Josiah
Engineers & Planners (E&P) Co. Ltd. has strongly defended its $100 million acquisition of the Azumah gold concession in Ghana’s Upper West Region, describing it as a “landmark commercial transaction” and rejecting what it calls efforts to politicize the deal.
In a detailed statement released this week, the company emphasized that the transaction was initiated well before the 2024 general elections and represents a bold step toward restoring Ghanaian ownership of strategic mineral resources.
End of Three Decades of Foreign Control
The gold concession was originally granted in 1992 to Azumah Resources Ghana Ltd., a company primarily owned by Australian interests. According to E&P, the site had seen minimal development for over 30 years and had accumulated debts exceeding $5 million to the Ghana Revenue Authority and the Minerals Commission.
In mid-2023, facing financial pressure and increasing security risks in the region, Azumah’s shareholders approached E&P with a $100 million offer—despite independent valuations placing the asset below $80 million.
Acquisition Finalized, Investments Underway
E&P accepted the proposal and signed a formal Project Acquisition and Development Agreement on October 9, 2023. Since November 2023, the company has invested around $500,000 monthly into operations and development at the site.
The payment structure splits the $100 million into two equal installments, with the first $50 million due by December 31, 2024.
Legal Challenge and Court Resolution
A legal dispute erupted in August 2024 after Azumah director James Wallbank allegedly sought to unilaterally revise the deal, raising the price from $100 million to $300 million. E&P rejected the demand, leading to arbitration.
In June 2025, a court upheld the original $100 million agreement, confirming E&P’s legal ownership and dismissing Azumah’s claims of contract termination.
E&P: A Strategic Win for Ghana
“This deal is not about politics—it’s about national interest, local capacity, and economic transformation,” E&P stated. “We haven’t just acquired a concession; we’ve reclaimed a key national asset.”
Industry analysts say the Azumah concession, if fully developed, could become one of Ghana’s largest wholly locally-operated gold mining projects.
Reaffirming its commitment to transparency and development, E&P urged critics to “focus on the facts—not the headlines.”
