The long-dormant Black Volta and Sankofa gold projects in Ghana’s Upper West Region are set for revival after Engineers & Planners (E&P), one of West Africa’s largest indigenous mining contractors, completed the acquisition of equity in Azumah Resources Ghana Ltd and Upwest Resources Ghana Ltd.
The transaction, finalised with the Registrar of Companies and the Minerals Commission, involved the direct transfer of all issued shares of the Ghanaian beneficial owner and signals a major reshaping of the country’s mining landscape.
For nearly two decades, the Black Volta and Sankofa concessions have promised much but delivered little. Capital constraints, shifting investor priorities, and prolonged legal disputes left the projects stalled, frustrating communities and depriving Ghana of potential revenue.
E&P, led by a dynamic management team, now says it is ready to deploy the funding, technical expertise, and determination needed to move swiftly into mine development.
The acquisition is a significant moment for Ghana’s mining sector. Granted under mining leases in 2014, the Black Volta and Sankofa projects contain sizeable resources but have long suffered from under-investment.
With gold prices hovering above $3,000 per ounce, the opportunity to fast-track production comes at a critical time for a government managing fiscal consolidation under an IMF programme.
E&P has outlined a three-pronged strategy:
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Work with the Ghana Revenue Authority to audit and verify all historical loans linked to the projects. “We will honour all genuine obligations, but they must be properly accounted for and taxed,” an E&P executive noted.
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Repay verified debts, ensuring creditors are treated fairly while maximising returns for the state.
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Deploy secured funding to commence mine construction, addressing a common bottleneck in Ghanaian mining where project financing often stalls operations.
“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.”
The takeover is not merely a corporate manoeuvre; it represents a symbolic reassertion of Ghanaian ownership in a sector long dominated by foreign multinationals.
For years, these concessions were effectively in limbo, controlled by offshore entities unable or unwilling to mobilise the necessary capital. That narrative now shifts, as a home-grown company with deep roots in mining and civil engineering assumes responsibility.
Founded in 1997, Engineers & Planners has built a reputation across West Africa as a preferred contractor for heavy mining and civil works. Its portfolio includes large-scale projects with global majors, but the Black Volta and Sankofa Gold acquisition marks its most ambitious move into direct resource ownership.
The success or failure of this venture will be closely watched in Accra and international boardrooms alike.
If E&P can deliver, it could strengthen the case for greater localisation of mining assets, challenging a status quo where foreign ownership dominates and Ghana’s participation is largely limited to royalties and carried interests.
Conversely, failure could reinforce scepticism about the capacity of indigenous firms to mobilise the vast resources and technical expertise required for world-class operations.
For residents of Wa and surrounding districts, the announcement has sparked cautious optimism. Years of anticipation and broken promises have bred scepticism, but the prospect of jobs, infrastructure, and community investment is promising.
Civil society groups have already called for transparent community engagement, environmental safeguards, and clear benefit-sharing arrangements. “We have seen too many projects where local people remain poor while billions are extracted from beneath their feet,” one activist said. “E&P must prove it will be different.”
For the government, the transaction is a welcome boost. Delivering new investment into the mining sector strengthens the narrative of economic recovery and job creation, while providing potential new revenue streams to support budget targets agreed with the IMF.
Ultimately, the Azumah-Upwest-E&P deal 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.
For now, hope prevails. A once-stalled project has new life, a Ghanaian company has assumed control, and a nation hungry for investment and jobs waits to see whether Engineers & Planners can turn promise into production.
Source: Norvan Acquah-Hayford
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