British mining company Blue Gold has raised concerns over the reassignment of its mining licenses in Ghana, threatening to escalate the matter to international arbitration.
The dispute centers on the Bogoso Prestea Mines, where Blue Gold alleges its rights are being violated under the UK-Ghana Bilateral Investment Treaty (BIT).
The company has given the Ghanaian government until January 14, 2025, to address the situation or face arbitration proceedings under Article 10 of the UK-Ghana BIT. 
Evidence of Financial Support Ignored Amidst Allegations
Blue Gold claims it has provided substantial proof of financial backing, including investor documentation showing daily liquidity exceeding $100 million. Despite this, the government has neither acknowledged the company’s licenses nor reviewed the submitted documentation.
Instead, Blue Gold alleges that Ghana is pursuing a transfer of these licenses to a different entity, which the company describes as unlawful.
In a letter addressed to Attorney General Godfred Dame, Blue Gold stated, “While Ghana maintains its silence, significant amounts of gold tailings—worth millions of dollars—are now being actively extracted by unauthorized parties. This is illegal, and Ghana must immediately desist and take necessary actions to stop this activity.”
Unlawful Transfer to Heath Goldfields Sparks Outrage
According to Blue Gold, the Ministry of Lands and Natural Resources, along with the Minerals Commission, has facilitated the transfer of the Bogoso Prestea Mine and its associated leases to Heath Goldfields Ltd., a third-party entity.
“The Investors understand that on November 13, 2024, Ghana undertook actions to transfer the ownership of the Mine to Heath Goldfields Ltd. This unlawful transfer, carried out by the Ministry of Lands and Natural Resources and the Minerals Commission, constitutes a direct violation of Ghanaian law and the UK-Ghana BIT,” Blue Gold declared.
The company accused the government of occupying the mine for over two months, describing this as an unlawful seizure.
Potential Consequences of Arbitration Loom Over Ghana
Blue Gold has warned Ghana of severe financial consequences should the matter proceed to arbitration. The company insists it will hold the government accountable for all losses incurred due to the alleged violations.
“Ghana will be held liable for every loss caused through its abdication of responsibilities under the UK-Ghana BIT. In the event no amicable settlement is reached, Ghana should readily expect to risk being held liable for significant damages,” Blue Gold cautioned.
The company also urged the government to engage in immediate settlement discussions, proposing negotiations with relevant authorities in either Accra or London.
Will Ghana Resolve the Dispute to Avoid Arbitration?
The escalating tension between Blue Gold and the Ghanaian government raises critical questions about the future of mining investments in the country. As the January deadline approaches, will Ghana take steps to address Blue Gold’s concerns and safeguard its reputation in the global mining industry?
This case serves as a litmus test for Ghana’s commitment to honoring international agreements and fostering investor confidence.
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