Blue Gold Limited announced that it has withdrawn every lawsuit it had pending in Ghanaian courts and will not pursue any other legal action in the country. The company said it is concentrating its legal resources exclusively on the ongoing international arbitration under the United Kingdom‑Ghana bilateral investment treaty. The move follows Blue Gold’s earlier pursuit of damages exceeding $1 billion against former mine owner Future Global Resources Limited (FGR).
The company’s decision to abandon domestic litigation is intended to streamline its legal strategy and reduce costs and uncertainty. “The Company has taken this step to concentrate its legal efforts and resources exclusively on the ongoing international arbitration proceedings, which it is pursuing under the bilateral investment treaty between the United Kingdom and Ghana,” the company said. “Blue Gold believes that the arbitration process provides the most appropriate and effective forum for the resolution of its claims and for securing an impartial determination.”
Blue Gold remains committed to pursuing full recovery of its claims through the arbitration process while continuing to pursue a constructive and commercially reasonable resolution with the Government of Ghana, where possible. The arbitration tribunal held its first Case Management Conference on February 19 2026, and the Ghana Supreme Court dismissed a procedural challenge by FGR and Blue Gold in November 2025. The company had previously pursued judicial review and human rights claims in Ghana, but those efforts have now been set aside in favor of the international forum.
The dispute originates from the Government of Ghana’s termination of the Bogoso‑Prestea mining lease in September 2024. The lease was subsequently reassigned to Heath Goldfields Limited, which reported its first gold pour on February 21 2026. Blue Gold’s claim is therefore a high‑stakes legal battle that could recover more than $1 billion, a figure that dwarfs the company’s market capitalization of $81.5 million and its “WEAK” financial health rating. The company’s stock has fallen 81 % over the past year to $2.22, reflecting investor concern over the legal uncertainty.
By focusing exclusively on the arbitration, Blue Gold signals a shift toward a single, potentially more predictable forum for resolving its claims. The company’s strategy reflects a belief that the UK‑Ghana BIT arbitration offers a more impartial and enforceable outcome than Ghanaian courts, and it may reduce legal costs and exposure to local judicial delays. However, the move also means the company relinquishes any remaining remedies that might have been available through domestic courts, potentially limiting its options if the arbitration outcome is unfavorable. The decision underscores the broader implications for Ghana’s investment climate, as the arbitration outcome will be closely watched by foreign investors in the extractive sector.
Blue Gold’s announcement highlights the tension between pursuing large recoveries through international arbitration and the risks of prolonged domestic litigation. The company’s focus on the arbitration reflects a strategic choice to consolidate resources and seek a definitive resolution, but it also places the company’s future earnings and cash flows in the hands of an international tribunal. Investors will be watching the arbitration proceedings closely, as the outcome could have a material impact on Blue Gold’s financial position and its ability to continue operations in Ghana.
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