The Ministerial Review Committee on the Adamus Resources lease revocation has uncovered major financial and regulatory irregularities, raising concerns about potential revenue losses to the state from the company’s mining operations.
The Committee was established by the Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, to review Adamus Resources’ petition against the revocation of its Nkroful, Akango and Salman mining leases.
According to the Committee’s findings, Adamus Resources owes GH¢86.78 million in royalties to the Minerals Income Investment Fund (MIIF) from 2020 and GH¢119.04 million in taxes to the Ghana Revenue Authority (GRA) from 2023.
The company also owes US$2.56 million in annual payments to the Minerals Commission, bringing its statutory arrears to about GH¢205.83 million, in addition to the US$2.56 million owed to the Minerals Commission.
The Committee further found that between 2020 and 2024, Adamus transferred more than US$224.61 million to related parties, including US$123.14 million to companies in Mali.
It said the transfers undermined claims that the company lacked funds to meet its obligations to the state and pointed to what it described as “deliberate non-compliance.”
Gold production discrepancies
The Committee said Adamus failed to provide its statutory Gold Production Book, making it difficult to independently verify the company’s production and shipment records.
Using data from the GRA and the Minerals Commission, the Committee identified a discrepancy of 6,580.04 ounces of gold between 2020 and March 2026.
For the period from 2024 to March 2026, the Committee received varying records of gold shipments. The GRA reported 72,194.94 ounces, the Minerals Commission recorded 71,553.00 ounces, while Adamus’ own shipment records indicated 74,375.14 ounces.
The Committee described the discrepancies as “suspicious” and said the absence of the Gold Production Book further complicated efforts to establish the actual volume of gold produced and shipped.
It said the inconsistencies appeared to raise concerns about possible attempts to evade statutory payments.
The Committee also noted allegations from the Eastern Nzema Traditional Area that US$2.5 million of a US$10 million Community Development Fund remained unpaid, alongside eight years of unpaid royalties.
Adamus was also reported to owe outstanding amounts to GOIL, GRIDCo and other institutions.
Environmental breaches
The Committee further found concerns surrounding the company’s environmental permits for its operations in the Ellembelle area.
According to the report, two EPA permits were issued in December 2024, despite covering periods that had already begun or expired.
One of the permits covered 2017 to 2020 but was issued four years after the end of the stated period.
The Committee said the circumstances raised concerns that Adamus had operated without valid environmental clearance for extended periods.
GRA records indicate that Adamus produced approximately 8.8 tonnes of gold valued at more than US$1 billion between 2020 and March 2026.
Despite the scale of production, the Committee found that the company had accumulated significant unpaid statutory obligations.
The Committee described the breaches as “serious and fundamental” and recommended that the revocation of Adamus’ mining leases be upheld.
It also called for a comprehensive audit of the company and further regulatory and environmental enforcement.
Chairman of the Committee, Prof. Jerry Samuel Yaw Kuma, stressed that Ghanaian ownership does not exempt any company from complying with the country’s laws and regulations.
The report is expected to guide the government’s next steps on enforcement, revenue recovery and the future of Adamus Resources’ mining operations.
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