Absa Bank provides specialised asset financing to support indigenous mining contractor
A BSA Bank Ghana has provided specialised asset f inancing to Engineers & Planners Company Limited (E&P) for the procurement of an additional aircraft to support the company’s mining operations across Africa.
Arrangements for the procure ment and financing of the pur chase of the aircraft commenced in 2024.
The aircraft will bolster E&P’s operational logistics, including crew transport and access to remote mining sites, capabilities that are essential for a company operating at E&P’s scale across multiple locations in Africa, particularly Mauritania, Congo DRC, Liberia and Zambia.
Dr Edward Nartey Botchway, Managing Director of Absa Bank Ghana, said supporting strong indigenous businesses in sectors such as mining aligns directly with the bank’s purpose of empowering Africa’s tomorrow, together.
“When local companies like E&P grow, they create employ ment opportunities for Ghana’s young and growing population and strengthen local capacity across the value chain. Absa is committed to supporting indigenous businesses to grow and compete at scale.”
Absa Bank recently partnered with other Ghanaian banks in a USD 205 million syndicated facility backing E&P’s mining partnership with Gold Fields Ghana Limited.
Absa Bank has maintained a f inancing relationship with the company as part of a broader com mitment to Ghana’s mining sector that spans more than 37 years.
Over that period, the bank has provided financing across the entire mining value chain, from production to supporting services, through a range of instruments including debt financing, special asset financing and guarantees.
• Dr Botchway (right) and Mr Mahama celebrating the signing of the Agreement
Ibrahim Mahama, Founder and Chief Executive Officer of Engi neers and Planners, said, “As our operations expand, the logistical demands of the business grow with them. Having a banking partner like Absa that understands the real ities of mining at this scale and can structure financing to match those demands is critical to our ability to deliver on our commitments to our Clients across the African continent.”
The financing is the latest in a series of facilities Absa Bank Gha na has extended to E&P.
Beyond financing, Absa has supported training for responsible mining practices and participates actively in national and internation al industry platforms, including the Mining Indaba conference in South Africa.
Dr Ellen Ohene-Afoakwa, Managing Executive for Corporate and Investment Banking at Absa Bank Ghana, said, “Engineers and Planners has built an operation that requires expanded infrastructure to match its scale. Absa’s Corporate and Investment Banking unit was pleased to provide specialised asset f inancing to support the operation al needs of a mining company at this scale.”
BY TIMES REPORTER
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