KEY POINTS
- OSP detains Goldridge CEO over corruption probe.
- Alleged $94 million loss from state gold programme.
- Case casts shadow on Ghana’s Gold for Oil, Gold for Forex schemes.
Ghana’s Office of the Special Prosecutor (OSP) has detained Dr. Sledge Nana Yaw Duodu, the chief executive officer of Goldridge Refinery Ltd, after he failed to meet bail conditions.
Duodu is under investigation for suspected corruption and related offences linked to the Minerals Income Investment Fund (MIIF) and its flagship gold trade programme.
$94 million state loss alleged
Investigators allege that Goldridge Refinery failed to honour trade settlements under the Gold for Forex and Gold for Oil initiatives, resulting in losses estimated at more than US$94 million to the state.
The two programmes were designed to stabilise Ghana’s currency and ease fuel import pressures by leveraging the country’s gold reserves. Authorities fear that lapses in settlement obligations undermined both fiscal targets and energy security.
Bail conditions unmet
Report says that Duodu was granted bail but failed to satisfy the conditions, leading to his detention by the OSP. Officials have not disclosed the full terms of the bail package or when he is likely to reappear before investigators.
The OSP has further ramped up its scrutiny of the gold sector, which has emerged as a critical pillar of Ghana’s economic recovery efforts.
Broader probe into gold trade
The Goldridge case underscores the financial risks facing the government’s barter initiatives, which rely on private refiners and traders to execute settlements.
MIIF officials have not publicly commented on the alleged shortfall. Analysts say the episode could raise further questions about oversight, contract enforcement, and governance in Ghana’s extractive sector.
