Management of local firm Engineers and Planners (E&P) has strongly rejected claims of political interference in its acquisition of the Black Volta Gold Project from Azumah Resources.
Vice President of IMANI Ghana, Bright Simons, had alleged that the $100 million agreement, secured with the ECOWAS Bank for Investment and Development (EBID), was influenced by political actors, and that the deal was riddled with shareholder disagreements on the Australian side.
However, in a statement signed by Business Development Director of E&P, Emmanuel Erskine, the wholly owned Ghanaian firm clarified that the agreement was signed in 2023, well before the December 2024 elections, contrary to Mr. Simons’ claims.
“Allegation – E&P only signed the agreement to acquire Azumah after the elections.
Response – FALSE – The agreement was signed on 9th October 2023.”
“Allegation – The President or Government of Ghana and its appointees influenced this acquisition or the financing of it in any way.
Response – FALSE – Every single milestone in this transaction (i.e. signing of agreement to acquire the project and offer letter for financing) was satisfied before the elections in December 2024.”
E&P further disclosed that all required documentation was secured prior to the conclusion of the deal, including a No Objection Letter from the Minerals Commission to acquire the mine.
The company assured the public that it will continue the process, in line with the agreement, for EBID to make payment to the shareholders of Azumah Resources.
Responding to a letter in circulation dissociating Azumah Resources from the recent signing ceremony between E&P and EBID, Mr. Erskine noted that resident directors of Azumah were present, even though the agreement was solely between E&P and EBID.
“Allegation – The letter making rounds dissociating Azumah from the signing ceremony.
Response – The signing ceremony organised on 7th July 2025 was the signing of the acquisition facility agreement between two parties: Lender – EBID and Borrower – E&P. Despite the subject matter regarding the acquisition of Azumah, the presence of Azumah was not required. In any case, the Resident Directors of Azumah were present at the ceremony.”
The company also alleged that there have been attempts to frustrate its efforts in raising the required funding to meet its payment obligations, citing a sudden demand for a higher purchase price than the earlier agreed $100 million.
Background to the Acquisition
In 1992, the Government of Ghana granted a lease to Azumah Resources Ghana Ltd for a gold concession in the Upper West Region. The company, owned by an Australian entity, was unable to begin significant exploration work for three decades.
By 2022, Azumah Resources owed over $5 million to the Ghana Revenue Authority and the Minerals Commission. GRA secured judgments from both the High Court and Court of Appeal, paving the way for the company’s assets to be sold.
With gold prices low and debt mounting, the owners approached E&P in May 2023 with an offer to sell the project for $100 million. E&P accepted the offer and risk, even though the project was valued at less than $80 million.
The Project Acquisition and Development Agreement was signed on 9th October 2023 at E&P’s offices in Roman Ridge, Accra. Per the agreement, the $100 million would be paid in two instalments—$50 million each by June 2024 and June 2026. A later email exchange amended the first payment deadline to 31st December 2024.
Following the signing, E&P assumed operational control of the project and began funding mine activities at an average of $500,000 per month from November 2023 to June 2025. The company also appointed two representatives to Azumah Ghana’s board in January 2024.
In August 2024, a director of Azumah, James Wallbank, reportedly demanded an increase in the purchase price from $100 million to $300 million, citing a surge in global gold prices. E&P rejected the demand and initiated arbitration proceedings in October 2024 to enforce the original agreement.
In a related case, E&P also secured a High Court ruling in June 2025 which upheld the validity of the October 2023 contract and declared that Azumah’s attempted termination of the agreement had no legal effect.
Meanwhile, E&P formally applied to EBID in early 2024 for a $100 million facility to fulfil its payment obligations to Azumah. The bank eventually approved and signed the facility agreement.
Way Forward
E&P says it remains committed to executing the agreement. The company has:
- Secured a No Objection Letter from the Minerals Commission.
- Continued the process for EBID to disburse payment to Azumah’s shareholders.
- Outlined plans to begin mine development and achieve first gold production within 36 months.
- Called for national support, highlighting the significance of a wholly owned Ghanaian company acquiring a large-scale mine.
- Emphasised that the transaction is purely commercial, not political.
“This is not politics. This is a pure commercial transaction on an arm’s length basis. God bless our homeland Ghana,” the statement concluded.
