Ghanaian engineering and mining giant Engineers & Planners Ltd. (EandP) has successfully completed a $100 million acquisition of Azumah Resources Ghana Ltd., securing full ownership of the Black Volta and Sankofa gold concessions in the Upper West Region.
The transaction, finalized through the ECOWAS Bank for Investment and Development (EBID), marks one of the largest locally driven takeovers in Ghana’s mining industry in recent years. It positions EandP — owned by businessman Ibrahim Mahama — as a significant indigenous player in the gold sector traditionally dominated by multinational firms.
According to documents reviewed and confirmed by Azumah Resources Ghana’s Director, Noel Nii Addo, the deal was executed through two international transfers:
- $8.07 million paid to CANGOL PTE Ltd in London
- $91.92 million transferred to IGIC PTE Ltd in Singapore
The payments officially conclude months of negotiations and legal discussions with former Australian shareholders of Azumah Resources, who had previously controlled the gold concessions.
Mr. Addo noted that following the transaction, EandP now holds 100% equity in Azumah Resources Ghana Ltd., making it the sole owner of the Black Volta concession, one of the most promising undeveloped gold assets in northern Ghana.
The acquisition reinforces EandP’s growing influence in Ghana’s extractive sector. The company, best known for its large-scale civil engineering, mining support, and haulage services, has in recent years diversified into direct resource ownership and mineral processing.
Industry observers say this transition from service provision to asset ownership reflects a strategic shift among Ghanaian companies aiming to capture greater value from the country’s natural resources.
“This is a signal moment for indigenous participation in mining,” said a senior analyst at the Africa Centre for Energy Policy (ACEP), who spoke on condition of anonymity. “If properly managed, it could set a precedent for other local firms to invest directly in mineral production rather than remaining contractors.”
Ghana remains Africa’s top gold producer, contributing over 130 tonnes annually and accounting for nearly 40% of national export revenue, according to the Ghana Chamber of Mines. However, over 70% of production is still controlled by foreign-owned firms, leaving limited room for local ownership in large-scale operations.
E&P’s acquisition of Azumah Resources represents a rare instance of full Ghanaian ownership of a mid-tier gold asset — a move analysts say could help retain profits, build technical capacity, and expand local employment in the Upper West Region.
Economist Dr. Eric Osei-Assibey of the University of Ghana noted that domestic control of mineral resources could boost value addition and reduce capital flight. “When indigenous companies reinvest profits locally, it supports sustainable growth beyond the resource boom,” he said.
Azumah Resources Ghana Ltd. was originally a subsidiary of Azumah Resources Limited, an Australian-listed company that began exploring the Wa Gold Project in the Upper West Region in the mid-2000s. The project covers more than 2,400 square kilometres and includes multiple deposits across the Black Volta belt.
Despite extensive exploration, production had stalled due to financing challenges and changing commodity prices. The project’s estimated reserves exceed two million ounces of gold, according to earlier feasibility studies, although those figures may require updating under Ghanaian ownership.
With gold prices now trading above $2,400 per ounce — one of the highest in over a decade — EandP’s timing appears strategic. The acquisition could pave the way for renewed investment and operational restart in a region that has lagged behind southern Ghana in industrial mining development.
The Upper West Region stands to benefit from increased infrastructure, job creation, and small-business participation once exploration and development resume. Local assemblies have already expressed interest in collaborating with EandP on community mining frameworks and social responsibility projects.
Mining policy experts, however, caution that full transparency in environmental management and revenue reporting will be essential to maintain public trust. The Minerals Commission and the Environmental Protection Agency (EPA) are expected to play active roles in monitoring compliance once operations begin.
“If this deal translates into responsible mining, it could become a model for regional development in the north,” said Dr. Amin Adam, former energy policy researcher and current Finance Minister, at a previous mining forum.
The EandP-Azumah transaction reflects a broader trend of African companies reclaiming control of strategic natural resources. Similar local acquisitions have occurred in Nigeria’s oil and gas sector and South Africa’s mining industry, where governments and investors are pushing for greater domestic participation.
In Ghana, government policy continues to encourage local content and value retention through initiatives such as the Minerals and Mining (Local Content and Local Participation) Regulations, 2020 (L.I. 2431).
Analysts believe the EandP deal aligns with this national agenda by demonstrating that Ghanaian capital and expertise can successfully manage large-scale resource projects.
With the acquisition now finalized, Engineers & Planners is expected to outline its operational roadmap for Azumah Resources by early 2026. Key priorities may include re-evaluating resource estimates, securing mining leases, and partnering with international financiers for development.
For Ghana, the deal underscores the growing capacity of homegrown companies to compete globally in capital-intensive industries such as mining — a shift that could gradually change the ownership landscape of Africa’s mineral wealth.
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