E&P dismisses political interference claims in $100m Azumah mine acquisition
Engineers & Planners (E&P), a Ghanaian-owned firm, has rejected allegations of political interference in its $100 million acquisition of the Azumah Resources gold concession, asserting that the transaction is a purely commercial undertaking.
In a press statement dated July 8, 2025, E&P outlined its takeover of the long-dormant gold mine in the Upper West Region, initially leased in 1992 to Australia-linked Azumah Resources Ghana Ltd. According to the company, Azumah failed to commence meaningful operations for over 30 years and had accrued more than $5 million in debts to Ghanaian authorities by 2022.
Facing court judgements and low global gold prices, Azumah’s shareholders proposed to sell the concession to E&P in May 2023 for $100 million—$20 million above its estimated value—as a way to offload legal and financial liabilities. E&P accepted the offer and signed the Project Acquisition and Development Agreement on 9th October 2023.
“Per the agreement, E&P immediately took control of the project and funded the operations of the mine at an average of US$500,000.00 monthly from November 2023 to date,” the statement indicated.
Price dispute and legal battle
In August 2024, Azumah director James Wallbank demanded a revised sale price of $300 million, citing the sharp rise in global gold prices. E&P rejected the request and initiated arbitration proceedings. A subsequent ruling by the High Court in June 2025 upheld the original contract, dismissing Azumah’s attempt to terminate the agreement.
“The High Court... ordered the status quo to remain for [the] contract to be enforced. In effect, the alleged termination by Azumah was held by the court to be of no effect,” the statement explained.
Financing and allegations
E&P also revealed it had secured a $100 million facility from the ECOWAS Bank for Investment and Development (EBID), formalised at a signing ceremony on 7th July 2025. The company dismissed suggestions that the deal was influenced by Ghana’s 2024 general elections.
“Every single milestone in this transaction... was satisfied before the elections in December 2024,” the statement clarified.
The company further denied claims of governmental involvement, describing the transaction as “a pure commercial [deal] on an arm’s length basis.”
E&P stated that it had secured a “No Objection Letter” from the Minerals Commission, paving the way for production to begin within 36 months. If realised, this would mark the first wholly indigenous acquisition of a large-scale gold mine in Ghana.
“Ghanaians should support their own and not allow mercenaries to divert attention from this historic project,” the statement concluded, signed by E&P’s Business Development Director, Emmanuel Erskine.