The event, announced for July 7 at Accra’s Marriott Hotel to formalize financing for the purported acquisition, was labeled “unauthorized, false, and misleading” by Azumah, which insists it retains 100% ownership and continues project development.

The dispute unfolds against a backdrop of high-stakes arbitration at the International Chamber of Commerce (ICC) in London. E&P initiated proceedings in October 2024, accusing Azumah of breaching a 2023 development agreement. Azumah counters that it terminated the pact due to E&P’s failure to meet financing obligations or begin site work, filing a $100 million counterclaim for alleged contractual breaches and fund misappropriation.

Financing doubts further cloud the announcement:

Parallel to this, E&P and CEO Ibrahim Mahama are pursuing defamation litigation against policy analyst Bright Simons over claims about the company’s financial health and policy influence.

The Black Volta Gold Project’s fate remains uncertain, drawing attention from regulators and communities amid Ghana’s broader push for greater indigenous equity in mineral resources. Market watchers await clarity on whether E&P’s ceremony will proceed.