The Minister for Lands and Natural Resources, Emmanuel Armah Kofi Buah, has provided details to Parliament regarding the acquisition of the Black Volta and Sankofa Gold Projects by Engineers & Planners Company Limited, confirming the projects are now under the control of a wholly Ghanaian-owned entity.
Responding to a question from Vincent Ekow Assafuah, Member of Parliament for Old Tafo, the Minister outlined the financial mechanics of the transaction, which saw a local company take over the concessions from international investors .
Mr. Buah explained that the mining concessions, originally held by Azumah Resources Ghana Limited, Up West Resources Limited, and Phoenix Resources Ghana Limited, were collectively known as the Black Volta and Sankofa Projects. The companies had procured a loan from investors in Singapore and Australia through their parent companies, leading to a complex acquisition process.
According to the Minister, on September 23, 2025, Engineers & Planners Company Limited entered into a novation agreement with IGIC PTE Limited of Singapore and Azumah Resources Pty Limited of Australia—together referred to as the Ibaera Parties. This agreement settled all outstanding obligations owed by Azumah Resources Ghana Limited for a total consideration of USD 100 million and an additional USD 8,076,037.00.
“Consequently, the Ibaera Parties transferred and novated to Engineers & Planners Company Limited all their rights and interests in Azumah Resources Ghana Limited, the owner of the Black Volta and Sankofa Gold Projects,” the Minister stated.
The transaction was finalized following the Minister’s approval of a ‘No Objection’ request from the Minerals Commission on November 3, 2025. Upon completion, Engineers & Planners Company Limited became the controlling entity of Azumah Resources Ghana Limited .
The Minister noted that the company has assumed all associated liabilities, including taxes and change-of-control obligations, and has indemnified the Ibaera Parties against any future claims arising from the transaction .
The acquisition marks a significant milestone as the first time a wholly Ghanaian-owned company has financed and completed the buyout of a multinational gold concession, transitioning from a mining services provider to a mine owner and operator . The Black Volta Project is projected to produce approximately 163,000 ounces of gold per year in its first five years of operation, contributing about 3% to the nation’s gold output .
