The tussle over the control of Azumah Resources Ghana Ltd. is moving from a media saga to hard evidence, with corporate filings and capital structure records tilting the case in favour of Engineers & Planners (E&P). Here is why.
Official documents from the Registrar-General’s Department sighted by Citi Business News show that on September 3, 2025, 93.4 million shares in Azumah Resources Ghana Ltd. and three million shares in Upwest Resources Ltd. were lawfully transferred to E&P.
Regulatory sources also confirm no objections were filed, suggesting the takeover complied with the corporate and mining laws of Ghana.
Yet, the overseas promoters of Azumah Resources have dismissed the acquisition, issuing press statements through foreign PR agencies and threatening billion-dollar arbitration claims against Ghana.
Their central claim? That Azumah was foreign-owned and that E&P’s acquisition amounted to unlawful seizure.
But the incorporation records tell a different story.
Azumah Resources was registered in Ghana with a stated capital of just GH₵26,190.53. This is far below the US$1 million minimum capital required for foreign-owned mining firms under the Ghana Investment Promotion Centre (GIPC) Act.
By law, such a figure confirms Azumah Resources’ registration as a Ghanaian-owned company; contradicting assertions of foreign control.
E&P has since positioned itself as a responsible successor, pledging to audit and settle Azumah Resources’ debts, work with the Ghana Revenue Authority on outstanding tax obligations, and inject fresh capital to accelerate development at the Black Volta and Sankofa gold projects in the Upper West Region.
Both concessions have lain dormant for nearly two decades due to under-investment and shareholder disputes.
Legal Representative of E&P, Bobby Banson has also rejected claims that E&P had executed an agreement with Australian firm Ibaera.
He stresses that the incorporation documents prove otherwise. He further refutes assertions that the cost of developing the Azumah mine exceeded US$200 million, insisting the figure was between US$150 million and US$160 million, as outlined in official agreements.
On financial obligations, Mr. Banson acknowledged that E&P agreed via email with Azumah’s creditors to extend the deadline for an initial US$50 million debt repayment to December 31, 2024; evidence, he said is of a structured and transparent process.
The E&P–Azumah dispute is bigger than a corporate takeover. It is a test of Ghana’s ability to uphold its own laws, protect investor confidence and balance foreign participation with indigenous ownership in mining.
The outcome will not only decide who controls the Black Volta and Sankofa projects but also signal whether Ghana’s regulatory institutions stand firm on evidence and due process or risk being overshadowed by lobbying and PR battles.
