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Ghana’s Lands and Natural Resources Minister, Armah-Kofi Buah, sought to reassure international investors that the country remains a secure and profitable mining jurisdiction, despite a high-profile legal dispute that has stalled a major gold project.
Speaking at the Africa Down Under conference, Buah addressed concerns raised by Ibaera Capital, the major shareholder in Azumah Resources Ltd., which is embroiled in a legal battle with a local contractor. The dispute has put the development of the Black Volta gold project on hold, a project valued at over $1 billion in net present value.
“Yes, there is a dispute involving Azumah. That dispute was started in 2023. The new government took office in 2025, and the first thing that I did as Minister was to write to them that we are committed to addressing these disputes,” Buah stated. “It is an isolated case that is being dealt with.”
Ibaera partner James Wallbank had earlier warned that recent policy changes and legal uncertainty were eroding investor confidence. He cited new regulations requiring mines to use majority Ghanaian-owned contractors, proposed cuts to mining lease terms, and the potential replacement of international arbitration with local courts. While acknowledging the intent to maximize local participation, Wallbank argued that these changes, collectively, are creating a deterrent for investors.
The dispute highlights the balancing act facing many African governments: increasing local benefits from resource extraction while maintaining the regulatory stability required by international investors. Buah emphasized that Ghana remains committed to responsible resource development and resolving the Azumah dispute in a manner that upholds its reputation as a preferred mining destination.
