- Ownership of Ghana’s Black Volta Gold Project in Question Amid Acquisition Controversy
In a country hungry for stories of indigenous industrial ascendancy, a Ghanaian mining contractor’s claim to have secured full ownership of one of the country’s largest gold assets should have been a moment of national pride. But beneath the surface of a carefully choreographed signing ceremony set to take place at the plush Marriott Hotel in Accra, serious questions loom about the legitimacy of Engineers & Planners’ (E&P) acquisition of the Black Volta Gold Project, formerly owned by Azumah Resources.
On Monday, July 7, 2025, E&P is expected to host a high-profile event billed as the Facility Agreement Signing Ceremony. The company claims it has secured 100% ownership of the Black Volta project through a $100 million deal backed by the Ecowas Bank for Investment and Development (EBID). Promotional documents proclaim this to be a groundbreaking milestone, marking, in their words, “the first indigenous acquisition of a large-scale gold mine in Ghana.”
However, the owners claim they have not received payment.
The Termination That Wasn’t Public
Documents obtained by NorvanReports confirm that Azumah Resources, an Australian firm with operations in Ghana through Azumah Resources Ghana Ltd, had terminated the acquisition agreement with E&P in December 2024, citing unfulfilled obligations under Clause 12.1.2 of their framework agreement. The notice, served via email to E&P’s Business Development Director, was unambiguous—the deal was off.
Despite this, on July 1, 2025, a letter on Azumah’s Ghanaian subsidiary’s letterhead was sent to media outlets inviting them to cover the very event the termination was supposed to prevent. According to sources within Azumah familiar with the matter, the letter was not authorised by the company’s executive board or Australian parent, sparking confusion and consternation both in Perth and Accra.
A Mine Too Valuable to Ignore
The Black Volta Gold Project is no marginal site. The project boasts:
- 934 km² of mining and exploration licenses in Ghana’s Bole-Bolgatanga belt.
- A construction-ready status with defined ore reserves of 1.37 million ounces and further resources totalling 2.8 million ounces.
- Infrastructure access, including roads, water supply, and ~40% renewable grid electricity.
Its strategic and economic value has soared in recent months, driven by gold prices that have seen the asset’s valuation surge above $300 million. The original $100 million offer from E&P—once seen as ambitious—now appears woefully insufficient.
Sources close to the transaction say E&P has struggled to raise the required funds, even from EBID, whose previous loan to the contractor had to be restructured due to repayment challenges. Without credible financial closure, Azumah’s shareholders pulled the plug.
Reputation at Risk
The timing of the public signing event—despite legal termination—raises troubling ethical and reputational questions. In a country already struggling to attract capital into its mining sector amidst disputes involving BCM and BGR, this latest debacle threatens to undermine Ghana’s credibility as a serious mining investment jurisdiction.
“National champions must earn the title,” one senior mining policy expert told NorvanReports. “Staging ceremonies without completed deals sends the wrong message to global investors.”
Moreover, regulatory silence on the matter is deafening. The Ministry of Lands and Natural Resources, the Minerals Commission, and even Parliament have been notably absent from the unfolding drama. Their inaction could set a dangerous precedent—where optics trump legality and public narrative overshadows investor protection.
The Media’s Role & the Path Ahead
There is a real risk that this event will pass without scrutiny. But if Ghana’s media is to fulfil its mandate, it must press for answers to hard questions:
- Has EBID truly disbursed funds to E&P for the acquisition?
- Who at Azumah Ghana authorised the July 1 invitation?
- Why is a project terminated six months ago still being publicly celebrated?
- What is the Minerals Commission’s official position?
This story isn’t just about one mine, one contractor, or one event. It is about the integrity of Ghana’s extractives industry, the fate of indigenous entrepreneurship, and the future of public-private credibility in African resource governance.
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NorvanReports | Exclusive Analysis
By Bright Simons | Contributor (Originally posted on LinkedIn)
