Azumah Resources Ghana Limited has vehemently refuted recent reports claiming that Engineers & Planners (E&P) has taken control of its Black Volta and Sankofa gold projects. These reports, circulating after E&P’s acquisition of Azumah Ghana and Upwest Resources Ghana, falsely assert E&P’s operational authority over the concessions. Azumah Ghana maintains its unwavering stance as the sole legal owner and operator of these projects, emphasizing that no share transfer has occurred between the involved entities. The company has issued a formal statement denouncing these reports as inaccurate and factually inconsistent, characterizing them as a deliberate attempt to misrepresent the situation. The statement underscores that these claims contradict the recent legal developments and agreements between the parties.
The controversy arises just a week after E&P formally withdrew its legal claims against Azumah Ghana, a move widely interpreted as paving the way for Azumah to proceed with the Wa and Black Volta projects. This resolution garnered international acclaim for Ghana’s Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, who reassured investors at the Africa Down Under conference of Ghana’s commitment to maintaining a stable and reliable mining environment. The swift retraction of E&P’s claims seemed to signal a positive shift in the relationship between the companies and reinforced Ghana’s image as a jurisdiction respectful of legal processes and investor rights.
Azumah, however, expresses serious concerns about reports suggesting E&P’s unauthorized attempt to seize control of the mine. The company warns that such actions could severely damage investor confidence and undermine Ghana’s hard-earned reputation for upholding the rule of law. This alleged move contradicts the recent legal resolution and raises questions about the security of investments in the country. Azumah emphasizes the precarious precedent such an action would set, potentially deterring future investment and hindering economic development.
The company further cautions that allowing such a transfer would amount to expropriation of private property, a violation with potentially significant consequences. Azumah estimates potential claims against the Government of Ghana could exceed US$1 billion under both domestic and international law, should this unauthorized takeover be allowed to stand. This underscores the gravity of the situation and the potential for substantial financial repercussions for the government if the rule of law is not upheld. Azumah’s firm stance indicates its commitment to protecting its assets and investor interests.
In response to the escalating situation, Azumah announced its intention to petition the International Court of Arbitration. This legal action aims to prevent any unlawful takeover of the Black Volta and Sankofa projects and safeguard shareholder rights. Azumah’s decision to pursue international arbitration demonstrates its resolve to exhaust all legal avenues to protect its interests and uphold the sanctity of contracts. The company views this as a necessary step to maintain its operational control and prevent any illegal seizure of its assets.
Professor Prince Amponsah, the newly appointed Chairman of Azumah Ghana, reinforces the company’s position by dismissing the reports as deliberate misinformation aimed at confusing the public. He reiterated that E&P’s recent withdrawal of legal claims validates Azumah Ghana’s rightful ownership of the Black Volta and Sankofa projects. He dismissed any contrary assertions as baseless and misleading. Professor Amponsah emphasized Azumah’s unwavering commitment to developing these projects, highlighting their potential to significantly contribute to the economic growth and job creation in the Upper West Region. The company projects investments exceeding US$100 million, generating over 1,000 construction jobs and 420 permanent positions upon project completion. This investment is portrayed as crucial for the region’s economic transformation and long-term prosperity.
