The former Public Interest and Accountability Committee chairman stated the transaction aligns with national goals of resource value retention and local participation in the extractive sector.

The endorsement comes amid an escalating legal dispute between Ghanaian-owned E&P and Australian firm Azumah Resources over ownership of the high-potential gold concession. Dr. Manteaw emphasized the strategic significance in remarks cited by The High Street Journal: “After reading the E&P statement, I find nothing wrong with this transaction. This is good for value maximization and retention.”

At the conflict’s core lies conflicting claims about the project’s ownership. E&P, led by businessman Ibrahim Mahama, asserts it secured legitimate acquisition rights in 2023 when Azumah indicated intentions to divest due to funding constraints. The Ghanaian company reports arranging a $100 million financing facility through ECOWAS Bank for Investment and Development and initiating monthly operational funding. Azumah Resources categorically denies authorizing any sale, declaring all related documents “unauthorized and false,” and has initiated international arbitration proceedings.

Dr. Manteaw framed the dispute within Ghana’s broader resource governance challenges, noting historical foreign dominance in the mining sector. He highlighted how successful local acquisition could advance domestic wealth retention, create substantial employment, and build national technical capacity. His analysis echoes concerns previously raised by figures including former Chief Justice Sophia Akuffo about limited value capture from Ghana’s mineral resources.

The transaction faces uncertainty due to the $100 million legal battle, with both parties alleging contractual breaches. Azumah questions E&P’s execution capacity, while E&P maintains Azumah seeks to renege on a valid commercial agreement. Despite the contention, Dr. Manteaw positions the potential Ghanaian ownership as symbolic of economic sovereignty, potentially setting a precedent for greater local control in resource development.

As arbitration proceeds, the outcome carries implications beyond corporate interests, potentially influencing Ghana’s approach to mineral resource governance under the Mahama administration. The dispute tests mechanisms for balancing foreign investment with domestic value retention in a sector critical to national development.