E&P, the Ghanaian company owned by President Mahama’s brother, has broken its silence over what it calls “false narratives” surrounding its acquisition of the Black Volta Gold Project. This landmark deal positions it to become the first wholly Ghanaian company to own and develop a large-scale gold mine in the country.
The roots of the deal trace back to a gold concession in the Upper West Region originally leased by the Government of Ghana to Azumah in 1992. For 30 years, the Australian-owned company made no significant progress on the project and by 2022 owed over $5 million in tax and regulatory liabilities. With gold prices low and mounting debt, Azumah’s shareholders offered to sell the project to E&P in May 2023 for $100 million.
Despite the project’s appraised value of under $80 million, E&P agreed to take on the full financial and legal risks, signing the Project Acquisition and Development Agreement on October 9, 2023. Under the deal, E&P took immediate control, investing over $500,000 per month into the mine’s operations since November 2023 and appointing representatives to Azumah’s board in January 2024.
Later disputes emerged when James Wallbank, an Azumah director, demanded a renegotiation of the deal—seeking to raise the acquisition price to $300 million due to rising gold prices. E&P rejected the demand and began arbitration proceedings in October 2024, also securing a High Court ruling in June 2025 that upheld the original agreement and dismissed Azumah’s attempted termination.
E&P has since secured a $100 million acquisition facility from the ECOWAS Bank for Investment and Development (EBID) to pay the original shareholders, marking a major financial milestone.
Addressing recent media allegations, E&P clarified:
- The agreement was signed well before Ghana’s 2024 elections.
- The Government of Ghana played no role in influencing the deal.
- The July 7, 2025, signing event was solely between E&P and EBID, with Azumah directors present, although not required to participate.
E&P’s statement warned of “deliberate efforts to derail the transaction” to allow certain Azumah directors to exploit rising gold prices for personal gain.
With the Minerals Commission’s approval in hand, E&P plans to begin full-scale development and targets first gold production within 36 months.
“This is not politics. This is a pure commercial transaction on an arm’s-length basis. Ghanaians must rally behind their own,” the company urged, emphasizing national pride and the transformative nature of the deal.
