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

The dispute, which is before the International Chamber of Commerce (ICC) in London, centres on a proposed $100 million acquisition deal that the two sides interpret differently. A final ruling from the tribunal is expected in September 2026, according to a report by myyoyonline.com

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

The order stated that E&P had "failed to comply with the Interim Award" and directed the company to pay legal costs of £33,309.86.

The report noted that E&P has since instructed its lawyers to challenge the enforcement order.

The dispute dates back to a proposed acquisition of the Black Volta project in 2023.

E&P maintains that it secured the right to acquire the project for $100 million following discussions with shareholders of Azumah Resources, the company that holds the concessions.

However, investors in Azumah dispute that claim, arguing that the transaction did not meet the agreed conditions, was not properly authorised and therefore did not result in a valid transfer of ownership.

E&P has since rejected suggestions that it is unlawfully occupying or operating the concessions.

The arbitration involves investors led by private equity firm Ibaera Capital, whose representatives argue that interim orders issued by the tribunal require E&P to relinquish control of the disputed assets until the case is finally determined.

In 2025, E&P announced that it had secured a $120 million facility from a regional development bank to support the acquisition.

Earlier this year, the government announced that it had taken control of the Damang Mine after the operating lease held by Gold Fields expired and subsequently awarded the operation to E&P through a competitive tender process.

The decision attracted criticism from some quarters, with allegations of favouritism, which the government has denied.

The Minister of State in charge of Government Communications, Félix Kwakye Ofosu, said President John Dramani Mahama recused himself from Cabinet discussions on the Damang lease to avoid any conflict of interest.

"At the Cabinet meeting that considered that particular matter of the Damang mining lease, the President recused himself. He did not sit in that meeting," he said, adding that the Vice President chaired the meeting in the President's absence.

Meanwhile, Gold Fields is awaiting a decision on the renewal of leases covering its Tarkwa Mine, one of West Africa's largest open-pit mining operations, while AngloGold Ashanti is preparing to renew the lease for its Iduapriem Mine, located near Tarkwa.

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The Minerals Commission has indicated that future mining lease renewals will depend on the economic value companies provide to Ghana rather than being granted automatically.

"It won't be business as usual where we just automatically renew the lease," Minerals Commission Chief Executive Isaac Andrews Tandoh said.

The government has also introduced measures aimed at increasing local benefits from gold production.

Since July 1, 2026, large-scale mining companies have been required to sell 30 per cent of their gold output to the Ghana Gold Board in raw doré form, with payments made in cedis rather than US dollars, as part of efforts to support local refining and build state gold reserves.

The gold royalty regime has also changed from a fixed 5 percent rate to a sliding scale linked to gold prices, rising to as high as 12 percent. Meanwhile, the Growth and Sustainability Levy on mining companies has been reduced from 3 percent to 1 percent.

The Ghana Chamber of Mines has welcomed aspects of the reforms but continues to express concerns about the overall tax burden on mining companies.

The outcome of the ICC arbitration is expected to provide clarity on the ownership of the Black Volta and Sankofa gold concessions, even as Ghana continues to reshape its mining sector.

JKB/MA

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