Cook the bacon: In a large pot, heat 1 tablespoon of ghee over medium heat. Add the diced bacon and cook until browned and crisp. Once cooked, remove the bacon with a slotted spoon and set aside.

Sear the beef: Remove the beef from the fridge 30 minutes before cooking to reach room temperature. Pat the beef shanks dry with paper towels. Heat the remaining tablespoon of ghee in the pot over medium-high to high heat. Sear the beef in batches, if necessary, allowing each side to brown for about 1 minute before turning to develop a deep sear. Once browned, remove the beef and set it aside with the bacon.

Cook the onions: Reduce the heat to low. Add the diced onions to the pot and cook, stirring occasionally, until caramelised and golden brown (about 20 minutes).

Add garlic and peppers: Increase the heat to medium, then stir in the minced garlic and diced bell pepper. Cook for 2–3 minutes, stirring occasionally, until the garlic is fragrant.

Add spices and deglaze: Return the beef and bacon to the pot. Sprinkle in the cumin, sweet paprika, and cayenne, stirring to coat the meat in the fragrant spices. Next, pour in the red wine and deglaze the pot by scraping up any browned bits from the bottom. Let the wine reduce by half, about 3 minutes.

Add tomatoes and stock: Add the tomatoes to the pot, breaking them up with a spoon, and cook for 2 minutes to deepen the flavour. Pour in the beef stock, then stir in the bay leaf, potatoes, salt, and pepper. Mix well to combine all the ingredients.

Simmer: Bring the mixture to a boil over medium-high heat. Once boiling, reduce the heat to a low simmer, cover, and cook for 1 ½ to 2 hours, or until the beef is tender and easily pierced with a fork.

Add root vegetables: Once the beef is tender, add the carrots and celeriac. Continue to simmer, uncovered, for another 20–25 minutes, or until the vegetables are cooked through.

Thicken if needed: If you prefer a thicker sauce, dissolve 1 teaspoon of cornstarch or arrowroot powder in cold water and stir it into the goulash. Let it cook for a few more minutes until the sauce thickens.

Season and serve: Taste and adjust the seasoning with more salt and pepper, to taste. Ladle the goulash into bowls and garnish with a dollop of sour cream and freshly chopped parsley. Serve with crusty bread, mashed potatoes, or dumplings for a complete meal. Enjoy!