Honorary Vice President of IMANI Africa, Bright Simons, has raised concerns over the manner in which Engineers & Planners (E&P) has taken control of Azumah Resources Ghana Ltd.
Speaking on JoyNews’ Newsfile programme on Saturday, September 13, Mr Simons described the move as “alarming” and suggested it could undermine fair negotiations with the rightful owners.
“I think the situation has worsened,” Mr Simons said. “E&P had earlier announced that they had raised money from the ECOWAS Bank to buy the assets, but because they are in dispute with the owners, they have proceeded to transfer the shares of the company to themselves. That is the alarming part – as a negotiation tactic, the owners will be left with no choice but to walk away and take the lowest price possible.”
The background to the dispute stems from E&P’s acquisition of full equity in Azumah Resources Ghana Ltd and Upwest Resources Ghana Ltd, a transaction registered with the Registrar of Companies and the Minerals Commission.
The deal effectively transferred all shares of the Ghanaian beneficial owner to E&P, signalling a major turning point in Ghana’s mining sector.
For years, the concessions held by Azumah Resources promised significant returns but yielded little due to legal battles, investor uncertainty and lack of funding.
Now, with global gold prices exceeding $3,000 per ounce, E&P insists it has the financial muscle and technical expertise to accelerate mine development. However, Mr Simons’ remarks have placed the spotlight on the legality and fairness of the share transfers.
Source: Ernest K. Arhinful
