BY Issah Olegor
The Office of the Special Prosecutor (OSP) has taken into custody Dr. Sledge Nana Yaw Duodu, Chief Executive Officer of Goldridge Refinery Limited, after he reportedly failed to satisfy bail conditions in an ongoing corruption probe.
According to sources, the detention is linked to investigations into suspected corruption and corruption-related offences surrounding Ghana’s Minerals Income Investment Fund (MIIF) and its gold trade programmes.
Allegations of Financial Loss
The OSP is probing allegations that Ghana lost more than $94 million through Goldridge Refinery’s inability to honour trade settlements under two major state-backed initiatives — the Gold for Forex and Gold for Oil programmes.
These programmes were designed by government to stabilise the local currency, ease demand for foreign exchange, and reduce the country’s heavy reliance on crude oil imports through direct gold barter arrangements.
Officials believe Goldridge Refinery’s role in the scheme became a financial drain on the state after the company allegedly defaulted on crucial settlements.
The OSP suspects mismanagement and potential diversion of funds, which could constitute acts of corruption.
Background
Goldridge Refinery, established as part of Ghana’s push to add value to its mineral resources, positioned itself as a key partner in the gold trade and refining sector.
The company was expected to play a pivotal role in ensuring local gold was refined domestically before export and in supporting government’s barter trade policies.
However, concerns about accountability in the gold-for-oil and gold-for-forex deals have lingered since their inception in 2022. Civil society organisations and policy think tanks repeatedly raised red flags over opaque contract arrangements, the lack of parliamentary oversight, and the possibility of huge financial risks to the state.
The current investigation by the OSP appears to confirm long-standing fears that lapses in oversight may have led to significant financial losses.
OSP’s Crackdown
The OSP, led by Special Prosecutor Kissi Agyebeng, has intensified its focus on high-profile cases involving public resources and extractive sector revenues.
The detention of Dr. Duodu signals a bold step in the government’s broader anti-corruption drive, particularly in the natural resources sector where Ghana has often struggled to safeguard revenues.
The OSP has not yet released a formal charge sheet against Dr. Sledge, but officials say investigations are advanced and could soon result in prosecution if enough evidence is gathered.
Implications for MIIF And Gold Programmes
The Minerals Income Investment Fund, created to manage and invest Ghana’s mineral royalties, has been central to several controversial deals in recent years.
The revelations surrounding Goldridge Refinery’s alleged default may fuel public skepticism over how MIIF partners are selected and monitored.
