Azumah Resources Ghana Ltd has dismissed suggestions that its financing discussions with the ECOWAS Bank for Investment and Development (EBID) regarding the Black Volta Gold Project were politically influenced.
In a statement issued by the company, Azumah clarified that talks with EBID began in 2023, well before Ghana’s 2024 general elections.
According to the company, representatives from both Azumah and Engineers & Planners (E&P) visited EBID’s headquarters in Lomé last year to explore the bank’s potential interest in backing the gold project.
“EBID expressed indicative interest, contingent on its internal credit appraisal and Board approval,” the company noted.
The clarification follows public speculation suggesting that the bank’s interest in the project was a post-election political move.
Although the statement did not name individuals, it appeared to respond to comments by policy analyst Bright Simons and others who questioned the timing and circumstances of the financing arrangement.
Azumah emphasized that its engagement with EBID has been transparent and guided by commercial best practices. It further stated that efforts to secure funding for the Black Volta project began shortly after E&P reached an acquisition agreement in October 2023—not after the elections.
The company urged media outlets and public commentators to rely on verified information rather than speculation, cautioning that false narratives could harm the integrity of ongoing negotiations.
Azumah’s statement asserts that, if the timeline is accurately considered, the EBID financing discussions are purely commercial and aligned with standard practice for working with a regional development bank—not politically engineered support.
Source: Ernest Arhinful
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