KEY POINTS
- EOCO dropped its probe into the Prestea-Bogoso Mine sale.
- The investigation found no evidence of fraudulent activity.
- Heath Goldfields can now proceed with mining operations.
The Economic and Organised Crime Office (EOCO) has officially discontinued its investigation into the acquisition of Prestea-Bogoso Mine by Heath Goldfields Ltd, citing insufficient evidence to support allegations of fraudulent activity.
After months of scrutiny, EOCO informed Heath Goldfields in a February 10, 2025, letter that the agency had lifted all freezing orders on the company’s accounts, allowing the transaction to proceed.
Signed by Ag. Executive Director Abdulai Bashiru Dapilah, the letter stated that the investigation had initially been launched due to claims of falsification of official documents.
However, the available evidence led EOCO to make a decision not to continue the probe.
Background of the controversial takeover
The Prestea-Bogoso Mine, previously owned by Future Global Resources (FGR), had been struggling financially since December 2023, leading to a complete halt in operations.
According to Graphic Online, the Ghana Mine Workers Union raised concerns about the impact of the mine’s closure, which resulted in power cuts by the Volta River Authority and GRIDCo due to unpaid debts.
In November 2024, the Ghanaian government approved the mine’s sale to Heath Goldfields Ltd, a local company that pledged to revive mining activities, secure jobs, and stimulate economic growth.
However, the acquisition was met with resistance from FGR, which had plans to list on the New York Stock Exchange.
The company challenged the government decision, as they believed the mine transfer violated the law by giving it to an organization with small financial resources.
FGR filed an official complaint with both the Ministry of Lands and Natural Resources and Minerals Commission, while threatening to use legal processes to prevent the takeover.
EOCO’s investigation and withdrawal
EOCO launched its investigation in December 2024 following allegations of fraudulent activity in the acquisition process. The agency froze the transaction and requested documentation from the Minerals Commission to verify the registration process.
The freeze was carried out under Section 33 of the EOCO Act, 2010 (Act 804), which allows the agency to halt transactions while under review.
EOCO concluded its investigation, as it discovered no solid evidence of wrongdoings which led to the case dismissal.
Heath Goldfields can implement its plans for Prestea-Bogoso Mine revival, following the investigative conclusion.
