Vice President of IMANI Africa, Bright Simons, has stated that a recent disclaimer from Azumah Resources has effectively vindicated his independent analytical stance in the ongoing $100 million gold project dispute with Engineers & Planners (E&P).
However, Mr Simons has now turned his focus, demanding answers from the ECOWAS Bank for Investment and Development (EBID) regarding its involvement in the contentious acquisition.
Azumah Resources (Ghana) Limited issued a formal statement on July 13, categorically denying that Bright Simons represents or acts on behalf of the company or its shareholders.
This came after public commentary by Mr Simons regarding the dispute over the Black Volta Gold Project, located in Ghana’s Upper West Region.
The project involves a complex acquisition deal between Azumah Resources and E&P, which has been mired in legal battles and public controversy.
I don’t think that there was any doubt about this in the mind of any serious person who has followed my work in the past decade and before.
But since E&P, in their formal press statement, suggested that I am somehow biased towards the Azumah side, this statement that I am… pic.twitter.com/4pI7mDdpNd
— Bright Simons (@BBSimons) July 14, 2025
Responding to Azumah’s disclaimer via an X post on Monday, July 14, Mr Simons asserted that his independence was never in question for those familiar with his work.
“I don’t think that there was any doubt about this in the mind of any serious person who has followed my work in the past decade and before,” Simons tweeted. He added that since E&P, in their formal press statement, had “suggested that I am somehow biased towards the Azumah side, this statement that I am neither a representative nor an advocate for Azumah and its investors should seal the matter.”
Mr Simons firmly reiterated his professional ethos: “I am an independent analyst working in the public interest and have always been.”
The EBID conundrum
While acknowledging Azumah’s clarification, Simons immediately pivoted to a new demand for transparency from the ECOWAS Bank for Investment and Development (EBID).
E&P recently announced that it had secured a $100 million facility from EBID to finance the acquisition of the Black Volta Gold Project, following a signing ceremony on July 7, 2025.
Azumah, in its disclaimer, had merely stated that representatives of both companies visited EBID in 2023 to assess interest, with EBID expressing “indicative interest, contingent on its internal credit appraisal and Board approval.”
Mr Simons, however, is not satisfied with this level of detail.
“Regarding the points in this letter, I have a strong difference of opinion about the ECOWAS Bank (EBID) angle,” he tweeted.
He continued, “Contrary to Azumah’s deference, my position is that the @BIDC_EBID must answer to the citizens of ECOWAS, its ultimate shareholders, how it got involved in this acquisition that clearly hadn’t happened as announced.”
Mr Simons’ call for accountability stems from his assertion that EBID “clearly knew that an earlier offer had been rejected in May 2024 and that the issues that triggered the rejection remained unresolved.”
This implies that EBID may have proceeded with a financing arrangement despite being aware of ongoing disputes or unresolved critical aspects of the deal.
The ECOWAS Bank for Investment and Development, as a regional financial institution, is expected to adhere to stringent due diligence and transparency standards in its operations, particularly when public funds are involved.
The dispute over the Black Volta Gold Project has seen significant twists and turns. The original acquisition agreement between Azumah Resources and E&P for $100 million was signed in October 2023.
However, Azumah later allegedly sought to increase the price to $300 million due to rising gold prices, a move rejected by E&P, leading to arbitration.
A recent High Court ruling in Ghana reportedly upheld the original $100 million contract, paving the way for E&P to proceed with financing.
Mr Simons concluded his commentary by expressing hope for a swift resolution between the two parties while emphasising the enduring nature of the quest for accountability.
“All that said, we hope the two parties – E&P and Azumah – find an amicable solution to this bizarre impasse soon. Meanwhile, accountability is a marathon.”
As the Ministry of Lands and Natural Resources has given both Azumah Resources and E&P a seven-day ultimatum (from July 10, 2025) to amicably resolve their differences, the spotlight now shifts not only to the resolution of the gold project deal but also to EBID’s transparency regarding its role in financing what remains a highly contested acquisition