By Kwabena Adu Koranteng
An Investigations by Bright Simons , Vice President of Imani, has revealed that the controversial $181 million agreement involving the ECOWAS Bank for Investment and Development (EBID) and local contractor Engineers & Planners (E&P) has triggered a wave of legal challenges and public concern, as allegations of corporate overreach, abuse of process, and conflict of interest rock the high-stakes Black Volta Gold Mine project.
The dispute centres on ownership of a major gold resource in Ghana’s Upper West Region, with Australian investor Ibaera Capital claiming that E&P has lost all legal rights to the project—but is attempting to seize control through what it describes as “unauthorised manoeuvres backed by political connections.”
🔍 Background: What’s the Deal?
In 2021, E&P signed an agreement to invest $181 million into the Black Volta project, which is held through Azumah Ghana Ltd, a local mining leaseholder. The conditions included:
Payment of the full amount by 30 June 2024
Formal approval of any financing source by Ibaera
Execution of an engineering and construction contract
According to Ibaera, none of these conditions were fulfilled. As a result, the agreement was automatically terminated when the deadline passed.
Yet E&P has filed for arbitration in London, alleging Ibaera acted in bad faith by blocking their financing efforts. Legal experts say this may be a tactical move to prolong or gain leverage—but it’s unclear whether E&P has any legal footing to enforce or benefit from the expired deal.
⚖️ Who Controls the Mine?
Despite the arbitration, Ibaera remains the legal and majority shareholder in Azumah Ghana Ltd—the company that holds the mining lease issued by Ghana’s Minerals Commission.
E&P’s claim to ownership is currently being disputed, with Ibaera accusing the firm of:
Unlawfully appointing directors
Seizing control of bank accounts
Negotiating with lenders without board approval
🏦 EBID’s Controversial $181M Loan
On July 7, 2025, EBID announced that it had signed an agreement to finance the same $181 million E&P had originally committed to pay. However, legal analysts and stakeholders are asking:
Who exactly did EBID sign this loan agreement with—if E&P has no control over the mine?
The announcement has sparked outcry due to lack of transparency and growing concerns about the legal authority behind the financing.
🧩 Conflict of Interest? Spotlight on SSNIT and GIIF
Two of the EBID board members who approved the loan, Noel Nii Addo (SSNIT) and Nana Dwemoh Benneh (GIIF), also hold leadership roles in Ghanaian public institutions.
This dual involvement has triggered accusations of conflict of interest, especially as the project remains under legal dispute and outside the control of any Ghanaian governmental agency.
“You can’t be both the referee and the player,” said one governance expert.
⚠️ Rule of Law or Rule of Influence?
The Black Volta case echoes long-standing fears that political connections may be used to bypass established legal and regulatory processes.
E&P was founded by Ibrahim Mahama, the brother of former President John Dramani Mahama. Although the President has made no public comment, some critics worry that state institutions may be co-opted to legitimise a private takeover of a contested asset.
Opposition leaders in Parliament are demanding a full disclosure of the deal, with some calling for a bipartisan inquiry.
🕵️♂️ Calls for Investigation
The Office of the Special Prosecutor (OSP) has reportedly received a petition seeking an investigation into:
Possible procurement breaches
Misuse of public office
Abuse of fiduciary responsibility by public officers
The OSP is yet to issue a formal statement.
🌍 Global Implications
EBID is a multilateral development bank that includes contributions from the Bank of Ghana, Ministry of Finance, and SSNIT. But unlike other regional banks like the AfDB or World Bank, EBID has not published:
Any environmental or social due diligence
Project impact assessments
Stakeholder consultation records
This raises serious governance concerns, as EBID appears to have committed hundreds of millions of dollars to a deal currently under international arbitration.
📍 What’s at Stake?
The Black Volta Gold Project is estimated to hold over 1.65 million ounces of gold and could generate hundreds of jobs in Ghana’s Upper West Region.
With investors watching closely, the dispute is shaping up to be a litmus test for Ghana’s commitment to due process, investment protection, and transparent public-private partnerships.
❓ Questions That Demand Answers
What legal authority does E&P have over the mine today?
Why did EBID approve the loan despite the unresolved ownership dispute?
Are SSNIT and GIIF directors breaching public trust?
What role has the Minerals Commission played in all this?
Will Parliament and the Special Prosecutor intervene?
A Call for Transparency
As Ghana positions itself as a regional hub for responsible investment and rule of law, state institutions must act swiftly to preserve public confidence and protect national interests.
This is a developing story. Follow us for more updates.
