Engineers & Planners (E&P) Co. Ltd. has fiercely defended its $100 million acquisition of the Azumah gold concession in the Upper West Region, declaring it a landmark commercial deal and rejecting any attempts to politicise the transaction.

The company issued a detailed statement stressing that the purchase was initiated long before the 2024 elections and should be seen as a game-changer for Ghana’s mining sector, one that finally places a major gold mine in fully Ghanaian hands.

Originally leased to Azumah Resources Ghana Ltd in 1992—a company controlled by Australian interests—the concession had seen little development for over three decades.

E&P revealed that Azumah had amassed over $5 million in debt to the Ghana Revenue Authority and the Minerals Commission.

Facing mounting financial pressure and citing security concerns in the Upper West Region, Azumah’s shareholders approached E&P in May 2023 with an offer to sell the asset for $100 million, even though independent assessments had pegged its value below $80 million.

E&P accepted the terms and signed a Project Acquisition and Development Agreement on October 9, 2023.

From November 2023 to June 2025, the company says it has poured an average of $500,000 monthly into funding and operating the site.

Payment was structured in two equal tranches, with the first $50 million instalment due by December 31, 2024.

Trouble began in August 2024 when Azumah’s director, James Wallbank, allegedly attempted to unilaterally raise the sale price to $300 million—a move E&P rejected.

The dispute escalated to arbitration, where a June 2025 court ruling upheld the validity of the original $100 million agreement and dismissed Azumah’s termination claims.

E&P has since secured a $100 million financing facility from the ECOWAS Bank for Investment and Development (EBID) to complete payment to Azumah’s shareholders.

The company has also pushed back against media reports suggesting political interference. It clarified that all agreements and financing decisions were finalised long before the December 2024 elections.

Clarifying further, E&P said the July 7, 2025, signing ceremony was strictly related to the EBID financing deal and not the original asset sale. Azumah’s local directors were present at the event.

In its statement, E&P warned of what it described as deliberate attempts by mercenary actors to derail the project and cash in on soaring global gold prices.

“We call on all Ghanaians to support this historic project and reject distractions fueled by mercenary interests,” said Emmanuel Erskine, Business Development Director of E&P.

“This is not politics. This is a pure commercial transaction conducted at arm’s length. God bless our homeland, Ghana.”

With a No Objection Letter now secured from the Minerals Commission, E&P says it is ready to move full steam ahead with development, targeting first gold production within 36 months.

The company stressed that this is not just another mining deal—it’s a milestone. The Black Volta concession, it says, will become the first large-scale gold mine in Ghana to be 100% owned and developed by a Ghanaian firm.

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