Recent media reports have heavily focused on a $100 million gold deal between Engineers and Planners (E&P) and Azumah Resources.

However, Azumah Resources has stated that it was not aware of the deal in question and was not a party to the signing between E&P and the ECOWAS Bank for Investment and Development (EBID) that took place on July 7, 2025.

In a related development, E&P has released details of a prior agreement signed with Azumah Resources on October 9, 2023.

In a statement issued on July 9, 2025 and sighted by GhanaWeb Business, E&P dismissed claims that it only signed the agreement to acquire Azumah after the elections, calling such suggestions false.

The company clarified that the acquisition agreement was signed on October 9, 2023, between E&P and Azumah Resources, a private company owned by Australian nationals, not the Australian government.

Reactions following the deal have raised concerns due to the political exposure of Ibrahim Mahama, the owner of E&P. Critics suggest the deal may have political undertones.

However, E&P has maintained that neither the government, the President, nor any public official influenced the signing of the agreement, which occurred before the December 2024 elections.

Responding to claims of a contract termination, E&P said the allegations are unfounded, noting that it has continued to fund the operations of the mine since the October 2023 agreement.

On July 3, 2025, Azumah Resources issued a disclaimer stating that it was not involved in the signing of the agreement between E&P and EBID.

E&P clarified that the July 7, 2025 event was merely the signing of an acquisition facility agreement between the lender, EBID, and the borrower, E&P.

"Despite the subject matter involving the acquisition of Azumah, the presence of Azumah was not required. In any case, the Resident Directors of Azumah were present at the ceremony," the statement sighted by GhanaWeb Business noted.

E&P also alleged that there is a deliberate attempt to sabotage its efforts to raise the necessary acquisition capital.

"There is a vested interest in E&P’s failure to secure funding — an attempt by some directors of Azumah to unduly benefit from significantly higher gold prices," the statement claimed.

The company added that it has already obtained a No Objection Letter from the Minerals Commission to acquire the mine and will proceed in accordance with the agreement, which includes the disbursement of funds by EBID to Azumah’s shareholders.

E&P said it intends to begin development activities at the mine immediately and is aiming to commence gold production within 36 months.

"Ghanaians should support their own and not allow mercenaries to derail this historic project. This is the first time a wholly-owned Ghanaian company is acquiring a large-scale gold mine. This is not politics, it is a purely commercial transaction conducted on an arm’s length basis," the statement concluded.

See the full statement below:

ADDRESSING FALSE ALLEGATIONS IN THE MEDIA(PICTURES OF THE 9TH OCTOBER, 2023 SIGNING CEREMONY ATTACHED):

1. Allegation - E&P only signed the agreement to acquire Azumah after the elections.

Response - FALSE - The agreement was signed on 9th October 2023. Attached are pictures of the 9th October, 2023 signing ceremony between E&P and Azumah Resources which is a private company own by Australians and not the state.

2. Allegation - The President or Government of Ghana and its appointees influenced this acquisition or the financing of it in any way.

Response – FALSE - Every single milestone in this transaction, (ie signing of agreement to acquire the project and offer letter for financing) was satisfied before the elections in December 2024.

3. Allegation - Azumah terminated the agreement in December 2024.

Response – Azumah unilaterally purported to have terminated the acquisition agreement signed on 9th October 2023. This was despite E&P continuing to fund the operations. In June 2025, the court in effect rule the termination to be of no effect.

4. Allegation – The letter making rounds dissociating Azumah from the signing ceremony.

Response – The signing ceremony organised on 7th July 2025, was the signing of the Acquisition facility agreement between two parties, Lender – EBID and Borrower- E&P. Despite the subject matter regarding the acquisition of Azumah, the presence of Azumah was not required. In any case, the Resident Directors of Azumah were present at the ceremony.

CONCLUSION

There is a deliberate effort to create conditions that would have made it difficult for E&P to raise the required acquisition capital. There is a vested interest in E&P’s failure to raise the funding, to open the avenue for some of the directors of Azumah to unduly take advantage of the significantly higher gold prices.

THE WAY FORWARD

1. E&P has already obtained the No Objection Letter from the Minerals Commission to acquire the mine.

2. E&P will continue with the process in line with the agreement for EBID to make payment to the shareholders of Azumah.

3. E&P will commence development activities at the mine and do well to see the first production within 36 months.

4. Ghanaians should support their own and not allow mercenaries to divert attention from this historic project, the first time ever for a wholly owned Ghanaian company to acquire a large scale mine.

5. This is not politics. This is a pure commercial transaction on an arm’s length basis.

6. God bless our homeland Ghana

SSD/MA

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