Vice President of IMANI Africa, Bright Simons, has raised serious concerns about the conduct of Engineers & Planners (E&P) in the ongoing controversy surrounding the acquisition of the Black Volta goldmine, a deal he says is shrouded in disinformation, poor governance, and damaging implications for Ghana’s mining sector.
Simons, in a detailed public statement, accused E&P of misrepresenting facts about their financial transaction with Azumah Resources, the current leaseholders of the goldmine in question. He described E&P’s public response as “shockingly hostile,” questioning the professional standards of a company he said should be striving to earn the credibility of a national mining champion.
“E&P organised an event on Monday, July 7, 2025, announcing that it has raised money to acquire the Black Volta goldmine from Azumah Resources. Azumah publicly denied this. And still denies it”
Bright Simons, Vice President of IMANI Africa
He expressed disbelief that a company of E&P’s stature would make such claims without first securing alignment with Azumah, stressing that the Black Volta asset is significant both economically and strategically. The mine is estimated to hold nearly two million ounces of gold, valued at close to $7 billion at current market prices.
According to Simons, the transaction E&P announced involves $130 million in funding from the ECOWAS Bank for Investment and Development (EBID), West Africa’s intergovernmental bank.
He warned that any reputational damage resulting from misinformation could threaten the viability of such financing and complicate the development of a mine that could generate thousands of jobs and over $3.5 billion in economic value.
“Because of Ghana’s laws, every Ghanaian has a stake in every ounce of gold found in Ghana. We have a duty as citizens to make sure that gold mining policy and business benefit all Ghanaians”
Bright Simons, Vice President of IMANI Africa
He further argued that E&P’s announcement without prior consensus with Azumah undermines due process and hurts investor confidence. According to Simons, it has also “forced them into a corner.”
He dismissed arguments that Ghanaians should support E&P uncritically simply because it is a local company, arguing that if actions are taken by any company that damage the jurisdiction, the impact of the harms won’t discriminate between foreign and local investors. “We need a vibrant industry in which anyone who legally enters the industry will thrive,” he said.
Disputed Agreement and Murky Financing
Responding to E&P’s claim that their agreement with Azumah had not been terminated, Simons provided a copy of the recent termination notice by Azumah and questioned the legitimacy of continued financial activity under the agreement.
He revealed that two directors appointed to Azumah’s board under the original deal had since been assigned to high-profile government roles – raising red flags about governance and potential conflicts of interest.
“I uncovered evidence from documents linked to legal proceedings in Ghana that an Ecobank account was created and controlled by these two Directors –
“Any ongoing E&P funding of the Ecobank account does not have the approval of the Azumah’s Board as the latter has no control or knowledge of the spending”
Bright Simons, Vice President of IMANI Africa
To support this, Simons pointed to a transaction in which $500,000 was paid from the account to the law firm of Mr. Bobby Banson, who is reportedly handling arbitration in London – on behalf of E&P.
“Surely, it is completely inconceivable for Azumah to be funding lawyers to file arbitration requests against it. This is clear evidence that the Ecobank account set up in Azumah’s name – should be treated as an E&P expense account instead of an Azumah account”
Bright Simons, Vice President of IMANI Africa
Simons cautioned against escalating hostilities and advised that E&P must prioritize reconciliation with Azumah over posturing. “Hard-knuckle tactics would break trust down irretrievably,” he said. “Creating a protracted dispute in which everyone loses.”
He also urged EBID to reassess its role in the transaction, emphasizing the responsibility of international financial institutions to promote transparency, especially in contexts involving public resources. He believes EBID seriously needs to consider very carefully whether the approach it took would lead to “reconciliation or fan the flames even further.”
The IMANI Vice President closed his remarks by reaffirming his commitment to accountability and public interest work, insisting that such scrutiny by way of public interest, policy advocacy, research, and activism work, is not only necessary but integral to building a healthy and transparent national economy.
“Accountability is a marathon,” he said. Simons’ comments mark a significant intervention in a growing dispute with implications for mining governance, investor confidence, and Ghana’s global economic reputation.
With billions of dollars and national pride at stake, the pressure mounts on all parties to resolve their differences in a manner that upholds transparency and serves the interest of Ghanaians.
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