By Daniel Bampoe
The arrest of Nana Yaw Duodu, popularly known as Dr Sledge, East Legon-based prominent businessman and close associate of the Attorney-General, has sent shockwaves through political and business circles.
Dr. Sledge also the Chief Executive Officer of Goldridge Refinery Limited, was taken into custody by the Office of the Special Prosecutor (OSP) after reportedly failing to meet bail conditions in an ongoing corruption investigation that is linked to funds received from Minerals Income Investment Fund (MIIF).
Friendship With the Attorney-General Raises Questions
Nana Yaw Duodu’s long-standing friendship with Attorney-General and Minister of Justice, Dr. Dominic Ayine, has stirred a debate about possible conflicts of interest.
The Attorney-General has already had to deny allegations that the businessman financed parts of his political career, including alleged contributions during his ministerial vetting process.
Critics argue that if the OSP seeks legal advice from the Attorney-General’s office in the case, questions of conflicts of interest may arise with Dr Ayine’s open admission that he took half a million cedis campaign cash from Dr Sledge.
The controversy deepens as Dr. Sledge is also a close friend of Kwame Asare Obeng, popularly known as A Plus, who has been publicly sparring with the Attorney-General over corruption allegations.
He is said to have channeled campaign cash to the NDC including two luxury buses.
This triangular relationship has thrust the businessman into an even brighter spotlight.
Alleged Financial Losses To the State
According to investigators, Ghana lost over $94 million through Goldridge Refinery’s alleged default in trade settlements under two major government initiatives: the Gold-for-Forex and Gold-for-Oil programmes.
Both schemes were launched in 2022 to reduce the country’s reliance on foreign exchange, stabilise the cedi, and cut the cost of importing fuel.
Goldridge was a private partner meant to facilitate the trade of gold in exchange for foreign currency and crude oil. Instead, officials believe the company’s failure to deliver created a massive financial drain on the state.
The OSP suspects mismanagement and potential diversion of funds, which could amount to corruption.
Background To Goldridge Refinery
Goldridge Refinery was established to advance the ambition of refining gold domestically and adding value to its mineral resources before export. At its peak, the company positioned itself as a key player in the government’s barter trade policies.
Nana Yaw Duodu, built his fortune in the gold industry. In 2019, he exported 1.2 tons of gold worth more than $60 million, making him one of the country’s largest indigenous exporters.
He also served as Ghana’s Ambassador for “Zero Mercury in Gold Mining” under a UN-backed initiative in line with the Minamata Convention.
A Controversial Reputation
While Duodu is respected in some business circles, his name has often surfaced in political controversies.
His high-profile lifestyle has also kept him in the public eye. From a sprawling East Legon mansion to a fleet of luxury cars—including a Rolls-Royce Cullinan, Bentley Flying Spur, and Ferrari 458 Italia—Duodu has cultivated a reputation for extravagance. In December 2024, he arrived at Sarkodie’s Rapperholic concert with eight luxury cars worth millions of dollars, a display that drew nationwide attention.
OSP’s Expanding Anti-Corruption Drive
The OSP, under Special Prosecutor Kissi Agyebeng, has ramped up its investigations into the misuse of public resources, particularly in the natural resources sector.
The detention of Duodu signals an aggressive move to hold influential figures accountable.
Although no formal charges have yet been filed, sources say the probe is advanced and could result in prosecution once sufficient evidence is gathered.
Implications for MIIF And Government Programmes
The Minerals Income Investment Fund (MIIF), which manages Ghana’s mineral royalties and played a central role in structuring gold trade deals, has already faced criticism over opaque partnerships.
The Goldridge scandal may worsen public skepticism about how MIIF selects and supervises its partners.
For now, the arrest of the Attorney-General’s close friend has fueled both political and economic concerns, raising the stakes in the fight against corruption and putting renewed pressure on the government to ensure transparency in resource management.
