The Black Volta Gold Mine deal is turning into a full-blown national drama. What started as a bold announcement by Engineers & Planners (E&P) about a $100 million mine acquisition is now raising eyebrows and plenty of questions.
On Citi FM’s The Point of View, host Bernard Avle didn’t let things slide. Right from the start, he pushed Bright Simons to clarify his claims and explain what exactly was wrong with the deal. Simons, Vice President of IMANI Africa detailed, and at times unsettling, picture of what might be going on behind the scenes.
“This is a classic case of broken trust, confused ownership, and decisions that just don’t add up,” Simons said. “Any Ghanaian who cares about our resources and investor confidence should be watching this closely.”
So, Who Really Owns the Mine?
At the center of the issue is a simple but serious question: who actually owns the Black Volta Mine?
Simons explained that Azumah Resources Ghana Ltd is controlled by two key entities IGIC and Azumah Resources Australia both of which fall under Ibaera Capital, a private equity firm based in Australia. That means real control sits with shareholders, not local managers or partners.
“You can’t just wake up and call a press conference to announce a mine acquisition worth $100 million,” Simons said. “Where’s the board resolution? Where’s the shareholder consent?”
According to him, none of those basics were clear when E&P held its ceremony with the ECOWAS Bank for Investment and Development (EBID) on July 7.
A $100 Million Deal With Too Many Loose Ends
Simons didn’t hold back. He questioned why EBID would move forward with a massive funding commitment without confirming some basics.
“What kind of due diligence did they do? Did they know there’s a legal dispute still hanging over this mine? Did anyone verify if E&P had the right to make such a deal in the first place?”
The big concern is that EBID, a regional development bank, may have jumped the gun signing off on a deal where the ownership structure is far from settled.
Bigger Than Just One Deal
But Simons says this isn’t just about E&P or Azumah. It’s about what kind of signal Ghana is sending to the world.
“If banks and companies can push through deals without proper checks, it hurts our image. Investors are watching,” he warned. “This is the kind of thing that makes people think twice before doing business here.”
He drew a comparison to the Springfield-ENI standoff, another headline-making dispute that has dragged through the courts and made some foreign investors uneasy.
Why All This Matters
The Black Volta Mine is no small matter. Located in the Upper West Region, it’s one of the few large-scale gold prospects in northern Ghana. If this deal collapses or turns into a drawn-out legal mess it could harm the community’s prospects and Ghana’s mining reputation more broadly.
“A gold mine isn’t just about money,” Simons said. “It’s about jobs, environmental responsibility, and the trust we build with partners both at home and abroad.”
