Azumah, E&P in Bitter Clash Over $100m Gold Deal

A heated commercial dispute between Engineers & Planners (E&P) and Azumah Resources Ghana Limited has erupted over the US$100 million acquisition of the Black Volta Gold Project, threatening to disrupt one of Ghana’s most strategic mining ventures.

At the centre of the dispute is a 2023 agreement that E&P claims was finalised in October last year. According to E&P, the deal granted them ownership of the gold project with payments scheduled in tranches. E&P further states that it assumed liabilities, including debts owed to the Ghana Revenue Authority and Minerals Commission, and has since invested significantly in sustaining the project.

However, Azumah Resources contests E&P’s version, arguing that the latter has yet to secure full funding for the transaction. Azumah also denies that E&P has made any meaningful investment in the site and has accused the company of misrepresenting facts to the media.

Financing Claims and Denials

Reports in July 2025 suggested that E&P had secured US$100 million in financing from the ECOWAS Bank for Investment and Development (EBID), allegedly earmarked for the project. Azumah, however, firmly denies that any funds have been received concerning the deal, reiterating that the acquisition is far from complete.

In August 2024, Azumah reportedly demanded a renegotiation of the purchase price to US$300 million, citing rising global gold prices. E&P rejected the demand, claiming it violated the original terms, and took legal action. Court documents from June 2025 show that the court upheld the original agreement and ruled against Azumah’s attempt to terminate the deal.

Ministerial Directive and Commission Role

Amid mounting tensions, Ghana’s Minister for Lands and Natural Resources issued a directive in early July 2025, ordering both parties to resolve their differences within seven days. The Minerals Commission has been tasked to mediate and facilitate a resolution.

Both companies have traded accusations over political influence and misinformation. While E&P denies any political interference, Azumah accuses the firm of exploiting the regulatory system. The dispute has played out publicly, with each side accusing the other of issuing misleading statements.

A Broader Mining Sector Test Case

This high-profile standoff underscores the challenges facing Ghana’s mining sector, particularly regarding large-scale acquisitions involving local firms. The Black Volta Gold Project is viewed as critical to Ghana’s future gold production and local content development, making the dispute a matter of national interest.

Observers say the outcome could set a precedent for transparency, funding credibility, and regulatory oversight in mining transactions. Stakeholders are closely watching the Minerals Commission's role in bringing about a resolution that protects investor confidence while advancing Ghana’s strategic mining goals.