Honorary Vice President of IMANI Africa, Bright Simons, has suggested that only public financial institutions appear willing to fund Engineers & Planners’ (E&P) acquisition of Azumah Resources Ghana Ltd. He cited the ECOWAS Bank and the state-owned Consolidated Bank Ghana (CBG) as the primary financiers linked to the controversial transaction.
Speaking on JoyNews’ Newsfile on Saturday, September 13, Mr Simons explained: “It seems the private sector banks are not exactly lining up to finance this transaction. The ones that at the level of due diligence are largely public banks – ECOWAS Bank and CBG.”
Mr Simons noted that the reliance on public banks for funding underscored the sensitive nature of the deal and heightened the need for transparency.
The acquisition, which saw E&P transfer the shares of Azumah Resources to itself, has already attracted scrutiny, with critics raising concerns about procedure and fairness.
With gold prices now above $3,000 an ounce, Mr Simons maintained that the matter is far bigger than a business transaction, as it touches directly on Ghana’s economic future.
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