• Stanbic, Standard Bank arrange $205 million loan for E&P

• Five-year facility supports mining partnership with Gold Fields

• Mining sector accounted for 31% of Ghana GDP in 2024

Stanbic Bank Ghana and Standard Bank of South Africa have arranged a $205 million syndicated financing facility for Engineers & Planners Company Limited (E&P), with Ecobank Ghana and Absa Bank Ghana participating as key lenders. The announcement was made on Thursday, Feb. 26.

The facility is structured as a senior secured loan with revolving credit lines and a five-year maturity. It comprises two tranches of $110 million and $95 million.

“We are not only enabling Engineers & Planners to scale up its operations, but also reinforcing Stanbic Bank’s role as a long-term partner in advancing localisation, strengthening Ghana’s mining value chain and supporting sustainable growth across the broader economy,” said Kwamina Asomaning, chief executive of Stanbic Bank Ghana.

The facility “strengthens our capacity to deliver large-scale mining contracts to the highest global standards, while deepening local participation in the sector,” said Ibrahim Mahama, CEO of E&P.

The financing will support E&P’s mining activities, particularly under its partnership with Gold Fields Ghana. It will also allow the company to execute hard-rock extraction contracts while strengthening its operational and logistical capabilities.

Beyond supporting the sector, the facility is expected to contribute to job creation. It should also increase local participation in mining, expand supply chain activity and boost foreign exchange inflows.

Mining remains a pillar of Ghana’s economy. In 2024, the industry, including manufacturing and mining, accounted for 31% of GDP, according to government data, with output rising by 9.3%.

This performance has reinforced government focus on the extractive sector, as authorities step up efforts to clean up the industry, including a crackdown on illegal mining. Known locally as “galamsey,” the practice involves small-scale artisanal miners.

Stanbic Bank Ghana and Standard Bank of South Africa have to date arranged more than $450 million in cumulative financing for Engineers & Planners.

SG