Business magnate and CEO of Engineers and Planners, Ibrahim Mahama, has clarified that his company did not independently initiate the takeover of the Damang Mine in the Western Region.
According to him, the opportunity emerged after Gold Fields Ghana Limited indicated its intention to exit the concession.
Speaking at the official takeover ceremony on Saturday, April 18, 2026, Mr. Mahama explained that the process was the outcome of extensive negotiations rather than a spontaneous acquisition decision.
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“I didn’t just wake up and decide to take over the mine. Gold Fields announced in 2022 that they intended to shut it down and approached me to take over operations,” he stated.
He disclosed that initial engagements centered on a potential sale of the mine but later evolved into broader negotiations involving government approvals, regulatory processes, and technical evaluations to ensure continuity of operations.
Mr. Mahama further revealed that he resisted attempts by the company to sell the mine outright, insisting instead on a structured handover arrangement.
“They wanted to sell the mine to me, but I told them they couldn’t because they had not treated me fairly in the past. So I insisted they hand it over, and eventually we reached an agreement,” he noted.
He added that the process required securing a no-objection letter from the government, which paved the way for formal negotiations among all stakeholders.
“I approached the government for approval, and I’m grateful to the former President for granting me the mandate to engage Gold Fields and ensure the Damang Mine continues operations,” he said.
Mr. Mahama emphasized that the takeover goes beyond business interests, highlighting its role in boosting Ghanaian participation in large-scale mining, safeguarding jobs, and sustaining production.
Engineers and Planners, he said, conducted detailed feasibility and financial studies before committing to the project, securing significant funding support from financial institutions.
“We carried out a bankable study and confirmed the project was viable. One bank committed $650 million, while another pledged $600 million,” he disclosed.
Beyond mining, the company plans major infrastructure investments in the area, including roads, healthcare facilities, sports infrastructure, and an airport to enhance connectivity.
“We’ve applied to build an airport at the mine. Within six months, there will be an operational airport to ease travel between Damang and Accra,” he revealed.
He added that plans are also underway to construct a concrete or asphalt road linking the area to Cape Coast within the next two years.
The Damang Mine has officially transitioned from Gold Fields Ghana Limited to Engineers and Planners following a competitive bidding process supervised by government authorities after the lease expired.
Mr. Mahama also expressed appreciation to former President Nana Addo Dankwa Akufo-Addo for his role in facilitating the transition.