The ownership and control of the Black Volta and Sankofa gold concessions in Ghana’s Upper West Region are set to be determined by an international arbitration tribunal in September, as a legal dispute between Engineers & Planners (E&P) and investors in Azumah Resources enters a critical stage.
The case, currently before the International Chamber of Commerce (ICC) in London, centres on a disputed US$100 million acquisition agreement, with both sides offering sharply different interpretations of the transaction.
Court documents from the High Court of Justice in England and Wales, dated June 8, 2026, show that the court granted permission for an interim arbitral award issued by the ICC in October 2025 to be enforced as though it were an English court judgment.
The order stated that Engineers & Planners had failed to comply with the interim award and directed the company to pay legal costs of £33,309.86.
However, E&P has instructed its legal team to challenge the enforcement order, maintaining that it lawfully acquired the right to purchase the Black Volta Project through an agreement reached with shareholders of Azumah Resources in 2023.
According to the company, the acquisition process was valid and it rejects allegations that it is unlawfully occupying or controlling the mining concessions.
The investors behind Azumah Resources, led by private equity firm Ibaera Capital, dispute that claim, arguing that the proposed transaction failed to meet agreed contractual conditions and was never properly authorised.
They contend that the ICC’s interim orders require E&P to relinquish control of the disputed assets until the arbitration tribunal delivers its final ruling.
The dispute comes after Engineers & Planners announced in July last year that it had secured a US$120 million financing facility from a regional development bank to support the acquisition of the project.
The arbitration’s final award, expected in September 2026, is anticipated to provide legal certainty over the ownership and control of the Black Volta and Sankofa gold concessions.
The dispute unfolds against the backdrop of sweeping reforms in Ghana’s mining sector, with the government implementing new policies aimed at increasing the country’s share of mineral wealth.
Earlier this year, the government awarded the Damang Mine operating lease to Engineers & Planners after the expiry of Gold Fields’ lease, a decision that generated political debate because of the company’s association with businessman Ibrahim Mahama.
Government officials rejected allegations of favouritism, explaining that President John Dramani Mahama recused himself from Cabinet discussions on the Damang lease to avoid any conflict of interest, with Vice President Prof. Jane Naana Opoku-Agyemang chairing the meeting instead.
Meanwhile, other major mining companies, including Gold Fields and AngloGold Ashanti, are preparing to seek renewal of mining leases for the Tarkwa and Iduapriem mines, both of which expire in 2027.
The Minerals Commission has indicated that future lease renewals will be based on the economic value mining companies deliver to Ghana rather than being granted automatically.
Government has also introduced new mining sector reforms, including requiring large-scale gold producers to sell 30 per cent of their gold output to the Ghana Gold Board for local refining and reserve accumulation, while revising royalty rates and reducing the Growth and Sustainability Levy.
As Ghana continues to reshape its mining industry, the outcome of the ICC arbitration is expected to become a landmark decision with significant implications for foreign investment, mining contracts and the country’s evolving regulatory environment.
