Ibrahim Mahama
The long-stalled Black Volta and Sankofa gold projects in the Upper West Region are set for revival following Engineers & Planners’ (E&P) acquisition of Azumah Resources Ghana Limited and Upwest Resources Ghana Limited.
The transaction, completed with the Registrar of Companies and the Minerals Commission, transferred all issued shares from the previous Ghanaian beneficial owners to E&P.
For nearly two decades, both concessions have remained idle, hampered by underfunding, protracted disputes, and shifting investor priorities.
Their dormant state frustrated host communities and deprived the state of potential revenue. E&P, one of West Africa’s largest indigenous mining contractors, now says it is ready to commit the capital, technical know-how, and drive needed to move quickly into mine development.
The projects, granted mining leases in 2014, contain sizeable resources but never progressed to production.
With gold trading above $3,000 an ounce, analysts argue the timing could prove critical for a government working under fiscal constraints imposed by its International Monetary Fund (IMF) programme.
E&P has outlined a three-pronged plan, which include auditing all historic loans with the Ghana Revenue Authority to ensure transparency, repaying verified debts to creditors, and deploying secured financing to begin construction.
“We will honour all genuine obligations, but they must be properly accounted for and taxed,” an E&P executive stated, hinting at a break from opaque practices that have long plagued Ghana’s mining sector.
The company founder, Ibrahim Mahama, described the takeover as a proud moment. “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,” he said.
“The acquisition is more than a corporate move. It represents a symbolic return of Ghanaian ownership in a mining sector largely dominated by foreign multinationals,” the company said in a statement.
Founded in 1997, E&P has built a reputation as a major contractor for global mining across West Africa. But this is its boldest step yet into direct mine ownership, a shift that will be closely monitored both domestically and abroad.
Meanwhile lawyers for E&P have withdrawn its case at the International Court of Arbitration, International Chamber of Commerce (ICC).
In the letter dated September 5, 2025, Bobby Banson, Esq. solicitor on behalf E&P stated, “The Claimant has instructed us to notify the Secretariat and the Tribunal of its decision to withdraw its claims in these proceedings without prejudice to its rights to institute fresh proceedings.
The Claimant, however, reserves its rights to respond to and defend the counterclaim filed by the Respondents.”
A Daily Guide Report