Azumah Resources Ghana Ltd has clarified that discussions with the ECOWAS Bank for Investment and Development (EBID) over financing the Black Volta Gold Project began in 2023—well before Ghana’s 2024 elections—refuting claims of politically engineered backing.
In a statement issued by the company, Azumah confirmed that representatives from both Azumah and Engineers & Planners (E&P) visited EBID’s headquarters in Lomé, Togo, last year. The purpose of the visit, the company explained, was to assess the bank’s interest and capacity to support the project financing.
“EBID expressed indicative interest, contingent on its internal credit appraisal and Board approval,” Azumah stated.
Pushback against political allegations
The clarification comes in response to growing public commentary suggesting that EBID’s involvement was politically motivated or influenced by post-election dynamics.
Although the statement did not single out individuals, it directly challenges recent claims by policy analyst Bright Simons and others, who have portrayed EBID’s role as sudden, irregular, or politically driven.
Azumah maintains that the engagement with EBID was neither rushed nor secretive, but rather initiated transparently and handled in line with standard commercial procedures.
The company’s account aligns with E&P’s position, which has consistently stated that financing efforts for the Black Volta Gold Project began promptly after the acquisition agreement was signed in October 2023—not after the 2024 elections.
Focus on Due Process
Azumah also called for a shift in public discourse from speculation to fact-based reporting, stressing the importance of preserving the integrity of the ongoing negotiations.
“We respectfully call upon all media houses, analysts, commentators, and third parties to refrain from speculative or misleading reportage,” the company urged.
For stakeholders following the Black Volta project, the timeline of EBID’s involvement is crucial. If talks indeed began in 2023, as Azumah and E&P insist, it undermines the narrative of political interference and reframes the financing as a standard commercial transaction backed by a regional development institution.
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