 and the ECOWAS Bank for Investment and Development (EBID) as a “staged” event, urging regulators, financial institutions, investors, and the Ghanaian public to disregard the agreement.){kind=link}
Azumah Resources Ghana Limited has dismissed the recently publicized $100 million financing deal between Engineers & Planners (E&P) and the ECOWAS Bank for Investment and Development (EBID) as a “staged” event, urging regulators, financial institutions, investors, and the Ghanaian public to disregard the agreement.
The strongly worded statement, released on Tuesday, July 8, follows a high-profile signing ceremony held on Monday, July 7, which portrayed E&P as having secured funding from EBID to lead the development of the Black Volta Gold Project — Ghana’s purportedly first wholly indigenous large-scale gold mining operation.
Azumah, however, says the portrayal is misleading and undermines an ongoing international arbitration process concerning the ownership and control of the Black Volta Gold Mine. The company insists E&P neither owns shares in Azumah nor has any legal standing in the development of the project.
“Azumah urges all regulators, financial institutions, potential investors, and the Ghanaian public to disregard this week’s staged event and any related claims,” the company’s statement read.
“The dispute between Azumah and E&P should be resolved through international arbitration and not through media stunts.”
Azumah further called on stakeholders seeking clarity to engage the company directly, promising full transparency and cooperation with regulators and partners. The company reaffirmed its commitment to resolving the dispute through due legal channels while reserving the right to defend its interest and that of the Black Volta Gold Project.
The statement also revealed new details about E&P’s prior engagement with Azumah. According to Azumah, E&P initially pledged to raise over $250 million to finance the project but has only delivered $4 million over several years — a figure Azumah deems woefully inadequate to support the mine’s development.
Rob Cicchini, Project Director at Azumah, criticized E&P’s financial performance, arguing that Ghana’s national interests cannot be entrusted to parties without the capacity or commitment to see the mine through to full-scale production.
“Even if E&P could raise the acquisition capital, it has shown over several years that it lacks the resources to fund the actual development of the mine,” Cicchini stated.
“Without that funding, Ghana, its communities, and its economy would be shortchanged.”
Azumah maintains that it is actively pursuing development of the Black Volta Gold Mine with the support of reputable international investors who collectively hold over $10 billion in mining development experience. The company signaled optimism about working with partners that are transparent, well-capitalized, and aligned with Ghana’s long-term development goals.
Azumah also expressed faith in the Ghanaian government’s commitment to the rule of law, investor protection, and the preservation of due process.
The unfolding dispute — now attracting significant public and media attention — raises broader questions about transparency in high-stakes natural resource deals, the conduct of state-affiliated financial institutions, and the governance structures surrounding Ghana’s extractive sector.