Minister of Trade inaugurates 10-member board for GIPC

Government has inaugurated a new 10-member Governing Board for the Ghana Investment Promotion Centre (GIPC) to guide its strategic direction and boost its role in fostering economic growth and investment in Ghana.

The board consists of individuals from various sectors, including finance, industry, and academia, who will offer strategic advice to the GIPC and it will be chaired by former Minister of State, Akwasi Oppong-Fosu.

Other members include the Deputy Governor of the Bank of Ghana, Dr Zakaria Mumuni, Director General of the National Development Planning Commission, Dr Audrey Smock Amoah, Deputy Minister for Trade, Agribusiness and Industry, Sampson Ahi, Deputy Minister of Finance, Thomas Nyarko Ampem, and the CEO of GIPC, Simon Madjie.

The rest are the CEO of the Ghana Association of Banks, John Awuah, President of the Greater Accra Markets Association, Mercy Afrowa Needjan, Dr Reuben Owusu Gyamfi, and Major Christine Naa Adoley Oko (Rtd).

Speaking at the inaugural ceremony, the Minister of Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare emphasised the key role in promoting employment and economic growth through strategic Foreign Direct Investment (FDI) initiatives.

She also noted that the review of the GIPC Act highlighted the government’s commitment to establishing a more resilient and investor-friendly regulatory framework, stating, “This will ensure that Ghana remains a top destination for high-quality investments.”

The Chairperson of the Board, Akwasi Oppong-Fosu, in his remarks, committed the Board to supporting MOTAI in realising the President’s vision of a transformed Ghanaian economy through strategic investment promotion.

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Cheque Fraud EXPOSED: How it works and how to stay safe

Azumah Resources Ghana Limited has confirmed that it is currently in confidential negotiations with Engineers & Planners (E&P) to resolve an ongoing commercial dispute, describing the process as constructive and grounded in good faith.

In a statement issued on Sunday, July 13, the Board of Directors clarified that discussions between the two companies are being conducted within the framework of Ghana’s legal and regulatory systems, and with guidance from relevant ministerial bodies.

“Azumah Resources is currently engaged in confidential, good-faith negotiations with Engineers & Planners (E&P), with the shared objective of achieving a constructive and mutually acceptable resolution to the present impasse,” the statement read.

The announcement comes amid heightened public commentary and media reports, particularly concerning statements made by Bright Simons, a prominent Ghanaian policy analyst.

Azumah Resources made it clear that Simons does not represent the company in any capacity, and his public commentary should not be interpreted as the official position of the firm.

“Mr. Bright Simons does not represent, act on behalf of, or speak for the Shareholders or Directors of Azumah Resources Ghana in any capacity,” the Board stated, calling his remarks “personal opinions.”

The company cautioned the media and public to refrain from speculative or misleading reports, which it fears could jeopardize the integrity of the negotiation process. Instead, it urged stakeholders to rely on official spokespersons for verified information.

Azumah Resources also addressed the inclusion of the ECOWAS Bank for Investment and Development (EBID) in some public narratives.

The company clarified that while discussions had taken place in Lomé in 2023 regarding potential financing, EBID’s interest was purely indicative and contingent on internal credit assessments and Board approval.

“Any extrapolations beyond this context are both inappropriate and unauthorized,” the company added.

Reaffirming its commitment to professionalism and transparency, Azumah Resources emphasised its intent to act in the best interest of all stakeholders, including the Republic of Ghana.

Read also

Bright Simons doesn’t represent us – Azumah Resources

The Ghana HIV and AIDs Network, (GHANET) has distributed 48, 580 HIV test kits to some men across its project operational areas.

The figure, represented 63 per cent of the total target distribution of 77,665.

Mrs. Victoria Araba Dennis, the Vice President of the Network, told the Ghana News Agency that the focus on men was a deliberate strategy aimed at increasing HIV testing uptake among men who generally exhibited poor health seeking behaviours.

She added that distribution by age saw clients between 20 and 24 receiving the highest proportion of the test kits, followed closely by those aged 25 to 29 and 30 to 34.

Also, 44 of the test kits were taken up by minors aged 0-14 years.

Mrs. Dennis said the above was done with parental request and consent.

She said majority of clients, representing 77.3 percent preferred unassisted testing, while 22.7 percent opted to be assisted.

The goal of the HIV Self-Testing was to allow individuals to independently test on their own thus the high figure was a plus to the project, Madam Dennis added.

Also, 46, 263 individuals who accessed testing were first timers with the remaining 31, 420 been repeat testers.

Making reference to last year’s performance, she noted that students continued to receive more kits underscoring the focus on younger, sexually active populations.

The Vice President expressed gratitude to the sponsors of the project, the Ministry of Health and other relevant institutions for the gains made so far.

She also appreciated the invaluable contributions of all implementing community-based organisations and the Secretariat.

Source: GNA

More than 500 individuals have been removed from Ghana’s security services following a government review that uncovered irregularities in recruitment processes conducted before and after the December 2024 general election.

The announcement was made by the Minister for the Interior, Muntaka Mohammed-Mubarak, on Monday, July 14, 2025, during the maiden edition of the Government Accountability Series in Accra.

According to the Minister, a special committee reviewed the records of approximately 5,200 recruits across key security agencies and discovered that hundreds did not meet the basic entry requirements.

The affected institutions include:

• Ghana Police Service – about 320 disqualified
• Ghana Immigration Service – roughly 730 removed
• Narcotics Control Commission – around 50 affected

Mr. Muntaka explained that the review was prompted by public outcry over alleged irregularities in recruitment advertisements released in August 2024, just months before the elections. The Minority in Parliament had accused the previous administration of manipulating the process to favour political loyalists.

The audit examined academic qualifications, age limits, and medical fitness.

“We were able to get out about 320 who were not supposed to be there,” Mr. Muntaka said, referring to the Police Service. “Some were in their forties, diabetic, and medically unfit, but they were picked. We had to explain to them that with their condition, they could not remain in the service.”

He also recounted an incident involving a Member of Parliament who lobbied for a relative close to completing training. Upon further scrutiny, it was discovered the individual had failed all subjects in the Senior Secondary School Certificate Examination (SSSCE), which is the minimum academic requirement for entry.

“They called and said the person didn’t pass SSSCE—didn’t even record a single subject,” Mr. Muntaka noted. “Once you don’t meet the basic qualification, you have to go.”

He assured that each affected person received a written explanation for their removal.

To restore fairness and transparency, the Minister announced plans for new recruitment guidelines that clearly define technical and support roles.

Future recruitment will include non-academic positions for tradespeople such as drivers, dressmakers, cooks, and painters—but those selected will be recruited solely for those roles.

“I know people who went to vocational school and became dressmakers. The services need them to sew uniforms,” he said. “But they must know they’re being recruited as artisans, not officers.”

He emphasized that future job advertisements will clearly outline job roles and minimum qualifications to avoid confusion and ensure public confidence in the process.

Since the 2024 elections, concerns over professionalism and political interference within Ghana’s security services have intensified.

The emergence of reports about so-called “party foot soldiers” being enlisted into the services heightened calls for reform during the transition period.

The current recruitment audit is among the most comprehensive in recent years and forms part of the government’s broader effort to raise standards within the security sector.

The Government Accountability Series, introduced by the Presidency, aims to provide regular updates on ministerial performance and governance. Other ministers are expected to present their briefings in the coming weeks.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Ghana’s total domestic debt stands at GH¢304 billion as of December 2024

The Bank of Ghana has provided a detailed breakdown of Ghana’s domestic debt from 2020 to 2024.

According to the Central Bank’s 2024 Annual Report and Financial Statement, the country’s total domestic debt stood at GH¢304 billion at the end of 2024, up from GH¢159 billion in 2020.

The report states that Ghana’s domestic debt is held in short-term, medium-term, and long-term instruments, as well as standard loans.

The largest portion of the debt is held in medium-term instruments. These include the 3-year USD Domestic Bond (Old), 3-year Fixed Rate Bonds (Old and New), 5-year Government of Ghana (GoG) Bonds (Old and New), as well as the 6-, 7-, 8-, 9-, and 10-year GoG Bonds.

As of the end of 2024, the Bank of Ghana held a total of GH¢111.165 billion in short-term instruments. These include the 91-day, 182-day, and 364-day Treasury Bills, and the 1-year Treasury Note.

Short-term instruments have risen significantly over the years, from GH¢16.861 billion in 2020 to GH¢22.617 billion in 2021, GH¢24.192 billion in 2022, GH¢67.069 billion in 2023, and GH¢111.165 billion in 2024.

This sharp increase was driven by the country’s economic crisis, which forced the government to rely heavily on short-term instruments after being shut out of the international capital market due to high debt levels.

Standard loans remain the smallest component of Ghana’s domestic debt, amounting to GH¢1.068 billion as of the end of 2024.

See the composition of the country’s domestic debt from 2020-2024 below

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Isaac Owusu is a trailblazing Ghanaian petroleum engineer

As the world grapples with the energy-climate paradox, Isaac Owusu, a trailblazing Ghanaian petroleum engineer, is turning oil reservoirs into unexpected allies in the fight against climate change.

His pioneering research at Kwame Nkrumah University of Science and Technology (KNUST) and now at the University of Wyoming could transform Africa’s energy future while tackling global warming head-on.

Owusu’s work reveals a brilliant two-for-one solution: using carbon dioxide (CO₂), the very gas heating our planet, to extract more oil while permanently trapping it underground.

At KNUST, his meticulous experiments mapped exactly how CO₂ behaves under Ghana’s specific oilfield conditions, providing the blueprint for cleaner, more efficient energy production.

“Most people see oil and climate action as opposites,” explains Owusu from his lab at the Center of Innovation for Flow Through Porous Media, Department of Energy and Petroleum Engineering, University of Wyoming, United States. “But our research shows how Ghana’s energy sector can actually become part of the climate solution.”

His findings demonstrate that CO₂ injection could boost output from declining Ghanaian oil fields by up to 20%, while simultaneously creating permanent carbon storage solutions.

Now, Owusu is pushing boundaries even further with nanotechnology research that could revolutionize the process. By engineering microscopic nanobubbles that make CO₂ more effective at flushing out stubborn oil, he’s developing what might become the next gold standard in responsible energy extraction.

The implications for developing nations are profound. Ghana’s Petroleum Commission estimates these techniques could extend the productive life of major fields like Jubilee by 10-15 years – providing crucial economic stability during the energy transition.

Even more compelling, the research opens doors to valuable carbon credit opportunities by turning depleted oil reservoirs into certified carbon vaults.

“What excites me most is developing homegrown solutions,” says Owusu. “We’re not just importing technology – we’re creating systems specifically designed for African geological conditions and economic needs.”

His work comes at a pivotal moment as Ghana seeks to maximize its petroleum resources while meeting climate commitments.

Energy experts worldwide are taking notice. Several major oil companies are already in talks about pilot projects based on Owusu’s findings.

Meanwhile, his nanobubble research shows surprising potential to benefit other sectors, from agriculture to water treatment – though his focus remains on sustainable energy solutions.

As international climate negotiations continue to struggle with energy equity issues, Owusu’s research offers something revolutionary: a practical pathway where developing nations don’t have to choose between economic growth and environmental responsibility.

The innovation edge is while global debates rage about energy futures, this rising star Ghanaian scientist is quietly building the tools to make oil part of the climate solution – one carbon molecule at a time.

Bank of Ghana Headquarters

The Bank of Ghana has provided details of the celebration marking the 60th anniversary of the cedi.

The Central Bank noted that, following the announcement of 60 years since the issuance of the cedi as Ghana’s sole legal tender, falling on July 19, 2025, various programmes and activities have been planned to commemorate the milestone.

The official launch of the celebration will take place in August at the Accra International Conference Centre under the theme; “60 Years of the Cedi: A Symbol of Sovereignty, Stability, and Economic Resilience.”

In collaboration with the National Museum of Science and Technology and mobile museum exhibitions, the celebration will include the launch of a Currency Museum.

Additionally, there will be an educational campaign on topics such as:

Cash handling (Keep the Cedi Clean)

Currency lifecycle (Currency Process Chart)

Security features (Know the Cedi)

In September, the Bank will embark on community outreach forums to engage stakeholders through interactive dialogue, alongside roadshows dubbed “Cedi Week.”

In October, the Bank will organise a national essay competition, a currency-themed quiz, and a festival known as CediFest.

The main Cedi@60 anniversary event will be held in November at the Accra International Conference Centre, in partnership with the Currency Research Department.

The celebrations will conclude with a Thanksgiving Service in December 2025.

“The Bank of Ghana extends an invitation to institutions, organisations, stakeholders, development partners, and the general public to join the Bank in celebrating this important milestone,” the BoG stated in a notice dated July 14, 2025.

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On a global stage, the idea of a 24-hour economy isn’t new. Cities like New York have long been dubbed “the city that never sleeps,” while in countries like the UAE, India, and China, manufacturing hubs run on night and day shifts to meet global demand. Now, Ghana is considering a similar leap, with President John Mahama unveiling an eight-pillar framework aimed at positioning Ghana as a round-the-clock economy.

At its core, the 24-hour economy is about extending economic activity beyond the usual 9–5. It’s about running factories through the night, keeping ports active beyond business hours, and opening up job opportunities for more people in more shifts. But as exciting as it sounds, the question many are asking is: Are we ready?

As a research analyst, I find this moment both ambitious and thought-provoking. Not because the vision isn’t bold, but because execution will rest heavily on data, planning, and how well we understand what works elsewhere.

What Makes a 24-Hour Economy Work?

Countries that have successfully adopted this model often have a few things in common:

• Reliable infrastructure: Think electricity, transportation, and internet.
• Security: People must feel safe commuting or working at night.
• Incentives for businesses: Lower tariffs, tax breaks, or flexible labor laws.
• Demand: There’s usually a need—local or global—for products or services that justify the extended hours.

For instance, in parts of India, tech hubs and export processing zones run on multiple shifts to meet global time zones. In China, factories in cities like Shenzhen operate round-the-clock because of both local demand and international contracts. These models show that with the right systems in place, working through the night can indeed boost productivity, exports, and jobs.

Ghana’s Position: Where We Stand

Ghana has some building blocks in place:

• Our youth population is growing, and many are underemployed. The 24-hour model could absorb some of that energy.
• Initiatives like Ghana.gov, digital ID systems, and mobile money penetration already support digital public services beyond office hours.
• Key industries like agriculture, logistics, mining, and light manufacturing could benefit from running longer hours.

But we must also be honest:

• Energy supply remains inconsistent in some areas.
• Security concerns, especially at night, are real for workers and businesses alike.
• Transport systems do not yet support mass commuting late into the night.

According to the President, one of the key goals of the 24-hour economy is to shift Ghana away from being an import-driven economy. As of 2023, imports accounted for about 35% of GDP, while exports made up just over 34%, reflecting a narrow but critical trade imbalance. If implemented well, extended operations, particularly in manufacturing, agriculture, and port logistics, could help boost exports, reduce dependency on imports, and reposition Ghana as a more productive, self-reliant economy

What the Data Tells Us

We don’t have to dive into heavy models to see the potential here: according to the Ghana Statistical Service (GSS), the national youth unemployment rate is over 13%, with broader underemployment affecting even more people. That means roughly 1 in 8 young Ghanaians is officially unemployed – an opportunity gap that the 24-hour economy aims to address.

At the same time, Fitch Solutions projects a headline unemployment rate of around 4% in 2025. This difference highlights a known challenge: the headline rate masks substantial youth-specific and underemployment pressures. As a researcher, this tells me two things:

• There’s clear space for targeted night-shift jobs to absorb this excess labour, especially if accurately tracked and monitored.
• Any policy success must be measured not merely by headline employment gains, but by how much youth unemployment and underemployment decline.

Indicative sectors like manufacturing, logistics, healthcare, and digital services could gain significantly if they shift to multi-shift operations. Simple data points like increases in formal shift-based job registrations or nighttime electricity usage can offer early signs of success

Also, the majority of our exports happen during peak hours, creating congestion and delays. If customs and port services operated longer, clearance times could drop, and more goods could leave our shores on time.

These are the little things that add up in the big picture.

Start Smart, Measure as You Go

Ghana is moving ahead with the 24-hour economy—and rightly so, the President emphasized today that success will depend on how well we implement, not just how bold the idea is. His call for a coordinated, strategic rollout should guide how this vision takes shape.

The focus now should be on phased adoption. Let’s begin with sectors that are structurally ready, like manufacturing zones, hospitals, transport, or digital service hubs. Then scale as we learn what works.

More importantly, we must measure. If this model is going to deliver, we need to keep asking:

• Are more businesses operating at night?
• Are workers safe, fairly compensated, and productive?
• Are energy systems and infrastructure holding up?

These questions aren’t just checkboxes; they’re indicators of whether this bold shift is truly working for the people it aims to serve.

Final Thoughts

Ghana has always been capable of bold ideas. The 24-hour economy is one of them. But ideas need structure. They need data. And they need honest conversations about what is realistically possible now, and what must be built over time.

Let’s not be afraid of the night, but let’s make sure it works for the people who will carry its weight.

About the author:

David Nii Armaah is a top-tech Researcher and an Industry voice. He possesses the analytical skills of an applied researcher and expertise in data, technology, innovation, and digital entrepreneurship.

Connect via LinkedIn: David Nii Amaah

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

New FDA boss Professor Kwabena Frimpong-Manso Opuni (L) with former FDA boss Delese Darko (R)

‎President John Dramani Mahama has named Professor Kwabena Frimpong-Manso Opuni as the new acting Chief Executive Officer of the Food and Drugs Authority (FDA), effective Monday, July 14, 2025.

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‎In a post shared on its official social media pages, the FDA announced that Opuni will take over from Delese Darko, who served as Chief Executive Officer from 2017 until her recent appointment as Director-General of the Africa Medicines Agency (AMA).

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‎FDA expressed gratitude to Darko for her years of committed service, highlighting her contributions to strengthening regulatory frameworks, enhancing public safety, and fostering international partnerships.

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‎Her new role at the AMA is widely seen as recognition of her outstanding leadership in the regulatory health sector.

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‎The Authority extended its congratulations to Professor Opuni on his new appointment and affirmed its full confidence in his capability to lead the FDA in its core mission of protecting public health through the regulation of food, medicines, and other related products.

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‎”The FDA extends its warmest congratulations to Prof. Opuni on his appointment & looks forward to his leadership in advancing the Authority’s mandate of safeguarding public health & safety” it stated.

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‎With a background in pharmaceutical analysis and public health policy, he is expected to strengthen the FDA’s regulatory systems, enhance stakeholder collaboration, and drive innovation in ensuring the safety and quality of products on the Ghanaian market.

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‎DR/MA

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A seismic shift in United States visa policy for Ghanaian citizens raises concerns about economic impact, educational dreams, and the very fabric of transnational families.

Diplomatic and certain family-based visas continue to provide their multi-entry benefits. However, the new policy is a major setback for the majority, dramatically limiting travel for business, tourism, and especially student travel.

The U.S. State Department, Bureau of Consular Affairs, attributes these changes to a global reciprocity realignment, a shift from previous visa terms, which often allowed for multiple entries over two years or more.

It emphasises the need to align visa privileges with those offered by Ghana to U.S. citizens. This move reflects similar policy revisions implemented for other countries, including Nigeria. It signals a broader trend in U.S. immigration enforcement. The policy, far from being simply an administrative adjustment, carries profound and often painful human implications. It is indeed testing the resilience of Ghanaian aspirations and the diplomatic ties between the two countries.

Dreams Deferred, Businesses at Risk

For the average Ghanaian who might previously have had aspirations for multiple trips to the crowded shopping malls of New York or the tropical beaches of Florida, the harsh reality of a single-entry, three-month visa for B-class categories (business and tourism) is a daunting obstacle.

“This isn’t just about a vacation,” said Ama Sutherland, a textile importer from Accra. “My business relies on regular trips to the U.S. to source materials. Now, every three months, I have to reapply, pay new fees, and face the uncertainty of approval. It’s a direct attack on my livelihood.”

This sentiment is being felt across Ghana’s business sector as the increased costs and unpredictable processing times are threatening to stifle growth and sever essential trade connections. With the average monthly living income in Ghana around $300 USD (approximately ¢3,126 GHS), the added expenses of frequent visa applications—each typically costing $185 (approximately ¢1,927.7 GHS)for B-class visas and possibly a new $250 (approximately ¢2,605 GHS) “visa integrity fee” for issuance starting in 2026—can become impossible to bear.

Research has indicated that if visa restrictions are made too stringent, it can lead to a sharp decline in tourist arrivals and enormous revenue loss for the tourism industry. For a developing economy like Ghana’s, every obstacle to trade and tourism is a blow to its growth and its people, impacting industries already grappling with economic challenges and potentially moving business and leisure travel to other destinations that are more convenient and less prohibitive for visitors to Ghana.

The Students’ Dilemma

The impact on Ghanaian students is particularly poignant. What once was an F-1 visa allowing for multi-year academic programmes with opportunities to come back home for holidays now offers but one entry and three months’ validity. This means that a Ghanaian student wishing to go home to Accra for Christmas with their family must reapply for a new visa to continue school, a process fraught with anxiety, expense, and potential delays.

“My education is my future,” said Kwame Marfo, a Ghanaian student pursuing engineering in Texas. “The thought of not being able to see my family for years, or having to reapply and risk my visa every time I leave the U.S., is heartbreaking. It makes me question if studying abroad is worth this emotional and financial burden.”

This concern is compounded by recent reports that the Trump administration has, in recent times, demonstrated fresh interest in the process of scrutinising student visa applicants, including expanded social media vetting. The pressure is a reality; Ghana, for the first time, made it to the U.S. State Department watch list due to an observed student visa overstay rate of 21%, exceeding the U.S. acceptable limit of 15%.

This data, acknowledged by Ghanaian authorities, is reflective of students caught between a rock and a hard place: striving for education abroad, but facing challenges that will put to the test their determination and financial resources.

This might lead some Ghanaian students to turn to countries like Canada or the United Kingdom. These countries have been active in aggressively recruiting foreign students and may have more liberal visa frameworks.

In addition, entry points for post-study work, potentially diminishing the flow of Ghanaian talent to American institutions.

Reciprocity or Restriction

While the U.S. government maintains that these changes are based on reciprocity and addressing concerns about visa overstay rates, particularly among certain African nations, including Ghana. The government of Ghana has voiced its strong disapproval.

“Ghana has always cooperated with the U.S. authorities in the processing and removal of Ghanaian citizens who have been cited for deportation,” stated a spokesperson for Ghana’s Ministry of Foreign Affairs and Regional Integration, expressing “concern and disappointment” at the U.S. decision.

This underscores a perceived imbalance, where Ghana feels it has upheld its end of the relationship, yet its nationals face increasingly restrictive measures.

Foreign Affairs Minister Samuel Okudzeto Ablakwa further confirmed that 56 out of 188 Ghanaians listed for deportation by U.S. authorities had already returned home, emphasising Ghana’s cooperation.

The U.S. perspective

These measures are framed within the broader context of maintaining the integrity and security of its borders and immigration system. A U.S. State Department spokesperson, when discussing similar reciprocity adjustments, reiterated that “visa criteria and standards are designed to protect the integrity of U.S. immigration systems.

These standards are based on global technical and security benchmarks, and “visa reciprocity is a continuous process and is subject to review and change at any time, such as increasing or decreasing permitted entries and duration of validity.”

The U.S. Embassy in Accra recently reinforced its visa policy. They reminded visa holders that “A US visa is a privilege, not a right.” This statement resonated deeply across Ghanaian social media. For some, it felt uncomfortable. This highlights the U.S. commitment to ensuring compliance with immigration laws to prevent overstays and other violations, a critical component of their national security system.

Effect on Bilateral Ties

This policy shift, though framed within the technicalities of international relations, is deeply personal for Ghanaians. It touches on dreams of exploration, the pursuit of knowledge, and the very fabric of family connections. The hope remains that ongoing dialogue between the U.S. and Ghanaian governments can lead to a more balanced approach. It will ease these burdens while still addressing legitimate security concerns and ensuring that the cherished bonds between the two nations continue.

The policy’s impact extends far beyond individual travellers. It is affecting the very dynamics of U.S.-Ghana relations. This could potentially hinder future collaborations in trade, education, and cultural exchange. Furthermore, it sends a message of uncertainty. This uncertainty might deter even those with sincere intentions of travel and study.

The long-term impact on the strong U.S.-Ghana relations relies on a path that must acknowledge the concerns of both countries. It must also avoid unfairly penalising the hopes of everyday Ghanaians. Otherwise, it risks fostering resentment. It could even inadvertently undermine the principles that have historically strengthened the bond between the United States and Ghana.

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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

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