The Black Volta Gold Project
Engineers & Planners (E&P), a wholly owned Ghanaian company, has issued a strong rebuttal to what it describes as a series of false allegations circulating in the media regarding its acquisition of Azumah Resources and the financing arrangements surrounding the transaction of the Black Volta Gold Project .
In a statement released on Tuesday, July 8, 2025, and sighted by GhanaWeb Business, E&P outlined the facts surrounding the acquisition to counter what it claims is a coordinated attempt to derail a landmark deal in Ghana’s mining industry.
The statement noted that in May 2023, shareholders of Azumah approached E&P with an offer to sell the project to E&P for $100 million.
E&P stated that it accepted the offer and the associated risk, despite the project being valued at less than $80 million.
“The Project Acquisition and Development Agreement was signed by the shareholders of Azumah and E&P on 9th October 2023 at the Roman Ridge, Accra offices of E&P. Per the agreement, the $100 million was to be paid in two equal instalments of US$50 million by June 2024 and June 2026. By an email exchange between the parties, the first instalment of June 2024 was amended to December 31, 2024,” the statement read.
“Per the agreement, E&P immediately took control of the project and funded the operations of the mine at an average of US$500,000.00 monthly from November 2023 to date; the last expenses were June 30, 2025. Per the agreement, E&P appointed 2 representatives to the Board of Directors of Azumah Ghana in January 2024. Per the agreement, E&P was responsible for raising the finance to develop the project,” it added.
E&P further alleged that there is a deliberate effort to sabotage its financing efforts.
“There is a deliberate effort to create conditions that would have made it difficult for E&P to raise the required acquisition capital. There is a vested interest in E&P’s failure to raise the funding, to open the avenue for some of the directors of Azumah to unduly take advantage of the significantly higher gold prices.”
Read the full statement from E&P below:
SP/MA