In what industry watchers describe as one of the most defining milestones in Ghana’s mining history, Engineers & Planners Company Limited (E&P), owned by Ghanaian businessman Mr. Ibrahim Mahama, has successfully completed the full payment of $100 million to former owners of Azumah Resources Ghana Limited to acquire the asset, making it a wholly Ghanaian-owned large-scale mining company.
The transaction, which covers all rights and interests in the Black Volta Gold Project and the Sankofa Gold Project, marks the final phase of a long and complex equity transfer process that now places full ownership and operational control of Azumah Resources in Ghanaian hands.
$100m fully paid, ownership transferred
At a press briefing in Accra, the Board of Directors of Azumah Resources Ghana Ltd formally announced that the company is now under new ownership and management following the completion of negotiations and the full settlement of $100 million by E&P.
The payment, made through the ECOWAS Bank for International Development (EBID), with Standard Chartered Bank, London, serving as the correspondent bank, completed the transfer of all shares and financial obligations owed to the company’s previous foreign shareholders — IGIC of Singapore and Cangol.
Breakdown of $100m payment
According to the company, $91.9 million ($91,923,963) was paid to IGIG and $8 million ($8,076,037) to Cangol, representing full settlement under the Loan Novation Agreement and Settlement Confirmation Agreement signed on September 23, 2025.
The completion of these payments cements E&P’s position as the sole owner of Azumah Resources and its two major gold concessions.
Following this milestone, the Board of Azumah Resources has been reconstituted to reflect the new ownership structure.
All foreign directors have resigned, paving the way for a new Ghanaian management team to take charge of the company’s strategic and operational direction.
The new board and management have pledged to immediately engage statutory regulators and relevant third-party entities to ensure a smooth transition in compliance with Ghanaian mining laws and corporate governance standards.
Announcing the transition, Mr. Noel Nii Addo, Chief Executive Officer (CEO) of Azumah Resources, described the acquisition as “a defining moment” in Ghana’s mining history.
He said the process had been “long and complex but ultimately successful,” crediting the perseverance of both E&P and Azumah teams for navigating the demanding negotiations and financing structure.
“The journey began on July 7, 2025, when E&P entered into an agreement with EBID to secure a $100 million facility for the acquisition of Azumah Resources,” Mr. Addo recounted.
He added that E&P officially took over Azumah on September 5, 2025, after fulfilling the terms of the shareholders’ agreement.
“As we speak, the single beneficial owner of Azumah Resources is E&P, through its Executive Chairman, Mr. Ibrahim Mahama,” he declared to loud applause.
Mr. Addo explained that the transaction was executed in two key components — an equity takeover and the settlement of Azumah’s outstanding loan facilities.
“This transaction was about more than just money; it was about restoring ownership and control of Ghana’s mineral wealth to Ghanaian hands,” he emphasised.
He further noted that the reconstituted board now reflects full Ghanaian ownership, with all former foreign directors having “gracefully exited” the company.
“This transition gives us a fresh start — a chance to build a mining company that reflects Ghanaian excellence, responsibility, and innovation,” he stated.
“This is a new chapter for Azumah and for Ghana’s mining industry. We are excited about the future and committed to ensuring that this investment translates into real value for the country,” Mr. Addo added.
From exploration to ownership
Taking the audience through the detailed timelines, financing, and documentation of the acquisition, Executive Director of Sustainability and Finance at Azumah Resources Gh Ltd, Mr. Philemon Okyere Danquah traced the project’s 30-year journey from exploration to full Ghanaian ownership.
He explained that exploratory work began as far back as 1990 when BHP conducted the first geological surveys in the Black Volta area.
In 1998, Ashanti Iam-Gold made the initial discovery at Kunche, paving the way for Azumah Resources to acquire the concession and list it on the Australian Stock Exchange in 2006.
By 2010, exploration data had confirmed about one million ounces of gold, but financial and ownership challenges persisted, leading to several changes in control.
In 2017, Ibaera Capital, an Australian investment group, came in as an investor and took full control in 2020.
However, by 2022, the Black Volta Project couldn’t progress to the development phase amidst outstanding regulatory breaches and cash flow constraints,” Mr. Danquah recounted.
Faced with these difficulties, he said Ibaera and its partners reached out to E&P for potential acquisition.
After preliminary discussions, desktop due diligence was conducted in 2023, culminating in an Acquisition and Development Framework Agreement signed in October 2023.
“From that point, E&P began injecting an average of $500,000 per month to sustain the project and address pressing obligations,” Mr. Danquah revealed.
In 2024, the company engaged financiers, including the ECOWAS Bank for International Development, Sprout Group, among other international finance houses, of which the Project received issued term sheets to support the financing structure.
After extensive due diligence and final regulatory approvals in 2025, E&P completed the transaction.
“This acquisition brings to a close a journey that began in 1990. We have moved from exploration to ownership, and now we stand at the threshold of full-scale development,” he said.
Mr. Danquah further announced two major international partnerships going through the onboarding process: SGS Bateman to be confirmed and appointed as Owner’s Engineering firm, subject to all Board governance procedures.
SGS joins this project with over 100 years of mine design and execution experience, while FLSmidth, a world leader with over 140 years of expertise in gold processing technology, has been contracted as the potential technology partner, subject to all Board governance procedures.
“These world-class firms will ensure that the Black Volta Project meets the highest global standards in engineering, safety, and environmental management,” he said.
He confirmed that all necessary permits have been secured, and the company has completed the onboarding of technical teams to commence full development of the mine.
“All permits are in place, and the financing has been fully settled. We are now entering the development phase — a new era for Ghana’s gold mining industry, driven by local ownership and global best practices,” he concluded.
A turning point in Ghana’s mining history
Adding his voice, Nana Dwemoh Benneh, Non-Executive Director of Azumah Resources, described the acquisition as “a turning point in Ghana’s mining history,” celebrating it as a symbol of national pride and self-reliance.
“For more than a century, the custodianship of Ghana’s gold has largely been in the hands of foreigners,” he said.
“Today, we are proud to say we are turning that around. We now have a Ghanaian company taking full control of our gold resources and adding value for our country.”
He praised E&P for leading the way in local ownership and capacity building, describing the company as “a Ghanaian powerhouse with a proven record of excellence.”
“It is not surprising that it is E&P leading this effort. They have the experience, the balance sheet, and the vision to make this work,” Mr. Benneh stated.
He said the project is expected to open up one of Ghana’s largest untapped gold-rich zones in the Upper West Region, bringing jobs, infrastructure, and economic opportunities to local communities.
“We will not let you down. All hands are on deck to ensure that the investments you have made yield the right returns. We aim to surprise you, Mr. Mahama,” he said confidently.
Mr. Benneh also expressed appreciation to the project’s legal and technical advisors, singling out Mr. Bobby Banson, whose legal work he described as “worthy of a case study.”
He commended the Ghanaian professionals involved in the deal for their discipline, tenacity, and professionalism.
“The last three months have been a period of intense work and national pride. What we have achieved is proof that Ghanaians can structure and deliver world-class transactions in the extractive industry,” he added.
He concluded by acknowledging the staff of Azumah Resources in both Wa and Accra, whose years of commitment had made the project possible.
“The people of Wa have waited for this mine for nearly 30 years. What we are witnessing today is the beginning of a new chapter that will redefine Ghana’s mining story,” he said.
Jobs, infrastructure, and sustainable growth
With the transition now complete, Azumah Resources, under its new Ghanaian ownership, is set to begin full-scale development of the Black Volta and Sankofa Gold Projects.
The company has pledged to focus on local employment, community infrastructure, and environmental stewardship as the three core pillars of its operational strategy.
The Board reiterated its commitment to developing the project “in a responsible, transparent, and sustainable manner,” ensuring that the benefits of Ghana’s mineral wealth are shared broadly among citizens.
Industry analysts say the transaction not only strengthens local participation but also serves as a model for future indigenous acquisitions in Ghana’s extractive sector — aligning with the government’s policy of deepening local content and value addition.
With E&P now firmly in control, the Black Volta Gold Project is poised to become Ghana’s next major indigenous mining success story, representing not just wealth but sovereignty, pride, and the power of Ghanaian enterprise.
All the top executives of E&P and Azumah Resources graced the launch event, underscoring the strategic importance of the Black Volta and Sankofa Gold Projects to Ghana’s mining future.
Adding prestige to the occasion was renowned mining magnate Sir Sam Jonah, who attended as the Special Guest.
E&P executives
The E&P delegation was led by its Founder and Chief Executive Officer, Ibrahim Mahama, alongside Sid Steyn, Managing Director and Executive Director; Majeed Abudu, Executive Director for Technical Services; Biliguo Adama, Director of Operations; Rev. Adi Ayitevie, Executive Director of Commercial Services; Emmanuel Kwaw Erskine, Business Development Director; and Philip Addai Mensah, Human Resource Director.
Azumah Resources executives
Representing Azumah Resources were Noel Nii Addo, Chief Executive Officer; Nana Benneh, Non-Executive Director; Hector Amponsah Nyinaku, Director of Administration and Human Resources; Philemon Okyere Danquah, Executive Director of Sustainability and Finance; and Owusu Ansah Anwere, Head of Human Resources.
