A high-stakes legal battle before the International Chamber of Commerce (ICC) involving Azumah Resources and Engineers & Planners (E&P) over the termination of the Black Volta Gold Project agreement has been officially halted. This follows the signing of a $100 million acquisition facility between E&P and the ECOWAS Bank for Investment and Development (EBID).
Under the new terms, the funds will be used to settle Azumah Resources, paving the way for E&P to gain full ownership rights over the Black Volta concession—in line with the initial agreement both parties entered into in 2023. Speaking to the media on the sidelines of the signing ceremony, Bobby Banson, legal counsel for Engineers & Planners, confirmed that the dispute has effectively been resolved through mutual agreement facilitated by the financial deal.
“What you have witnessed is the signing of the agreement between E& P and EBID for the ECOWAS Bank to give Engineers and Planners $100 million dollars for E& P to now go to Azumah with the agreement already signed saying we said we will pay in 2026 but we are in 2025 take the 100 million and now we the owners,” he said.
He added that “Now the discussion that culminated in today’s agreement started about 18 month ago but the most important part of it which is the money has been earned so now that we have the money will go to the ICC and say let’s close this”.
The resolution clears a major obstacle for what is set to become Ghana’s first large-scale, fully indigenous-owned gold mining project, reinforcing E&P’s position as a key player in the country’s evolving mining landscape.
The Black Volta Gold Project, located in Ghana’s Upper West Region, holds significant promise as one of the country’s untapped gold assets.
Meanwhile, President of the ECOWAS Bank for Investment and Development, Dr. George Donkor, disclosed that there will be an additional $30 million for the project in December 2025.
By: Emmanuel Oppong
