Lands Minister gives Azumah Resources and E&P 7 days to resolve their issue amicably or…

 

The Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has directed Azumah Resources and Engineers & Planners to resolve their issues amicably within seven days.

The Minister directed the two firms to desist from addressing their issues in the media.

In a letter written to the two firms, the Minister said, “I refer to your earlier correspondence in respect of the above subject matter, as well as the various press releases and public statements that have since been issued concerning the dispute. In light of the circumstances, I have decided to grant the parties a final period of seven (7) days within which to resolve the matter amicably. Should this period elapse without a mutually agreed resolution, a decision shall be taken in the best interest of the country.

“I strongly urge all parties to refrain from addressing this matter through the media and instead focus on constructive dialogue and responsible engagement.

“Consequently, the Minerals Commission is directed to facilitate and support the parties in resolving their differences, in order to ensure the timely commencement of the project.”

These developments come at a time when Engineers & Planners (E&P) officially responded to ongoing media reports and public claims surrounding its acquisition agreement with Azumah Resources Ghana Limited, strongly denying allegations of wrongdoing, political interference, and misrepresentation.

In a detailed press statement released on Tuesday, July 8, E&P addressed what it described as a “deliberate effort” to distort facts related to its US$100 million acquisition deal for the Black Volta Gold Project in the Upper West Region.

The response comes amid Azumah Resources’ own statement denying involvement in any sale of the mine, and disassociating itself from a financing agreement signing ceremony held on July 7, 2025, in Accra.

According to E&P, the acquisition agreement was signed on October 9, 2023, at its Roman Ridge offices in Accra.

The company maintains that the deal was reached in good faith with Azumah’s shareholders, who approached E&P in May 2023 to sell the struggling project due to debt and operational challenges. E&P claims it accepted the risks, including liabilities exceeding $5 million owed to the Ghana Revenue Authority (GRA) and the Minerals Commission. The agreed amount was US$100 million, to be paid in two equal instalments. An email amendment later moved the first payment deadline to December 31, 2024.

Following the agreement, E&P says it assumed full operational control, investing an average of US$500,000 monthly since November 2023. It also appointed two representatives to Azumah Ghana’s board in January 2024 and secured a “No Objection” letter from the Minerals Commission for the acquisition.

However, a legal dispute arose in August 2024 when Azumah’s director, James Wallbank, allegedly demanded a new deal price of US$300 million due to rising gold prices. E&P rejected the demand and began arbitration proceedings in October 2024, seeking enforcement of the original contract terms.

E&P also filed an application at the High Court in Ghana, which ruled in June 2025 that the status quo should remain and the original contract terms enforced. The court held that Azumah’s attempt to terminate the agreement was of no effect.

The company further clarified that the July 7, 2025, signing ceremony at the Marriott Hotel was between E&P and EBID, which approved a US$100 million facility to finance the acquisition. While Azumah’s presence was not required, E&P claims that resident directors of Azumah were present.

Addressing Key Allegations

E&P refuted several allegations circulating in the media:

• The acquisition deal was not politically influenced and was agreed before the December 2024 elections.
• Azumah’s termination claim in December 2024 has already been rejected by the court.
• The acquisition remains a pure commercial transaction, with no political undertones.

E&P reaffirmed its commitment to commencing mine development and achieving first gold production within 36 months.

“This is a historic opportunity for a wholly owned Ghanaian company to develop a large-scale gold mine. Ghanaians should support this effort, not sabotage it,” said Mr. Emmanuel Erskine, E&P’s Business Development Director.