Season the beef with salt and blackpepper.
Heat 2 tbsp oil in a large pot or pan. Add the beef cubes and brown them on all sides. This will add flavour to the curry. Remove the beef from the pot and set aside.
Heat the ghee and add cinnamon, ground coriander seeds, cumin and curry powder and stir for 10 seconds.
Add the onion, bell pepper, ginger, garlic, salt and tomato paste. Cook for 2 minutes, stirring and scraping frequently.
Deglaze with ½ cup of water and scrape the bits. Add the coconut milk and stir to combine. Bring the beef back to the pot, add bay leaves and some cilantro (save some for garnishing). Stir again.
Cover and cook for 40 minutes until the beef is fork-tender. Stir the pot often or add water if it starts burning or drying.
Add the potatoes and cook again for 20 minutes; add water if needed.
Add more water for thinner sauce, and let some water dry off for thicker sauce.
Garnish with cilantro and serve over rice.
