P’s largest contracts, the facility safeguards thousands of jobs, stimulates domestic procurement within the mining supply chain and enhances foreign exchange earnings from gold exports.
The backing of leading banks also sends a broader message to international investors that professionally managed African-owned enterprises are capable of attracting large-scale capital.
Following this agreement, cumulative funding arranged for E&P by Stanbic Bank Ghana and Standard Bank now surpasses US$450 million, reflecting a deepening partnership that has grown alongside the company’s diversification into ventures such as Dzata Cement and Man Bosch Ghana.
Nevertheless, mining continues to be the backbone of E&P’s operations, and the newly secured facility further cements its standing within Ghana’s extractive sector.