Ghanaian business firm, Engineers & Planners (E&P), has described as “misleading and false claims” regarding its purchase of Azumah Resources Ghana Ltd.
Azumah Resources Ghana Ltd is a gold concession in the Upper West Region formerly owned by Australian interests.
A statement issued by E&P on Tuesday, July 8, 2025, revealed that it entered into a $100 million agreement with Azumah’s shareholders on October 9, 2023, months before the 2024 general elections.
According to the company, all key milestones, including the agreement to buy the project and an offer letter from the ECOWAS Bank for Investment and Development (EBID) to finance it, occurred prior to the elections.
“Let the record show, the acquisition contract was signed in October 2023 at our Roman Ridge offices in Accra, with payments scheduled in two equal parts,” part of the statement read.
“Claims that this is a post-election arrangement or politically motivated are completely false.”
“This is the first time a wholly-owned Ghanaian company has acquired a large-scale mine,” the statement noted. “We urge Ghanaians to rally behind this national milestone rather than allow mercenaries to derail it for personal gain.”
The company also addressed confusion surrounding the July 7, 2025, signing ceremony, clarifying that the event was exclusively related to the financing deal between E&P and EBID.
“We call on all Ghanaians to support this historic project and reject distractions fueled by mercenary interests,” the statement signed by Mr. Emmanuel Erskine, Business Development Director of E&P.
“This is not politics. This is a pure commercial transaction conducted at arm’s length. God bless our homeland, Ghana.”
E&P has acquired the Black Volta Gold Project from Azumah Resources for $100 million, following a High Court ruling in its favour.
The company secured a $100 million acquisition loan from EBID and aims to commence gold production within 36 months.
By: Rainbowradioonline.com/Ghana