Accra, Feb 27, GNA – Stanbic Bank Ghana LTD and the Standard Bank of South Africa Limited have successfully arranged a US$205 million senior secured term loan and revolving credit facilities for Engineers & Planners Company Limited (E&P), Ghana’s largest indigenous mining contractor.
The five-year facilities, structured in two tranches of US$110m and US$95m, would support E&P’s ongoing contract mining operations, particularly its long-term engagement with Gold Fields Ghana Limited (Gold Fields Ghana).
The facility is expected to drive broader economic impact through sustained job creation, enhanced local participation in mining, increased supply chain activity, and strengthened foreign exchange inflows.
In a statement copied to the Ghana News Agency, on Wednesday, it noted that to date, Stanbic Bank Ghana and Standard Bank South Africa had successfully arranged facilities for Engineers & Planners, worth more than US$450 million.
Ecobank Ghana PLC, together with Absa Bank Ghana LTD, also participated as key lending partners, underscoring strong collaboration within Ghana’s banking sector to mobilise capital at scale.
With over 25 years of operational excellence and more than 4,000 employees, E&P the financing scheme is to strengthen the company’s capacity to execute large-scale hard-rock mining contract with Gold Fields Ghana, invest in and deepen operational efficiencies on the contract.
Mr Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana, at a brief signing ceremony in Accra, stated that the transaction was a statement of the bank’s continued support to indigenous enterprises that operated at the global level.
He noted that having established relationship with E&P, spanning more than two decades and built on trust and shared ambition, the development marked its commitment as a long-term partner for local development.
“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,” he said.
Mr Ibrahim Mahama, Chief Executive Officer (CEO) of E&P, echoed the longstanding partnership with Stanbic Bank, which he described as “a fruitful relationship,” adding that the facility was an important milestone in their 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,” Mr Mahama said.
“We are grateful to Stanbic Bank, Standard Bank, and our lending partners for their confidence in our vision and for supporting indigenous excellence.”
GNA
Edited by Agnes Boye-Doe