The Government of Ghana has waded into the escalating dispute between Engineers & Planners (E&P) and Azumah Resources Ghana Limited over the ownership and control of the Black Volta Gold Project, giving both parties a final 7-day ultimatum to resolve the matter amicably or risk government intervention.
In a strongly worded letter signed by Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah and copied to the Minerals Commission, the ministry expressed concern over the barrage of press releases and public statements issued by both companies in recent days. The ministry stressed that the matter must now be approached with “constructive dialogue and responsible engagement” rather than through the media.
“I strongly urge all parties to refrain from addressing this matter through the media and instead focus on constructive dialogue,” the Minister stated.
To this end, the Minerals Commission has been directed to lead and facilitate the resolution process between the feuding parties to ensure the timely commencement of Ghana’s most promising indigenous gold mining project.
Context: High Stakes, Rising Tensions
The letter comes amid an intensifying corporate dispute between E&P, owned by Ghanaian businessman Ibrahim Mahama, and Australian-backed Azumah Resources. E&P maintains that it legally acquired the mine in a $100 million transaction sealed in October 2023, with financing secured from the ECOWAS Bank for Investment and Development (EBID). The Ghanaian firm insists it has fulfilled its obligations and has a no-objection letter from the Minerals Commission to proceed with the mine’s development.
Azumah, on the other hand, has pushed back sharply. In a recent press statement, the company said E&P owns no stake and has failed to meet investment thresholds. It further accused E&P of misrepresentation and warned that such claims could damage Ghana’s international mining reputation.
The back-and-forth has also drawn public scrutiny after policy analyst Bright Simons raised governance concerns and questioned the transparency of EBID’s funding role. Simons suggested that public trust and investor confidence in Ghana’s mining regime could be undermined if the dispute is not swiftly and transparently resolved.
A $7 Billion Asset in Limbo
The Black Volta Gold Mine, which reportedly holds nearly 2 million ounces of gold, is valued at over $7 billion at current market prices. Both E&P and Azumah claim to have the best intentions for the mine and the communities in the Upper West Region. But delays caused by the dispute risk derailing what could be Ghana’s first wholly Ghanaian-owned large-scale gold operation.
The project also has major implications for jobs, taxes, and royalties, with estimates suggesting over 1,000 direct and indirect jobs and royalty payments exceeding $150 million over the mine’s life.
Next Steps
The Ministry has now set a 7-day window for the companies to settle the matter. “Should this period elapse without a mutually agreed resolution, a decision shall be taken in the best interest of the country,” the Minister warned.
For now, the Minerals Commission is expected to take the lead in bringing the parties to the table, a critical test for Ghana’s mining governance at a time when investor confidence is already fragile.
