Accra: Absa Bank Ghana has extended specialised asset financing to Engineers and Planners Company Limited (E and P) to procure an additional aircraft, enhancing the company's mining operations across Africa. Arrangements for the asset procurement and financing began in 2024. The acquisition of the aircraft will improve E and P's operational logistics, including crew transport and access to remote mining sites, which are critical for the company's extensive activities across Africa, particularly in Mauritania, Congo DRC, Liberia, and Zambia.
According to Ghana Web, this initiative aligns with Absa Bank Ghana's mission to empower African businesses. Dr. Edward Nartey Botchway, Managing Director of Absa Bank Ghana, highlighted the importance of supporting local businesses like E and P in sectors such as mining. He emphasized that the growth of such companies fosters employment opportunities for Ghana's youth and enhances local capacity across the value chain. Absa Bank is dedicated to aiding indigenous businesses in scaling and competing effectively.
Dr. Ibrahim Mahama, Founder and CEO of Engineers and Planners, expressed gratitude for having Absa as a banking partner that understands the mining industry's demands. He noted that the logistical needs of E and P's expanding operations necessitate a banking partner capable of structuring financing to meet those demands, ensuring the company can fulfill commitments to clients across the African continent.
The financing arrangement is part of a series of facilities Absa Bank Ghana has provided to E and P, including a recent USD 205 million syndicated facility in partnership with other Ghanaian banks to support E and P's mining collaboration with Gold Fields Ghana Limited. Absa Bank has a longstanding relationship with Ghana's mining sector, offering financing solutions across the mining value chain for over 37 years. These solutions have included debt financing, special asset financing, and guarantees.
Dr. Ellen Ohene-Afoakwa, Managing Executive for Corporate and Investment Banking at Absa Bank Ghana, commented on the partnership, stating that E and P's operations require expanded infrastructure. Absa's Corporate and Investment Banking unit is pleased to offer specialised asset financing to meet the needs of a mining company operating at such a scale. Beyond financing, Absa also supports responsible mining practices and actively participates in industry platforms like the Mining Indaba conference in South Africa.