A fierce dispute has erupted over Ghana’s prized Black Volta Gold Project following a high-profile ceremony organized by businessman Ibrahim Mahama, w
A fierce dispute has erupted over Ghana’s prized Black Volta Gold Project following a high-profile ceremony organized by businessman Ibrahim Mahama, which Azumah Resources Ghana Limited has denounced as fraudulent and unauthorized.
The tension reached a boiling point on July 4, 2025, when Azumah Resources issued a sharply worded public disclaimer, distancing itself from a “Facility Agreement Signing Ceremony” allegedly orchestrated by Engineers & Planners (E&P), Mahama’s mining and logistics company.
The event, held at the Marriott Hotel in Accra on July 7, was described as a historic milestone in Ghana’s mining sector — but Azumah insists it was based on a lie.
“Azumah Resources has neither sold nor is in the process of selling the Black Volta Gold Project… to Engineers & Planners or any of its affiliates,” the company said in a formal statement, adding that no member of its board or executive team had any knowledge of the deal.
More alarmingly, Azumah claims its official letterhead was forged to invite media houses to the ceremony.
The company condemned the act as an attempt to deceive the public and misrepresent ownership of the gold project, which it stressed remains entirely under its control.
Despite the strongly worded repudiation, E&P pushed forward with the event, attended by dignitaries and high-level business figures, including former AngloGold Ashanti CEO Sam Jonah.
The ceremony celebrated what was portrayed as the first-ever 100% Ghanaian acquisition of a large-scale gold mine, financed with a reported $100 million facility from the ECOWAS Bank for Investment and Development (EBID).
A Ceremony Built on Fiction?
In the face of Azumah’s public disclaimer, the decision to proceed with the ceremony has triggered widespread confusion — and concern.
Media invitations bearing Azumah Resources’ name, address, and signature were sent out days before the event, implying that the Australian-backed company had sanctioned the transaction. Azumah insists no such communication originated from its offices, raising the specter of document forgery, misrepresentation, and possible fraud.
The integrity of the event, and the claim of a legitimate acquisition, is now under intense scrutiny, with legal experts and civil society organizations calling for a full-scale investigation into how such a significant deal could proceed without the consent of the actual asset owner.
Ibrahim Mahama’s Mining Comeback
For Ibrahim Mahama, the younger brother of President John Mahama, this latest venture into the mining sector represents both a return and a reinvention.
His previous company, Exton Cubic Group Limited, was at the center of a major political and legal scandal in 2019 when the Supreme Court nullified mining leases awarded to it during the final days of his brother’s presidency.
The court ruled that the leases — which covered lucrative bauxite deposits in the Nyinahini Forest Reserve in the Ashanti region— had been granted illegally and without due process.
That saga painted a damaging portrait of political favoritism and backdoor resource deals.
Yet just six years later, Mahama is once again being celebrated as a pioneer of Ghanaian-led mining, with E&P now claiming full ownership of the Black Volta Gold Project — despite Azumah’s emphatic denial.
Regulatory Silence and Institutional Questions
One of the more troubling aspects of the unfolding controversy is the silence — so far — of key government institutions.
Neither the Minerals Commission, nor the Ministry of Lands and Natural Resources, has issued a public statement clarifying whether any part of the Black Volta concession has officially changed hands.
Azumah’s categorical denial suggests that no such transaction was authorized, raising questions about how E&P managed to proceed with a public ceremony that appears to lack legal or regulatory grounding.
In the absence of documentation proving a legitimate transfer of rights, observers are left wondering whether this is yet another instance of a politically connected businessman attempting to bypass proper procedures — this time under the guise of promoting local content.
Ghana’s Resource Credibility at Stake
The Black Volta Gold Project is not a minor asset. Situated in the resource-rich Bono Region, the mine is expected to yield over 160,000 ounces of gold annually, with projections estimating a $5 billion valuation over its lifetime.
Its significance to national revenue and employment is immense — which is why the confusion surrounding its ownership is deeply unsettling.
For Azumah Resources, the priority now is to reassert legal control over the project and reassure shareholders, regulators, and the public that the company remains committed to a transparent, phased development process.
COMMENTS