Ghana's Gold: Once-Profitable Mine Backed by UK Taxpayer Loses Its Shine

In late 2020, amid the economic maelstrom unleashed by Covid-19, there were few better places to be than sitting on top of a goldmine.

- Rob Davies

In Ghana, the west African country once called the Gold Coast, the Bogoso-Prestea mine was producing 4,000 ounces of the precious metal a month, valued at $6m (£4.5m).

As gold prices reached record highs, London-based Blue International Holdings – a seasoned investor in African energy projects, pounced to buy the mine for $95m.

Blue International promised "attractive financial returns while having a positive impact on the communities and countries in which it operates, and the planet as a whole", according to its website.

It enjoyed the backing of British political heavyweights, including two members of the House of Lords and a government minister.

Yet, a few short years later, its future appears to have tarnished. "Blue Gold is a scam" read one placard, as protesters voiced their discontent in February 2024.

It was the latest in a string of demonstrations as miners and suppliers demanded to know why they were seeing no benefit from the precious metal buried beneath their feet. Four years earlier, when Blue International arrived, the future had seemed promising.

The company boasted a track record of African investment stretching back to 2011, steered by its co-founders Andrew Cavaghan and Mark Green, professional investors with financial pedigree.

Lord Dannatt, a former head of the British army, and Lord Triesman, a Foreign Office minister with responsibility for UK diplomatic relations in Africa, served on its advisory board.