CEO of Stanbic Bank Ghana, Kwamina Asomaning and CEO of E&P, Ibrahim Mahama during the signing
Ghana’s largest indigenous mining contractor, Engineers & Planners Company Limited (E&P), has secured a US$205 million senior secured term loan and revolving credit facility, led by Stanbic Bank Ghana Ltd and The Standard Bank of South Africa Limited, to expand and strengthen its mining operations across the country.
The five-year facility, structured in two tranches of US$110 million and US$95 million, will enhance E&P’s capacity to execute large-scale mining contracts, particularly its long-term engagement with Gold Fields Ghana Limited. Ecobank Ghana PLC and Absa Bank Ghana Ltd also joined as lending partners, highlighting strong collaboration within Ghana’s banking sector to mobilise capital for indigenous enterprises.
The funding will enable E&P to invest in modern mining equipment, improve operational efficiency, scale production capabilities, and expand its workforce to meet increasing project demands. These measures are expected to increase productivity, reduce operational costs, and strengthen the company’s competitiveness in Ghana’s mining sector.
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Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning speaking on the development said, “By structuring and mobilising the US$205 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.”
“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. With these funds, we are able to upgrade equipment, expand production lines, and deploy additional resources to ensure timely and efficient project execution,” CEO of E&P Ibrahim Mahama added.
The financing is also expected to generate broader economic benefits, including sustained job creation, increased local participation in mining, stronger supply chains, and higher foreign exchange inflows.
Meanwhile, Stanbic Bank Ghana and Standard Bank South Africa Limited are reported have arranged facilities for E&P exceeding US$450 million, underscoring their long-term commitment to supporting indigenous Ghanaian enterprises and the country’s mining sector.
Source:
www.ghanaweb.com
