The anti-corruption investigation into the Minerals Income Investment Fund (MIIF) has intensified, placing Goldridge Refinery Ltd at the centre of scrutiny over suspected losses running into tens of millions of dollars.
The Office of the Special Prosecutor (OSP) confirmed that Goldridge’s Chief Executive Officer, Nana Yaw Duodu, popularly known as Dr. Sledge, has been released on bail after meeting his bond conditions on Monday, September 29. He is under investigation for alleged corruption and corruption-related offences tied to the state fund’s gold trade programmes.
Allegations of Financial Losses
The probe stems from concerns over the management of MIIF’s gold-related transactions, particularly under the Gold for Forex and Gold for Oil initiatives. Investigators allege that Goldridge Refinery’s failure to honour trade settlements may have led to the loss of over $94 million in state funds.
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Earlier this year, Special Prosecutor Kissi Agyebeng announced a sweeping inquiry into MIIF’s operations, targeting payments, contracts, and settlements connected to several high-profile initiatives. Goldridge Refinery, as the fund’s first major aggregator, has since emerged as a key player under review.
MIIF’s Clarifications
MIIF has, however, disputed suggestions of a $90 million direct loss, clarifying that its internal reviews indicated the fund disbursed the cedi equivalent of $30 million in three tranches of $10 million each to Goldridge in 2023. According to MIIF, this revolving arrangement generated an average of about $60 million per month in returns over eleven months.
On the Gold for Oil programme, MIIF stressed that it did not release direct capital to Goldridge. Instead, bulk oil distribution companies channelled cedi resources to MIIF’s Trade Desk through the Chamber of Bulk Oil Distributors — a process that reportedly yielded about $650 million in foreign exchange between February and September 2024, used to support fuel imports.
Ongoing Investigations
Despite these clarifications, the OSP maintains that significant questions remain about accountability and potential financial impropriety. Sources close to the investigators told Citi News that Dr. Sledge is required to report to the OSP every Tuesday as the probe widens.
The case has attracted national attention, not only because of the staggering sums involved but also due to its implications for Ghana’s efforts to strengthen transparency in the extractive and energy sectors.
Growing Scrutiny
Analysts say the spotlight on Goldridge Refinery underscores the need for tighter oversight of state-linked trade programmes, particularly those involving precious minerals and foreign exchange management. With the probe still ongoing, it remains unclear whether the allegations will translate into prosecutions or policy reforms.
For now, however, Goldridge Refinery remains firmly in the spotlight as the MIIF corruption investigation deepens.
