Engineers & Planners takes over Black Volta and Sankofa Gold projects
Engineers & Planners takes over Black Volta and Sankofa Gold projects
Engineers & Planners (E&P), indigenous mining contractors, have finalized the acquisition of equity stakes in Azumah Resources Ghana Ltd and Upwest Resources Ghana Ltd.
E&P has taken over the Black Volta and Sankofa gold projects in Ghana’s Upper West Region.
The transaction, finalized with the Registrar of Companies and the Minerals Commission, involved the direct transfer of all issued shares of the Ghanaian beneficial owner, marking a significant shift in the country’s mining landscape.
For nearly two decades, the Black Volta and Sankofa Gold concessions had promised much but delivered little due to capital constraints, shifting investor priorities, and protracted legal disputes, resulting in stalled projects, frustrated communities, and lost revenues for Ghana. E&P, led by its dynamic team, is now poised to deploy the necessary funding, technical expertise, and willpower to swiftly advance mine development.
The Black Volta and Sankofa projects, granted under mining leases in 2014, contain significant resources but have been hindered by under-investment. With gold prices hovering above $3,000 per ounce, the opportunity to expedite production could not be more compelling for a government grappling with fiscal consolidation under an IMF programme.
E&P has outlined a three-pronged strategy. Firstly, it will collaborate with the Ghana Revenue Authority to audit and verify all historical loans attached to the projects.
“We will honour all genuine obligations, but they must be properly accounted for and taxed,” an E&P Executive noted, in a pointed reference to opaque financing structures prevalent in Ghana’s extractive sector. Secondly, the company intends to repay verified debts, ensuring creditors are treated fairly while maximising returns for the state.
Finally, E&P will deploy secured funding to launch mine construction, an ambitious pledge in a sector where project financing often proves the Achilles’ heel. “This is a proud moment for E&P and for Ghana,” said Ibrahim Mahama. “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.”
Civil society groups have already called for transparent community engagement, environmental safeguards, and clear benefit-sharing arrangements. “We have seen too many projects where the local people remain poor while billions are extracted from beneath their feet,” one activist told the media. “E&P must prove it will be different.”
For the government, however, the transaction offers a welcome boost. Delivering new investment in the mining sector strengthens its narrative of economic recovery and job creation. It also provides potential new revenue streams to support budget targets agreed with the IMF.
Ultimately, the Azumah-Upwest-E&P transaction will serve as a litmus test. Success would mark a turning point, reinforcing Ghana’s aspirations to localise mining ownership and capture greater value. Failure, by contrast, would entrench dependence on foreign capital and expertise.
