$100 million deal sealed: E&P buys out Azumah Resources – Entity now wholly Ghanaian

In July, this year, E&P and the ECOWAS Bank for Investment and Development (EBID) signed a $100 million Acquisition Facility Agreement to finance the purchase of the Black Volta Gold Project.

Mr Danquah said the company aimed to deliver measurable value for the people of the Upper West Region, the government and people of Ghana, and its shareholder, Engineers & Planners Company Limited.

He said the new management would prioritise local employment, community infrastructure and environmental stewardship as key pillars of the development strategy.

“The conclusion of this transaction and the restructuring of the board mark a defining moment for Azumah Resources Ghana Ltd.

We are confident that the new management and shareholders have the capacity, integrity and commitment to advance the Black Volta and Sankofa projects in line with Ghana’s highest standards of governance and sustainability,” he added.

Shares, loan

Mr Danquah explained that the transaction between E &P and the Azumah Gold Resources was two-fold; the acquisition of the shares and the loan book of Azumah.

He said that was the arrangement between E&P and the foreign shareholders based in Australia and Singapore.

As of October 7, 2025, he said, the swap of the loan facility of Azumah had fully been executed with E&P transferring what was due to the foreign shareholders to seal the whole transaction.

“So, the financial obligations due E&P has been duly settled, making it the sole owner of Azumah Resources Ghana Ltd.

Subsequent to that, the board of Azumah was reconstituted, and as a result the foreign directors have all resigned from the board, making the company a solely Ghanaian firm,” he stated.

Mr Danquah said the revamped company would complete development of the mine within 15 months.

E&P’s Executive Director expressed optimism that in 15 months, the new company should be able to pour its first gold.