Indigenous mining contractors, Engineers & Planners (E&P), have completed the acquisition of the equity in Azumah Resources Ghana Ltd and Upwest Resources Ghana Ltd.

Hence, E&P takes over the Black Volta and Sankofa gold projects in Ghana’s Upper West Region.

The transaction, finalised with the Registrar of Companies and the Minerals Commission and involving the direct transfer of all issued shares of the Ghanaian beneficial owner, signals a dramatic reshaping of the country’s mining landscape.

For nearly two decades, Black Volta and Sankofa Gold’s concessions have promised much but delivered little. Capital constraints, shifting investor priorities, and drawn-out legal disputes left the projects stalled, frustrating communities and depriving Ghana of revenues. Now, E&P, led by its dynamic team, says it they are ready to deploy the funding, technical expertise, and the will required to move swiftly into mine development.

The Black Volta and Sankofa projects, granted under mining leases in 2014, contain sizeable resources but have been plagued by under-investment. With gold prices hovering above $3,000 per ounce, the opportunity to fast-track production could not be more compelling for a government grappling with fiscal consolidation under an IMF programme.

E&P has outlined a three-pronged strategy. First, it will work with the Ghana Revenue Authority to audit and verify all historical loans attached to the projects. “We will honour all genuine obligations, but they must be properly accounted for and taxed,” an E&P Executive noted, in a pointed reference to opaque financing structures common in Ghana’s extractive sector. Second, the company intends to repay verified debts, ensuring creditors are treated fairly while maximising returns for the state. Finally, E&P will deploy secured funding to launch mine construction, an ambitious pledge in a sector where project financing often proves the Achilles’ heel.

“This is a proud moment for E&P and for Ghana,” said Ibrahim Mahama. “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.”

Civil society groups have already called for transparent community engagement, environmental safeguards, and clear benefit-sharing arrangements. “We have seen too many projects where the local people remain poor while billions are extracted from beneath their feet,” one activist told the media. “E&P must prove it will be different.”

For the government, however, the transaction offers a welcome boost. Delivering new investment in the mining sector strengthens its narrative of economic recovery and job creation. It also provides potential new revenue streams to support budget targets agreed with the IMF.

Ultimately, the Azumah-Upwest-E&P transaction will serve as a litmus test. Success would mark a turning point, reinforcing Ghana’s aspirations to localise mining ownership and capture greater value. Failure, by contrast, would entrench dependence on foreign capital and expertise.

Source: 3news.com