Azumah Fires Back: Claims E&P Deal Is “Not in Ghana’s Best Interest”

In a bold and strongly worded statement issued just a day after a high-profile signing ceremony between Engineers & Planners (E&P) and the ECOWAS Bank for Investment and Development (EBID), Azumah Resources Ghana Limited has made clear that it is not stepping out of the ring quietly.

Labeling the celebratory event endorsed by business titan Sir Sam Jonah and key state agencies as “staged,” Azumah is pushing back against what it describes as misleading narratives about the ownership and future of the Black Volta Gold Mine.

“We will not be distracted by noise,” said John Mason, spokesperson for Azumah. “We remain focused on lawful development, on transparency, and on building Ghana’s future.”

Azumah’s position is that E&P has no equity stake in the company, has not made a formal offer to invest, and has failed to fulfil previous financial commitments, including a promise to provide over $250 million in project financing. According to Azumah, only $4 million has been delivered by E&P to date.

Disputed Deal, Competing Visions

E&P’s acquisition of the Black Volta Project has been hailed as a landmark moment for indigenous mining in Ghana. At the signing ceremony, Sir Sam Jonah called it a breakthrough in local equity participation, while E&P’s CEO, Ibrahim Mahama, described the moment as a “historic milestone” for Ghanaian ownership of its natural resources.

But Azumah’s latest statement casts a shadow on the glowing endorsements, stressing that:

“A sale to E&P, without a demonstrated ability to fund the full development of the Black Volta Gold Project, would not be in Ghana’s national interest.”

Rob Cicchini, Project Director for Azumah, argued that years of delays and unfulfilled obligations by E&P would risk Ghana losing out on jobs, community development, and economic growth.

“Even if E&P could raise the funds to acquire the project, it has already demonstrated – over several years – that it does not have sufficient resources to fund the development,” Cicchini said.

Arbitration, Not Airwaves

Azumah called for the dispute to be resolved through international arbitration, not what it calls “media stunts.” The company reaffirmed its commitment to delivering the project with the backing of international investors who have “developed over $10 billion worth of mines globally.”

While Azumah expressed openness to receiving a “formal, bankable offer” from E&P, it warned that all claims made in the press would be considered during any potential future engagements.

“We urge all regulators, financial institutions, potential investors, and the Ghanaian public to disregard this week’s staged event and any related claims,” the company stated.

What’s Next?

As this corporate showdown continues, all eyes will be on the outcome of arbitration proceedings and the government’s stance on which player truly has the legal and financial muscle to move the Black Volta project forward.

For now, one thing is clear: Ghana’s most promising gold mine has become ground zero for a high-stakes fight between legacy explorers and rising local champions, both claiming to act in the country’s best interest.

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