Ghanaian tycoon Sam Jonah leads $1 billion push into Africa’s critical minerals

Ghanaian tycoon Sam Jonah is co-leading a new private equity venture targeting $1 billion to invest in Africa’s critical minerals, betting on rising demand for metals needed in electric vehicles, battery storage, defense equipment and advanced electronics. The platform will focus on copper, lithium, cobalt, graphite and rare earth elements.

Jonah, 76, is joined by mining and finance veterans including former Gold Fields CEO Chris Griffith and former Goldman Sachs banker Colin Coleman. The group is building an investment platform aimed at attracting institutional capital to mining opportunities as governments and manufacturers seek to diversify supply chains beyond established global processing centers.

The venture plans to deploy capital across resource-rich African regions, including the Central African Copperbelt and emerging jurisdictions in West and Southern Africa. Its strategy comes as critical minerals gain importance in industrial policy, with investors seeking new sources of supply while African producers look to capture value from their mineral wealth.

Jonah’s mining legacy

Sam Jonah brings decades of experience in African mining and investment. Born Nov. 19, 1949, he began working at the Obuasi gold mine at 20 and rose through the industry to become chief executive of Ashanti Goldfields in 1986, leading the company as it expanded from a single-mine operation into a multinational mining group.

Under Jonah, Ashanti Goldfields became the first operating African company to list on the New York Stock Exchange in 1996. After the company merged with AngloGold Limited in 2004, Jonah became executive president of AngloGold Ashanti Ltd. His career has since spanned mining, investment and corporate leadership across Africa and international markets.

Building on Jonah Capital

Jonah founded Johannesburg-based Jonah Capital in 2003 after his tenure at Ashanti Goldfields, establishing a firm designed to back African businesses and entrepreneurs with capital, strategic guidance and stronger corporate governance. The firm operates across sectors including mineral resources, real estate, agriculture and financial services.

The new platform extends that investment focus into critical minerals, pairing Jonah’s mining background with Griffith’s operating experience and Coleman’s international investment banking credentials. Griffith previously led Gold Fields, while Coleman spent decades in global finance, giving the venture a leadership team drawn from mining operations and the capital markets.

Fundraising remains early

Fundraising is still at a preliminary stage, according to the venture’s current plans, with the team working to establish the platform and build its pipeline of potential investments. The $1 billion target would position the vehicle to pursue sizable opportunities in a sector where access to capital, infrastructure and processing capacity remains a key constraint.

The initiative arrives as Africa seeks a larger role in the global critical-minerals supply chain. The continent holds significant deposits of several minerals used in energy, technology and defense, but investors face challenges ranging from infrastructure gaps and regulatory uncertainty to limited local processing capacity and competition for development capital.

With Jonah and his partners assembling the platform, the immediate focus is on fundraising, investment sourcing and institutional relationships. The venture’s progress will depend on its ability to secure commitments, identify commercially viable assets and structure projects that can meet growing demand for African critical minerals while delivering returns to investors.