Ghana mining firm E&P fails to comply with court order over $100 million gold mine

Engineers & Planners (E&P), the Ghanaian mining and construction company founded by Ibrahim Mahama, is contesting efforts to enforce an interim international arbitration award in a high-stakes dispute over the ownership and control of the Black Volta and Sankofa gold concessions in Ghana's Upper West Region.

The case, currently before the International Chamber of Commerce (ICC) arbitration tribunal in London, centres on a disputed $100 million acquisition agreement and could have significant implications for one of Ghana's most promising undeveloped gold projects.

A final arbitration ruling is expected in September 2026.

According to court documents from the High Court of Justice of England and Wales, dated June 8, 2026, the court granted permission for an interim arbitration award issued by the ICC tribunal in October 2025 to be enforced as though it were an English court judgment.

The court found that Engineers & Planners had failed to comply with the tribunal's interim award and ordered the company to pay £33,309.86 in legal costs.

However, E&P has instructed its legal team to challenge the enforcement order, maintaining its position that the dispute remains unresolved until the final arbitration award is delivered.

The legal battle stems from a proposed acquisition of the Black Volta gold project in 2023.

Engineers & Planners argues that it lawfully secured the right to acquire the mining project through a $100 million agreement reached with shareholders of Azumah Resources, the company that owns the Black Volta and Sankofa gold concessions.

According to E&P, the agreement gave the company legitimate rights to proceed with the acquisition and subsequent development of the mining assets.

However, Azumah Resources' investors strongly dispute that claim.

Investors led by private equity firm Ibaera Capital argue that the proposed transaction failed to satisfy agreed contractual conditions and was never properly authorised.

They contend that the acquisition therefore did not result in a legally valid transfer of ownership.

The investors also maintain that the ICC tribunal's interim orders require Engineers & Planners to relinquish control of the disputed concessions until a final determination is made.

E&P has rejected allegations that it is unlawfully occupying or operating the mining concessions, insisting that its rights to the project remain valid.

In July last year, Engineers & Planners announced that it had secured a $120 million financing facility from a regional development bank to support the acquisition and development of the Black Volta project.

The financing formed part of the company's broader strategy to expand its footprint within Ghana's mining sector.

The final decision of the ICC tribunal is expected to determine ownership and operational control of both the Black Volta and Sankofa concessions.

The arbitration is unfolding against the backdrop of sweeping reforms being implemented across Ghana's mining industry.

Earlier this year, the Government of Ghana assumed control of the Damang Mine after the operating lease previously held by Gold Fields expired.

Following a competitive tender process, the government awarded the lease to Engineers & Planners.

The decision generated political controversy, with opposition figures raising concerns about possible favouritism because the company was founded by President John Dramani Mahama's brother, Ibrahim Mahama.

The government has consistently rejected those allegations.

Government spokesperson Felix Kwakye Ofosu stated that President Mahama recused himself from Cabinet deliberations relating to the Damang mining lease to avoid any potential conflict of interest.

According to him, the Vice President chaired the Cabinet meeting that considered the lease application.

Attention is now turning to two of Ghana's largest gold mining operations.

Gold Fields is awaiting the government's decision on the renewal of its Tarkwa Mine lease, while AngloGold Ashanti is preparing to seek renewal of the lease covering the neighbouring Iduapriem Mine.

Both mining leases are scheduled to expire in 2027.

The Minerals Commission has already indicated that future lease renewals will no longer be automatic.

Its Chief Executive Officer, Isaac Andrews Tandoh, has stated that renewal decisions will increasingly depend on the economic value mining companies generate for Ghana through investment, local participation and broader national benefits.

The ownership dispute also coincides with significant policy reforms aimed at increasing Ghana's benefits from its gold resources.

Since July 1, 2026, large-scale mining companies have been required to sell 30 percent of their gold production to the Ghana Gold Board within Ghana in raw doré form.

The policy is intended to support local refining, strengthen national gold reserves and promote greater domestic value addition.

Government has also introduced a revised royalty regime, replacing the previous flat 5 percent royalty with a sliding scale that can rise to 12 percent, depending on global gold prices.

At the same time, the Growth and Sustainability Levy imposed on mining companies has been reduced from 3 percent to 1 percent to ease the overall tax burden.

The Ghana Chamber of Mines has welcomed aspects of the reforms but continues to engage government on concerns over the cumulative tax obligations facing mining companies.

The International Chamber of Commerce tribunal is expected to deliver its final award in September 2026, a decision that could definitively settle ownership of the Black Volta and Sankofa gold concessions.

Beyond determining the outcome of the dispute between Engineers & Planners and Azumah Resources' investors, the ruling is also expected to provide important legal clarity for Ghana's mining sector at a time when the government is pursuing far-reaching reforms aimed at maximising national benefits from the country's mineral resources.