A major gold mining deal announced by Engineers & Planners (E&P) is under intense scrutiny following allegations of misrepresentation and a firm denial from the actual owners of the Black Volta Gold Project.
The $100 million Acquisition Facility Agreement between E&P and the ECOWAS Bank for Investment and Development (EBID), hailed as a breakthrough for Ghana’s local mining ambitions, is now mired in controversy.
At the centre of the dispute is Azumah Resources Ghana Limited—the legitimate owner of the Black Volta Gold Project—which has firmly denied any involvement in the deal.
Azumah’s statement, issued on Tuesday, July 8, categorically stated that E&P “does not own any shares in Azumah” and has “not made any formal offer to invest in or fund” the company. The company emphasized that it remains in full control of the Black Volta Gold Mine and is proceeding according to Ghanaian law and internal plans.
The rebuttal came a day after E&P hosted a high-profile signing ceremony in Accra, presenting the deal as a landmark moment for Ghana’s mining industry, with EBID financing what was billed as the country’s first wholly indigenous, large-scale gold mine.
However, Bright Simons, Vice President of IMANI Africa, has publicly challenged the legitimacy of the transaction. Appearing on Channel One TV’s The Point of View, Simons revealed what he described as misleading conduct by E&P.
“They used Azumah Resources letterheads, creating the impression that Azumah had agreed to the sale of their mine to E&P,” Simons claimed. “That misled not just the public but possibly even the financiers.”
Simons warned that the situation raises serious concerns about the level of due diligence conducted by all parties involved, including EBID.
The unfolding controversy is likely to raise regulatory and legal questions, with pressure mounting on Engineers & Planners to clarify the basis of its claims and on EBID to explain how such a significant facility was approved amidst apparent inconsistencies.
As it stands, the deal once touted as a step forward for local ownership in Ghana’s mining sector is fast becoming a case study in corporate transparency and investor accountability.
