ACCRA, Ghana – Engineers & Planners (E&P) Co. Ltd. has issued a statement asserting that its $100 million acquisition of the Azumah gold concession in the Upper West Region is a purely commercial transaction, urging public support for the project free from political interference. The company emphasizes the deal marks the first large-scale gold mine in Ghana to be entirely owned by a Ghanaian firm.
The Azumah gold concession, originally leased in 1992 to Australian-owned Azumah Resources Ghana Ltd, had seen minimal exploration over three decades and accumulated over $5 million in debt to Ghanaian authorities. In May 2023, facing financial distress and increasing regional insecurity, Azumah’s shareholders offered to sell the asset to E&P for $100 million, despite its assessed market value being under $80 million.
E&P agreed to the terms, signing the Project Acquisition and Development Agreement on October 9, 2023, and immediately began funding site operations, averaging $500,000 monthly between November 2023 and June 2025. The $100 million purchase price is to be paid in two equal tranches, with the first installment due December 31, 2024.
Tensions arose in August 2024 when Azumah’s director, James Wallbank, attempted to raise the sale price to $300 million. E&P rejected the renegotiation, leading to arbitration. A June 2025 court ruling upheld the original agreement and dismissed Azumah’s attempt to terminate the deal. To secure payment to Azumah shareholders, E&P obtained a $100 million financing facility from the ECOWAS Bank for Investment and Development (EBID).
E&P firmly denied recent media reports suggesting political interference, highlighting that all core agreements and financing arrangements were concluded well before the December 2024 general elections. The company clarified that a July 7, 2025, signing ceremony was exclusively for the financing deal between E&P and EBID, attended by Azumah’s resident directors.
Mr. Emmanuel Erskine, Business Development Director of E&P, warned of deliberate efforts to derail the project, stating, “We call on all Ghanaians to support this historic project and reject distractions fueled by mercenary interests. This is not politics. This is a pure commercial transaction conducted at arm’s length. God bless our homeland, Ghana.” With the “No Objection Letter” secured from the Minerals Commission, E&P is now poised to advance development activities, targeting first gold production within 36 months.
Ruth Abla ADJORLOLO
