Hot Source….Blue Gold demands US$1 billion compensation
The long-running controversy over the Bogoso-Prestea Mine has taken a dramatic turn, with Blue Gold Bogoso-Prestea Limited, formerly FGR/Blue Gold, accusing the Ministry of Lands and Natural Resources and the Minerals Commission of unlawfully stripping it of its mining rights and transferring the mine to another firm, Heath Goldfields Limited, in blatant disregard of an active legal dispute.
At a fiery Media and Stakeholders Forum held at Oyibi in the Kpone-Katamanso Municipality, the Managing Director of Blue Gold, Yiadom Boakye Amponsah, accused the Ministry and the Commission of “bad faith, deception, and institutional dishonesty,” charging that the state agencies had breached the terms of his company’s mining lease and unlawfully seized its assets.
According to Mr Amponsah, the company secured conditional approval in 2021 to continue operating the Bogoso-Prestea Mine, provided it fulfilled certain obligations within 120 days, including raising $150 million to clear legacy debts and renewing all statutory permits.
However, he said, while Blue Gold worked to meet its obligations, the Ministry failed to deliver on its own promises, particularly in facilitating the renewal of expired permits, a crucial component of the 120-day agreement.
“We were told we had not met the conditions of the 120-day approval, but they conveniently forgot that they also failed to honour their part of the bargain,” Mr Amponsah declared, adding, “These are not trivial issues; they go to the heart of fairness and accountability.”
He further alleged that when the Minerals Commission later raised questions about financial reconciliations, Blue Gold discovered that it was, in fact, the Commission that owed the company, yet the exact disputed figures were used as a pretext to revoke the firm’s licence.
“Following that, we were denied access to our assets. Our plants, equipment, and infrastructure remain on-site, but the Ministry has allowed Heath Goldfields to take over and use them with impunity,” he said, branding the government’s actions as “institutional galamsey.”
Mr Amponsah said the company’s patience had been exhausted by what he described as the state’s blatant disregard for the rule of law and due process, noting that Blue Gold’s repeated appeals to the Ministry had been ignored.
“We are not against government oversight,” he stressed. “But this kind of high-handed interference and arbitrary seizure of assets is unacceptable. Due process must be respected.”
Frustrated by the lack of progress in Ghanaian courts, Blue Gold has now taken the matter to international arbitration.
Mr Amponsah confirmed that the company is demanding US$1 billion in compensation for what it describes as unlawful expropriation and reputational damage.
“We had to seek refuge under international arbitration because the local courts offered no progress,” he said. “If the government restores our lease, we’ll withdraw the case. Otherwise, we expect to be compensated.”
The Blue Gold boss insisted the company remains committed to transparency, ethical operations, and responsible mining, but warned that the government’s actions send a chilling message to potential investors in Ghana’s mining sector.
“This situation undermines confidence in Ghana’s investment environment,” he cautioned.
“No serious investor will commit capital where agreements are treated with contempt.”
The Media and Stakeholders Forum, organised by Blue Gold Bogoso-Prestea Ltd., brought together journalists, civil society groups, and mining experts to discuss what the company refers to as the “systemic abuse of regulatory power” within the mining sector.
Blue Gold’s allegations have further intensified public debate about the opaque management of Ghana’s mineral assets, with increasing calls for transparency, accountability, and the protection of legitimate investors from political and bureaucratic interference.
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