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Indigenous mining and civil engineering giant Engineers & Planners (E&P) has completed the acquisition of Azumah Resources Ghana Ltd and Upwest Resources Ghana Ltd, gaining full control of the long-stalled Black Volta and Sankofa gold concessions in the Upper West Region.
The landmark transaction, duly registered with the Registrar of Companies and approved by the Minerals Commission, closes nearly two decades of uncertainty marked by legal disputes, capital shortfalls, and under-investment that left the concessions idle.
With global gold prices currently trading above $3,000 per ounce, the takeover comes at a critical time for Ghana, as the country looks to boost mining revenues to support its IMF-backed fiscal consolidation programme.
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E&P confirmed that it has secured financing to immediately begin mine development and pledged to honour verified debts linked to the concessions. Its roadmap includes:
- Partnering with the Ghana Revenue Authority (GRA) to audit and validate loans previously recorded as project investments.
- Repaying all legitimate debts, subject to taxation, to ensure compliance and protect state revenues.
- Deploying secured funds to fast-track mine construction and operations.
The company described the move as both a commercial opportunity and a national responsibility, promising to create jobs, stimulate economic activity, and deliver royalties and taxes to the state.
Founded in 1997, E&P has grown into one of Africa’s foremost indigenous mining and civil engineering firms. Its latest acquisition represents a bold reassertion of Ghanaian ownership in a gold sector long dominated by foreign interests.
Chief Executive Officer Ibrahim Mahama framed the transaction as a watershed moment:
“This is a proud moment for E&P and for Ghana. Our commitment is to ensure that these projects, which have been dormant for too long, finally deliver real value to our country and its people. We will work transparently with regulators and stakeholders to build mines that create shared prosperity.”
The Black Volta and Sankofa concessions were originally granted in 1992 but remained undeveloped for more than 30 years, hampered by weak capital mobilisation and investor disputes. E&P’s intervention, backed by fresh financing and clear regulatory approval, sets the stage for their long-awaited development.
Beyond mine construction, the company has pledged to invest in host communities in the Upper West Region through infrastructure, social projects, and skills development.
Analysts say the acquisition could mark a turning point for Ghana’s mining sector by showcasing how indigenous companies can successfully take on large-scale projects, compete globally, and prioritise local benefit.
If executed successfully, the Black Volta and Sankofa developments could serve as a template for future Ghanaian-led ventures in extractives, balancing profitability with national and community interest.
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