OSP detains Goldridge CEO over $119m MIIF gold trade scandal

The Minerals Income Investment Fund (MIIF) is at the center of controversy following revelations that about $119 million in mineral royalties may have been mismanaged.

The scandal involves Dr. Sledge Nana Yaw Duodu, Chief Executive Officer of Goldridge Refinery Ltd., who remains in the custody of the Office of the Special Prosecutor (OSP) after failing to meet bail conditions. Investigations suggest that over $94 million in public funds allegedly disappeared through failed gold trade settlements linked to Goldridge’s participation in the Gold for Forex and Gold for Oil programmes. In addition, a $25 million overdraft facility from MIIF remains unpaid, bringing the total financial loss to $119 million.

Between August 2023 and September 2024, MIIF recorded $1.02 billion in gold export inflows under its Commodities Trading Programme. However, large disbursements remain unaccounted for. Allegations include GHC2.2 billion ($150 million) released to aggregators without clear justification, GHC240 million spent on AstroTurf pitches and a mining museum, GHC84.8 million ($5 million) on untraceable mining equipment, and GHC1.4 billion ($82 million) invested in equity stakes in companies such as Electrochem and Atlantic Lithium.

Individuals named in the transactions include MIIF’s Legal Manager Nana Serwaa Owusu, Head of Legal and Compliance Daniel Imadi, Chief Investment Officer Bubune Sorkpor, CEO Edward Nana Yaw Koranteng, and Board Chair Prof. Douglas Boateng. Bulk Oil Distribution Companies (BDCs) are also reported to have about $30 million locked up in Goldridge’s accounts.

The outcome of the OSP’s investigations will determine the future of the case, as public attention remains fixed on whether those implicated in the alleged scandal will be held accountable.