A high-profile legal battle between two Ghanaian firms over the Black Volta gold project has reached the International Chamber of Commerce (ICC), with combined claims now surpassing US$100 million.
At the heart of the dispute is a terminated development agreement between Engineers & Planners (E&P)—a construction company owned by Ibrahim Mahama, brother of former President John Mahama—and Azumah Resources, a gold exploration company supported by Australia- and Singapore-based private equity firm Ibaera Capital.
In October 2024, E&P initiated arbitration proceedings, alleging that Azumah unlawfully terminated a 2023 agreement granting E&P responsibility for early-stage mine development, including an option to acquire equity in the project.
Azumah terminated the agreement in December 2024, accusing E&P of failing to secure financing, initiate engineering, procurement and construction (EPC) contracts, or begin site work—failures that Azumah claims delayed the project’s timeline. Azumah has since filed a US$100 million counterclaim, citing breach of contract, misuse of company funds, and unauthorized dealings by E&P representatives.
In a public statement, Azumah Resources “denies each and every allegation” and stated it is now independently advancing construction of the mine, attributing earlier delays to E&P’s alleged non-performance and the ongoing arbitration process.
The case is currently before an ICC tribunal seated in London, chaired by Nigerian senior advocate Funke Adekoya SAN, alongside Ghana’s Shadrack Arhin and UK-based Edwin Glasgow KC.
E&P is represented by Robert Smith Law Group in Accra, while Azumah Resources is advised by Steptoe International (London) and Ghanaian firm Bentsi-Enchill, Letsa & Ankomah.
Separately, E&P and Ibrahim Mahama have filed a defamation suit in Accra against policy analyst Bright Simons, following an article suggesting the company had been financially weakened by the suspension of operations at the Damang gold mine and had undue influence over mining policy.
The plaintiffs characterize Simons’ comments as “false, malicious, and defamatory.”
Located in northwest Ghana, the Black Volta gold project is seen as a critical addition to the country’s mining portfolio. Originally slated for development in mid-2024, the project has encountered major delays due to the ongoing legal dispute.
The outcome of the arbitration could significantly influence not only the mine’s future ownership but also broader discussions around contract enforcement and governance in Ghana’s extractive sector.
