As gold prices soar and Ghana enjoys record revenues from its vast mineral wealth, the country's government is pursuing an ambitious strategy to ensure more of that wealth remains at home.

But in doing so, it has become embroiled in an increasingly bitter confrontation with international investors, who warn that legal disputes, regulatory uncertainty and allegations of political favouritism risk undermining confidence in one of Africa's most important mining destinations.

The debate dominated discussions at this month's Mining on Top Africa summit in Paris, where Ghanaian officials defended sweeping reforms designed to increase local ownership, expand refining and downstream industries and end the country's long-standing dependence on exporting raw minerals.

Gold exports generated almost $20 billion in 2025, accounting for nearly two-thirds of Ghana's export earnings, strengthening the government's argument that more of the value created by the country's natural resources should remain within the domestic economy.

"The discussion is now centred on value addition and resource sovereignty," said Theophilius Kekeli Agbenezi of Ghana's Minerals Commission. "We cannot keep exporting unprocessed minerals. It is time we add value to our own resources."

The reforms include new state-backed industrial development agencies, the creation of the Ghana Gold Board to regulate artisanal gold exports and efforts to expand domestic refining capacity.

However, they have also coincided with growing disputes involving mining licences, ownership of strategic assets and international arbitration proceedings.

Among the most contentious is the battle over the Black Volta gold project, where London-based investment fund Ibaera Capital alleges that its investment in Azumah Resources was undermined through a campaign of "industrial espionage" involving former company directors and advisers.

Leaked emails reviewed by the Mail & Guardian appear to show regular communication between Azumah's Ghanaian directors, the company's legal adviser, executives of Engineers & Planners (E&P) and a director of South African mining company Gold Fields during the struggle for control of the project.

There are no allegations of wrongdoing against Gold Fields or the director copied on the correspondence. Gold Fields declined to comment.

James Wallbank, managing partner of Ibaera Capital, said his company's experience reflected broader concerns among international investors.

"Very few investors are against local content," he told delegates in Paris. "The issue is that taking licences from mining companies, legal disputes and continuing uncertainty all damage the reputation of the country."

He said the objective should be to combine international capital with greater local participation rather than create an investment climate perceived as increasingly unpredictable.

"The government has to ask, 'How do we bring international investment back for the benefit of Ghana and local communities?'"

Wallbank nevertheless maintained that his company's own experience had exposed serious governance concerns.

"But instead of supporting our investment in Azumah's Black Volta mine, these Ghanaian directors, our legal counsel and others waged a campaign of industrial espionage and sabotage to seize our investment," he alleged.

According to Wallbank, leaked emails suggest Azumah's own legal adviser shared confidential legal correspondence concerning the company with E&P executives and other influential figures while continuing to act on Azumah's behalf.

In one exchange seen by the Mail & Guardian, the lawyer informed recipients that an injunction application had been served on Wallbank and suggested it would provide additional time for E&P to secure financing for a proposed acquisition. Minutes later, another recipient replied: "Thank you very much Sir Bobby. Excellent job."

E&P has rejected Wallbank's allegations and denied any wrongdoing.

The controversy comes against the backdrop of wider criticism from opposition politicians, who accuse President John Mahama's administration of favouring politically connected businesses through its drive to increase Ghanaian participation in the mining sector. The government has repeatedly denied those accusations.

Agbenezi insisted the reforms were not intended to discourage foreign investment.

"We know some of these policies may not sit well with investors," he said. "That is why we are also introducing incentives."

He pointed to reductions in Ghana's Growth and Sustainability Levy and the removal of VAT on mineral exploration as evidence that the government remained committed to maintaining Ghana's competitiveness.

"The challenge is to find the right balance," he said.

For investors, that balance will be crucial.

With Ghana producing almost 4.8 million ounces of gold annually and seeking to retain a greater share of the wealth generated by its mineral resources, few dispute the country's right to pursue greater resource sovereignty.

The question increasingly confronting policymakers is whether that objective can be achieved while preserving the legal certainty and investor confidence on which future mining investment depends.