$100 deal sealed: E&P buys out Azumah Resources - Entity now wholly Ghanaian
Engineers & Planners (E&P) Company Limited has paid $100 million to the previous owners of Azumah Resources Ghana Ltd to bring closure to the Black Volta Gold mining transaction in the Upper West Region.
In July, this year, E&P and the ECOWAS Bank for Investment and Development (EBID) signed a $100 million Acquisition Facility Agreement to finance the purchase of the Black Volta Gold Project.
The agreement paved the way for the final settlement of consideration to the previous owners, Azumah Resources Ghana Ltd and Upwest Resources Ghana Ltd.
Earlier this month, the financing arrangements were completed at the EBID head office in Lomé, Togo, in exchange for all rights and interests in the Black Volta and Sankofa Gold Projects to seal the deal.
The Executive Director of E&P in charge of Sustainability and Finance, Philmon Okyere Danquah, in a presentation in Accra last Friday, said the transaction represented the final phase of the equity transfer process and cemented the transition of Azumah Resources Ghana Ltd into wholly Ghanaian ownership and control.
He said following receipt of the funds, all foreign directors of the company had tendered in their resignation from the company, and a new board had been reconstituted, representing full Ghanaian ownership and management.
“The board and management will immediately begin engagements with statutory regulators and relevant third-party entities to ensure a smooth transition in full compliance with Ghanaian law and the regulations governing the mining sector,” he assured.
He added that the new owners of Azumah Resources were committed to developing the Black Volta and Sankofa Gold Projects in a responsible, transparent and sustainable manner.
Mr Danquah said the company aimed to deliver measurable value for the people of the Upper West Region, the government and people of Ghana, and its shareholder, Engineers & Planners Company Limited.
He said the new management would prioritise local employment, community infrastructure and environmental stewardship as key pillars of the development strategy.
“The conclusion of this transaction and the restructuring of the board mark a defining moment for Azumah Resources Ghana Ltd.
We are confident that the new management and shareholders have the capacity, integrity and commitment to advance the Black Volta and Sankofa projects in line with Ghana’s highest standards of governance and sustainability,” he added.
Shares, loan
Mr Danquah explained that the transaction between E &P and the Azumah Gold Resources was two-fold; the acquisition of the shares and the loan book of Azumah.
He said that was the arrangement between E&P and the foreign shareholders based in Australia and Singapore.
As of October 7, 2025, he said, the swap of the loan facility of Azumah had fully been executed with E&P transferring what was due to the foreign shareholders to seal the whole transaction.
“So, the financial obligations due E&P has been duly settled, making it the sole owner of Azumah Resources Ghana Ltd.
Subsequent to that, the board of Azumah was reconstituted, and as a result the foreign directors have all resigned from the board, making the company a solely Ghanaian firm,” he stated.
Mr Danquah said the revamped company would complete development of the mine within 15 months.
E&P’s Executive Director expressed optimism that in 15 months, the new company should be able to pour its first gold.