Ghana’s Black Volta Gold Mine Dispute Lands in International Arbitration

A legal dispute between two Ghanaian companies over the country’s emerging Black Volta gold mine has escalated to the International Criminal Court (ICC), with claims and counterclaims exceeding US$100 million.

The case pits Engineers & Planners (E&P), a construction firm owned by Ibrahim Mahama, brother of Ghana’s President John Mahama, against Azumah Resources, a Ghanaian-based gold developer backed by Ibaera Capital, a private equity fund headquartered in Australia and Singapore.

E&P filed the original claim in October 2024, accusing Azumah of breaching a development framework agreement signed in 2023. The agreement had assigned E&P responsibility for early-stage work at the Black Volta gold mine in exchange for an option to purchase equity in the project.

However, Azumah terminated the agreement in December 2024, citing E&P’s alleged failure to raise the necessary financing, finalize an EPC contract, or begin site earthworks. Azumah has since filed a US$100 million counterclaim, alleging contractual breaches, misappropriation of company funds, and unauthorized contractual engagements initiated by E&P agents.

In a press statement, Azumah said it “denies each and every allegation” and is committed to a full defence. The company confirmed it has now commenced mine construction independently, attributing earlier delays to E&P’s non-performance and the pending arbitration process.

Legal Teams and Tribunal

The matter is being heard before a London-seated ICC tribunal chaired by Funke Adekoya SAN, with co-arbitrators Shadrack Arhin of Ghana and Edwin Glasgow KC from the UK.
E&P is represented by Robert Smith Law Group in Accra, while Azumah is represented by Steptoe International in London and Ghanaian law firm Bentsi-Enchill, Letsa & Ankomah.

Defamation Case in Accra

Parallel to the arbitration, E&P and Ibrahim Mahama are suing Ghanaian policy analyst Bright Simons in an Accra court for defamation. The suit follows Simons’ article suggesting that the company was financially impacted by the suspension of operations at the Damang gold mine and wielded influence over Ghana’s mining policy. The plaintiffs deny the allegations, describing them as “false, malicious and defamatory.”

Project Background

The Black Volta gold mine, located in northwest Ghana, is among the newest mineral development projects in the country. Azumah’s development schedule was initially set for mid-2024, but has faced setbacks attributed to the legal conflict.

While the case unfolds, the arbitration outcome is expected to determine not only the contractual responsibilities between the parties but also the path forward for one of Ghana’s most closely watched gold projects.

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