Engineers & Planners (E&P) Co. Ltd. has made a clarion call to Ghanaians, urging support for its historic acquisition of the Azumah gold concession in the Upper West Region, valued at $100 million.
The company asserts that this transaction is purely commercial, free from political influences.
Originally leased in 1992 to Azumah Resources Ghana Ltd., a company associated with Australian interests, the gold concession has seen little exploration over the past three decades and has accrued over $5 million in debt to the Ghana Revenue Authority and the Minerals Commission.
In May 2023, Azumah’s shareholders, citing financial distress and escalating regional insecurity, particularly the political instability in neighbouring Burkina Faso, approached E&P with an offer to sell the asset for $100 million, despite its market value being assessed at under $80 million.
E&P accepted the terms and formalised the Project Acquisition and Development Agreement on October 9, 2023.
Upon taking over operations, E&P began immediate funding for the site, with monthly expenditures averaging $500,000 from November 2023 to June 2025. The purchase price will be paid in two equal instalments, with the first due on December 31, 2024.
However, tensions arose in August 2024 when Azumah’s director, James Wallbank, attempted to renegotiate the sale price, proposing an increase to $300 million.
E&P firmly rejected this revision, leading to arbitration. In June 2025, a court ruling upheld the original agreement, dismissing Azumah’s efforts to terminate the deal.
To secure payment for Azumah’s shareholders, E&P obtained a $100 million financing facility from the ECOWAS Bank for Investment and Development (EBID).
In light of recent media reports suggesting political interference, E&P categorically denied these claims. The company emphasised that all core agreements and financing arrangements were concluded well in advance of the December 2024 general elections.
It clarified that the signing ceremony on July 7, 2025, was solely related to the financing agreement with EBID, with Azumah’s resident directors present at the event.
E&P expressed concern over deliberate attempts by certain individuals to undermine the project, viewing these actions as exploitative in light of rising global gold prices.
“We call on all Ghanaians to support this historic project and reject distractions fuelled by mercenary interests,” stated Mr. 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.”
The acquisition is heralded as a monumental achievement, marking the first large-scale gold mine in Ghana to be wholly owned by a Ghanaian company. With the No Objection Letter from the Minerals Commission successfully secured, E&P is poised to advance development activities, targeting the first gold production within 36 months.
