Adamus Lease Revocation: ‘Ministerial Committee Findings Tip Of The Iceberg’

The revocation of Adamus Resources Limited's mining lease in Ghana extends far beyond illegal mining activities. An Inter-Ministerial Review Committee has confirmed a string of financial irregularities, including unpaid taxes, questionable money transfers, and mismatched gold records, which point to serious questions about the revenue Ghana lost while Adamus operated in the Western Region.

Tasked with reviewing Adamus' petition against the cancellation of its leases, the committee chaired by Prof. Jerry Samuel Yaw Kuma found the company to be in a state of "deliberate non-compliance," rather than temporary cash issues. The report highlighted that Adamus owed the state approximately GH¢205.83 million and US$2.56 million in unpaid taxes, as well as GH¢86.78 million in royalties to the Minerals Income Investment Fund (MIIF) and a further US$2.56 million in annual payments to the Minerals Commission.

Adding to the company's financial woes, the committee revealed that Adamus transferred over US$224.61 million to related parties between 2020 and 2024, with US$123.14 million going to companies in Mali. The committee dismissed the claim that statutory payments were missed due to lack of cash, stating that the evidence pointed to deliberate non-compliance.

Moreover, discrepancies in reported gold shipments to different state institutions raised concerns. Adamus reported 72,194.94 ounces to the Ghana Revenue Authority (GRA) for the period 2024 to January-March 2026, while it reported 71,553 ounces to the Minerals Commission. However, its shipment records show 74,375.14 ounces, leading to two other variances worth US$12.02 million and US$21.30 million.

The committee also raised concerns regarding two Environmental Protection Authority (EPA) permits for Adamus' operations, which showed backdated timelines. Both certificates, EPA/EMP/313 for Salman and EPA/EMP/316 for the Nzema operation, were issued more than four years after they expired. Given the scale of these breaches, the committee strongly recommended that the revocation of Adamus’ leases be upheld and called for stronger regulatory, environmental, and financial enforcement, including a comprehensive audit of the company's activities.

The stakes for Ghana are high, as every ounce unaccounted for represents lost revenue that could have funded schools, clinics, or roads. As the government ponders its next steps, the Adamus case is expected to reignite debates on oversight in the mining sector, the influence of related-party transactions, and the strength of Ghana's systems in ensuring that the country receives its fair share from its gold mining industry.