Engineers & Planners (E&P) Co. Ltd. has issued a comprehensive statement clarifying that its $100 million acquisition of the Azumah gold concession in the Upper West Region is a strictly commercial transaction, urging Ghanaians to support the historic project free from political distractions.
The gold concession, originally leased in 1992 to Azumah Resources Ghana Ltd—a company owned by Australian interests—had seen minimal exploration over three decades and accumulated more than $5 million in debt to the Ghana Revenue Authority and Minerals Commission.
In May 2023, citing financial distress and increasing regional insecurity, particularly political instability in neighboring Burkina Faso, Azumah’s shareholders 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 agreed to the terms and signed the Project Acquisition and Development Agreement on October 9, 2023. The company immediately took over operations and began funding the site, with monthly expenditures averaging $500,000 between November 2023 and June 2025.
The $100 million purchase price is to be paid in two equal tranches, with the first instalment scheduled for December 31, 2024.
Despite initial progress, tensions flared in August 2024 when Azumah’s director, James Wallbank, attempted to revise the sale price upward to $300 million. E&P rejected the renegotiation, and the matter proceeded to arbitration. In June 2025, a court ruling upheld the validity of the original agreement, dismissing 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).
Responding to recent media reports suggesting political interference, E&P firmly denied the claims and emphasized that all core agreements and financing arrangements were concluded well ahead of the December 2024 general elections.
The company also addressed confusion surrounding the July 7, 2025, signing ceremony, clarifying that the event was exclusively related to the financing deal between E&P and EBID. Azumah’s resident directors were present at the ceremony.
In its statement, E&P warned of deliberate efforts by individuals seeking to derail the project and exploit rising global gold prices.
“We call on all Ghanaians to support this historic project and reject distractions fueled by mercenary interests,” said 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.”
E&P underscored that this acquisition marks a milestone achievement, representing the first large-scale gold mine in Ghana to be 100% owned by a Ghanaian company.
With the No Objection Letter from the Minerals Commission secured, E&P says it is now poised to push forward with development activities, targeting the first gold production within 36 months.
