Dr. Manteaw Backs E&P’s Acquisition of Volta Gold Project, Says Deal Key to Value Maximization & Retention

Renowned policy analyst and natural resources governance expert, Dr. Steve Manteaw, has waded into the ongoing controversy between Engineers & Planners (E&P) and Azumah Resources over the Black Volta Gold Project, stating that there is “nothing wrong” with the transaction.

In his view, the deal, which has sparked legal battles and media exchanges, presents a golden opportunity for Ghana to maximize the value of its natural resources.

He adds that the transaction, as he has seen, will help the country to retain control over its mineral wealth.

In a comment cited by The High Street Journal, the natural resource governance expert maintained that, “after reading the E&P statement, I find nothing wrong with this transaction. This is good for value maximization and retention.”

Dr. Manteaw’s remarks, coming at a time when both companies are locked in arbitration over ownership claims, cast a new light on the controversial deal. His intervention aligns with growing public calls for greater Ghanaian participation in the extractive sector, especially in the ownership and development of gold mines.

A Battle Over Ownership and Financing

At the center of the storm is a dispute over who controls the Black Volta Gold Project, estimated to be one of the most promising untapped gold concessions in West Africa.

Engineers & Planners, a wholly Ghanaian-owned company led by businessman Ibrahim Mahama, claims it entered into a legitimate agreement with Azumah Resources in 2023 to acquire the project after the Australian-based company signaled intentions to offload its interest due to rising costs and limited funding.

E&P says it agreed to a $100 million acquisition package, began monthly funding of project operations, and recently secured a $100 million financing facility from the ECOWAS Bank for Investment and Development (EBID) to fully execute the deal. The Ghanaian firm maintains that the agreement was commercial, strategic, and apolitical.

However, Azumah Resources has sharply refuted these claims, stating that it did not authorize any sale and describes all documents and agreements being touted as “unauthorized and false.” The company says it remains the legitimate project holder and has taken the matter to international arbitration, seeking redress over what it calls an “attempted takeover.”

A Strategic Win for Ghana

Dr. Manteaw, who served as a former Chairman of the Public Interest and Accountability Committee (PIAC), views the transaction through a broader lens: national strategic interest.

For him, if a Ghanaian company like E&P is in a position to raise funding to acquire and develop such a strategic resource, it is in the best interest of the country.

Over the years, many concerned Ghanaians, such as former Chief Justice Sophia Akuffo and the IEA, have lamented that Ghana’s extractive sector has been dominated by foreign ownership, with little value retained domestically.

In this case, the move by a Ghanaian-owned company to gain majority ownership of a large-scale gold mine could signal a shift towards stronger local content, domestic wealth retention, and enhanced capacity building.

Legal Tussle Could Cloud Economic Promise

Despite the potential benefits, the transaction could be marred by the $100 million legal dispute, with E&P and Azumah Resources trading accusations of contract breaches, non-performance, and misrepresentation. Azumah insists E&P has not demonstrated the capacity to fund and deliver the full project. E&P counters that Azumah is attempting to renege on a deal it freely entered into.

Dr. Manteaw maintains that the Black Volta Gold Project, if fully transferred to a Ghanaian entity and successfully developed, could be a symbol of economic emancipation, offering thousands of jobs, boosting domestic revenue, and strengthening the capacity of local engineering and mining firms.

The Bottomline

While the legal dust is yet to settle, Dr. Steve Manteaw’s endorsement introduces a new narrative: one that places Ghanaian ownership, value retention, and economic sovereignty at the heart of the debate.

As the controversy unfolds, the nation will be watching closely to see whether this mine dispute becomes a case of lost opportunity or defining moment in localizing Ghana’s natural resource wealth.

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