Ibrahim Mahama's E&P Acquires Azumah and Upwest Resources, Takes Over Black Volta and Sankofa Gold Projects

The landmark transaction, finalised with the Registrar of Companies and the Minerals Commission, involved the direct transfer of all issued shares of the Ghanaian beneficial owner. It marks a significant reshaping of Ghana’s mining sector, long dominated by foreign investors.

For nearly two decades, the Black Volta and Sankofa concessions, granted under mining leases in 2014, have remained largely dormant due to capital shortages, investor hesitation, and prolonged legal disputes. This left communities frustrated and the state deprived of potential revenues.

With gold prices now trading above $3,000 per ounce, E&P says it is ready to change that narrative by mobilising funding, technical expertise, and execution capacity to move swiftly into mine development.

E&P has outlined a three-pronged strategy to revive the projects:1. Debt audit: Work with the Ghana Revenue Authority to verify all historical loans tied to the projects. “We will honour all genuine obligations, but they must be properly accounted for and taxed,” an E&P Executive stated, pointing to opaque financing practices that have plagued the sector.2. Debt repayment: Settle verified debts to ensure fairness to creditors while maximising returns for the state.3. Mine construction: Deploy secured funding to fast-track mine development, overcoming the financing bottlenecks that often derail Ghanaian mining projects.

“This is a proud moment for E&P and for Ghana,” said company founder, Ibrahim Mahama. “Our commitment is to ensure that these projects, which have been dormant for too long, finally deliver real value to our country and its people.”

Civil society organisations have already urged E&P to adopt transparent practices, safeguard the environment, and prioritise community benefit. “We have seen too many projects where the local people remain poor while billions are extracted from beneath their feet. E&P must prove it will be different,” an activist said.