Ghana Banks Unite for US$205m Facility

Ghana’s banking sector has demonstrated renewed confidence in the country’s mining industry following a landmark US$205 million financing deal arranged for Engineers & Planners Company Limited.

The transaction, led by Stanbic Bank Ghana LTD and The Standard Bank of South Africa Limited, marks one of the largest syndicated facilities extended to an indigenous mining contractor in recent years.

The five-year senior secured term loan and revolving credit facilities were structured in two tranches of US$110 million and US$95 million. The funding will support Engineers & Planners Company Limited, widely known as E&P, in executing its ongoing contract mining operations, particularly its long-term engagement with Gold Fields Ghana Limited.

Strong Collaboration

The deal also drew participation from Ecobank Ghana PLC and Absa Bank Ghana LTD as key lending partners. Their involvement underscores growing collaboration within Ghana’s financial sector to mobilise capital at scale for strategic industries.

This coordinated effort signals a maturing local banking ecosystem that is increasingly capable of structuring and underwriting complex transactions. By pooling expertise and capital, the participating banks have provided E&P with the financial muscle required to execute large scale hard rock mining contracts.

The transaction further reinforces the pivotal role financial institutions play in supporting Ghana’s industrialisation agenda.

Mining remains a cornerstone of the country’s economy, contributing significantly to export earnings, foreign exchange inflows, and employment. Access to long term funding is critical for local contractors seeking to compete at global standards.

Mining Excellence

With more than 25 years of operational excellence and a workforce exceeding 4,000 employees, Engineers & Planners has cemented its position as Ghana’s largest indigenous mining contractor.

The new facility strengthens the company’s ability to deliver on its contractual obligations with Gold Fields Ghana while investing in operational efficiencies and advanced equipment.

The financing also deepens local participation in Ghana’s mining value chain. By empowering a Ghanaian owned company to expand its footprint in large scale mining, the deal advances localisation and ensures that greater value is retained within the domestic economy.

Speaking at a brief signing ceremony in Accra, Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana, highlighted the longstanding partnership between the bank and E&P.

“Our relationship with E&P spans more than two decades, built on trust and shared ambition. This transaction is a strong statement of our continued commitment to supporting indigenous Ghanaian enterprises that operate at global standards.

“By structuring and mobilising 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” Kwamina Asomaning

His remarks reflect the strategic importance of the deal, not just for E&P but for Ghana’s broader economic transformation.

Growth Journey

For Engineers & Planners, the US$205 million facility represents a significant milestone in its growth trajectory. The company has steadily expanded its capabilities over the years, positioning itself as a trusted partner to multinational mining firms operating in Ghana.

Ibrahim Mahama, Chief Executive Officer of E&P, emphasised the importance of the transaction to the company’s future ambitions.

“The partnership between E&P and Stanbic Bank has been a longstanding fruitful relationship, and this facility marks an important milestone in our growth journey as a proudly Ghanaian company. It strengthens our capacity to deliver on large scale mining contracts to the highest global standards, while deepening local participation in the sector. We are grateful to Stanbic Bank, Standard Bank, and our lending partners for their confidence in our vision and for supporting indigenous excellence.”

His statement captures the broader narrative of Ghanaian enterprise rising to compete effectively in capital intensive sectors traditionally dominated by foreign players.

Beyond corporate expansion, the facility is expected to generate substantial economic benefits. Sustained job creation is anticipated as E&P scales operations to meet contract demands. Increased supply chain activity will likely benefit local service providers, equipment suppliers, and logistics companies connected to mining operations.

The financing is also projected to strengthen foreign exchange inflows through enhanced production and export activities. As mining output grows, so does the potential for improved revenue generation for the country.