Azumah insists the transfer of ownership is unlawful and could breach international investment treaties protecting foreign investors. If filed, arbitration at the International Court of Arbitration or ICSID could expose Ghana to claims exceeding $1 billion.
E&P’s defense rests on domestic regulatory compliance, claiming all transfers were lawfully registered. Legal analysts say the outcome may hinge on whether Ghana’s regulatory approvals can override shareholder consent under international law
E&P has promised to work with the Ghana Revenue Authority to audit project loans, repay legitimate debts, and mobilize funding to commence mine construction. The company casts the mine as both a commercial project and a national duty, pledging jobs, royalties, and taxes.
Yet, with Azumah denying the sale, analysts warn of reputational risks for Ghana’s mining industry. Investor confidence could falter unless the dispute is swiftly resolved.
Dispute Raises Questions of Political Influence in Ghana’s Mining Sector
E&P’s owner, Ibrahim Mahama — brother of President John Mahama — is at the center of the controversy. While E&P touts regulatory approval, critics fear the takeover reflects political patronage.
Analysts warn that if global investors view Ghana as a jurisdiction where politically connected firms override property rights, the country risks capital flight. The case could become a litmus test for Ghana’s ability to balance political power with transparent resource governance.
