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Ghanaian businessman Ibrahim Mahama has completed a $100 million acquisition of Azumah Resources Ghana Ltd., in a move that cements his company, Engineers & Planners, as a rising force in West Africa’s gold mining industry.
The payment — made in two tranches through the ECOWAS Bank for Investment and Development — closes one of Ghana’s most closely watched mining deals of the year. The transaction transfers full ownership of the Azumah gold concessions in the Upper West Region from foreign shareholders to Mahama’s firm, marking a rare instance of a wholly Ghanaian company taking control of a large-scale gold asset once held by Australian interests.
Azumah’s director in Ghana, Noel Nii Addo, said the final payment was completed on October 7, following an initial $8.07 million transfer to London-based CANGOL PTE Ltd and a $91.92 million transfer to IGIC PTE Ltd in Singapore. Engineers & Planners officially assumed ownership of Azumah on September 5 in line with the shareholders’ agreement.
For Mahama, the deal is both symbolic and strategic. Known for building one of Ghana’s largest indigenous engineering and construction companies, the younger brother of former president John Dramani Mahama has steadily expanded into mining and energy over the past decade. Acquiring Azumah gives him control of concessions that have sat largely undeveloped for years.
“This is a significant step for Ghanaian ownership in a sector long dominated by foreign players,” said Samuel Boadu, a mining analyst based in Accra. “It’s not just about a gold mine. It’s about capital, control and long-term positioning in the global commodities chain.”
Azumah Resources had held exploration rights since the early 1990s but never moved into large-scale production, hampered by financing gaps and regulatory hurdles. By contrast, E&P’s deal — financed through EBID — signals its capacity to mobilize significant capital quickly, something rare among local firms in Ghana’s mining space.
The acquisition comes at a time of renewed competition for African gold assets. Global miners have been consolidating holdings as gold prices hover near record highs, while governments across the continent push for greater local participation and value capture.
E&P plans to accelerate development of the site, aiming to bring the mine into production within three years, according to people familiar with the company’s strategy. The project will require additional investment in infrastructure and regulatory approvals, as well as engagement with local communities in the Upper West Region.
“This is a long-term play,” said a senior banker involved in the transaction, who asked not to be named because details are private. “Mahama understands the political and financial terrain here better than any foreign operator. That gives him an edge.”
Ghana, Africa’s second-largest gold producer, has been moving to deepen domestic participation in its mining sector. Mahama’s deal aligns with that policy direction and could pave the way for other local players to take bigger stakes in the industry.
