Accra: Engineers and Planners Company Ltd (E and P) has successfully acquired all issued shares of Azumah Resources Ghana Ltd and Upwest Resources Ltd, following a share transfer agreement with the Ghanaian Beneficial Owner. The share transfers have been registered with the Registrar of Companies, with the prior approval of the Minerals Commission, formally placing the Black Volta and Sankofa Projects under E and P's full ownership and management.
According to Ghana News Agency, this acquisition is seen as a significant development for both E and P and Ghana's mining industry, transitioning the projects from decades of inactivity to the cusp of full-scale development under Ghanaian leadership. A statement from E and P, signed by Emmanuel Erskine, Director of Business Development, highlighted the company's technical expertise, financial resources, and operational experience as key components in unlocking the full potential of the concessions.
The statement further outlined that E and P has secured the necessary funding to begin immediate development, with plans to work closely with the Ghana Revenue Authority (GRA) to audit and confirm all loans previously recorded as investments in the projects. The company plans to repay all genuine loans, subject to applicable taxes, ensuring fiscal compliance and safeguarding state revenue. Additionally, E and P is set to deploy secured funding to commence mine construction and operations swiftly.
The acquisition is viewed by E and P as both a commercial opportunity and a national duty. The Black Volta and Sankofa Projects have been undeveloped since 1992, and E and P aims to generate jobs, stimulate local economic activity, and contribute royalties and taxes to the state. Communities in the Upper West Region are also expected to benefit from infrastructure and social investment linked to the projects.
Ibrahim Mahama, CEO of Engineers and Planners, expressed pride in the acquisition, stating the company's commitment to ensuring that these long-dormant projects deliver real value to Ghana. E and P plans to work transparently with regulators and stakeholders to build mines that create shared prosperity.
With the acquisition completed, E and P is ready to begin an intensive development program, setting a precedent for Ghanaian-led mining ventures that can compete globally while prioritizing national benefits.
In an earlier statement, the management of Azumah Resources Ghana Ltd and Upwest Resources Ltd confirmed the successful transfer of all issued shares of the companies to Engineers and Planners. This transaction, registered at the Registrar of Companies, marks a decisive step in ensuring the long-term development of these critical mining assets.
The transfer of ownership follows extensive negotiations and legal proceedings, highlighting the complexities of international investment in Ghana's mining sector. With the successful handover of equity ownership, the projects are now set for a new phase of development led by a Ghanaian operator with proven technical and financial capacity.
Established under leases granted by the Government of Ghana in 2014, the Black Volta and Sankofa Projects hold significant potential for gold production but have faced challenges in raising sufficient capital for development. With the transfer completed, Engineers and Planners is well-positioned to bring the projects into production, demonstrating Ghana's attractiveness as a mining investment destination and the importance of aligning projects with operators who have the technical know-how and financial strength to deliver.
