By Issah Olegor
The Office of the Special Prosecutor (OSP) has intensified its investigations into the controversial $94 million gold trade scandal involving the Minerals Income Investment Fund (MIIF), conducting high-profile searches at the Trassaco residence of businessman Nana Yaw Duodu, popularly known as Dr. Sledge, and at the East Legon offices of his company, Goldridge Refinery Limited.
The searches, sanctioned by a High Court warrant in Accra, form part of the OSP’s broader probe into alleged corruption and financial malfeasance tied to the government’s gold-for-trade initiatives.
According to officials close to the investigation, OSP agents from the Asset Recovery and Management Team seized luxury vehicles, expensive jewellery, weapons, and key documents relating to real estate and corporate transactions believed to be linked to the case.
The Heart of the Investigation
At the center of the storm is Goldridge Refinery Limited, a private entity that partnered with the Minerals Income Investment Fund in a gold trading arrangement under the government’s Gold-for-Forex and Gold-for-Oil programmes.
The initiatives, launched in 2022, were meant to stabilise the cedi and reduce fuel import costs through barter trade using gold reserves.
However, investigators allege that Goldridge failed to deliver on contractual obligations, causing the state to lose over US$94 million.
The OSP suspects the losses stemmed from mismanagement, inflated transactions, and potential diversion of funds, with elements of criminal conduct under the Anti-Corruption Act.
The Arrest That Sparked a Storm
Earlier this month, the OSP arrested Dr. Sledge, who has long been a visible figure in the gold export business and social circles.
His arrest, reportedly triggered by a failure to meet bail conditions, sent shockwaves through the political establishment due to his close personal relationship with Attorney-General and Minister of Justice, Dr. Dominic Ayine.
The relationship between the two men has now come under scrutiny, especially after reports surfaced that Dr. Ayine admitted to receiving GH¢500,000 in campaign support from Dr. Sledge during his political career.
Critics have questioned whether the Attorney-General’s office can independently advise or represent the state in a case involving one of his political benefactors, describing it as a potential conflict of interest.
A Businessman Under the Spotlight
Before the scandal, Dr. Sledge had cultivated an image as a successful entrepreneur and philanthropist. As the founder and Chief Executive Officer of Goldridge Refinery Limited, he spearheaded efforts to make Ghana a hub for value-added gold exports.
In 2019, his company exported 1.2 tonnes of gold worth over $60 million, earning him a reputation as one of the country’s top indigenous exporters.
His company also gained prominence for promoting “Zero Mercury in Gold Mining”, a UN-backed initiative aligned with the Minamata Convention, and he was appointed the ambassador for the project.
Yet, his lavish lifestyle — marked by luxury cars, opulent properties, and celebrity friendships — has often drawn public attention.
In December 2024, he made headlines after arriving at rapper Sarkodie’s “Rapperholic” concert with a convoy of eight exotic cars, including a Rolls-Royce Cullinan, Bentley Flying Spur, and Ferrari 458 Italia, a display many saw as emblematic of the widening wealth gap.
Political Web and Fallout
The scandal’s political dimension is deepened by Dr. Sledge’s close ties to controversial musician and political activist Kwame Asare Obeng (A Plus), who has been a vocal critic of the Attorney-General.
Sources allege that the businessman also made financial and logistical contributions to the National Democratic Congress (NDC), including the donation of two luxury buses during the 2020 campaign season.
The triangular relationship between Dr. Sledge, Dr. Ayine, and A Plus has turned the case into a political firestorm, with opposition figures calling for parliamentary oversight into the Attorney-General’s dealings with private individuals under investigation.
OSP’s Anti-Corruption Crusade Expands
The searches mark a significant escalation in the OSP’s anti-corruption campaign, which has increasingly targeted the natural resources sector. Under Special Prosecutor Kissi Agyebeng, the office has pursued high-profile cases involving revenue mismanagement, illegal mining, and procurement fraud.
Although no formal charges have yet been filed against Dr. Sledge, sources indicate that the case has reached an advanced stage and may soon move to court once the Special Prosecutor concludes forensic analysis of seized materials.
