E&P signed a $100 million facility with ECOWAS bank for the Black Volta Gold Project
Azumah Resources has issued a formal clarification regarding the involvement of the ECOWAS Bank for Investment and Development (EBID) in its ongoing commercial dispute with Engineers & Planners (E&P), describing recent public references to the bank as “unwarranted and inaccurate.”
In a statement released on July 13, 2025, as part of broader communication about its ongoing negotiations with E&P, Azumah Resources expressed regret over what it described as the misrepresentation of EBID’s role in the matter.
“We further wish to express our regret to the ECOWAS Bank for Investment and Development (EBID) over the unwarranted and inaccurate inclusion of the Bank’s name in public discourse surrounding this matter,” the company said.
The clarification follows media commentary about the financial backers of a contentious mining transaction between Azumah Resources and E&P, which has drawn national attention.
However, Azumah Resources clarified that as part of due diligence in 2023, representatives from both companies visited EBID’s headquarters in Lomé, Togo.
The company explained that the visit was to assess the bank’s capacity and interest in financing the deal.
“Representatives of Azumah Resources and E&P visited EBID’s offices in Lomé, Togo, in 2023 to assess the Bank’s capacity and willingness to support the transaction. EBID expressed indicative interest, contingent on its internal credit appraisal and Board approval,” the company said.
Additionally, Azumah Resources stressed that no financial commitments were made by EBID, and any statements suggesting otherwise are misleading.
“Any extrapolations beyond this context are both inappropriate and unauthorised,” the statement added.
The statement comes at a time when Azumah Resources and E&P are engaged in confidential negotiations aimed at resolving what the company describes as a “commercial impasse” regarding the Black Volta Gold Project.
The talks are being conducted under the guidance of regulatory authorities and within the legal framework of Ghana’s extractive sector.
Earlier, Azumah Resources called on media houses and commentators to refrain from speculation that could jeopardise ongoing discussions, particularly in light of directives from the Minister responsible for the sector.
“We remain committed to a professional, transparent, and responsible resolution of this matter, and are fully aligned with the broader interests of the Republic of Ghana and all stakeholders involved,” the company concluded.
The Black Volta Gold Project, once operational, is expected to produce an average of 163,000 ounces of gold per year, about five tonnes annually, during its first five years. This would represent roughly 3% of Ghana’s national gold output, which rose to 4.8 million ounces, or 150 tonnes, in 2024.
See Azumah’s statement below
SSD/MA
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