Hot SourceThe Office of the Special Prosecutor (OSP), early last night, granted bail to Nana Yaw Duodu, Chief Executive Officer of Goldridge Refinery Ltd, after fulfilling the necessary conditions, following an initial difficulty.
The man, nicknamed Dr Sledge, is under investigation for suspected corruption and corruption-related offences linked to the Minerals Income Investment Fund (MIIF), especially regarding the management of its gold trade programme.
The Herald has seen documents revealing that over US$119 million was lost to the state through Goldridge Refinery’s failure to honour trade settlements under the Gold for Forex and Gold for Oil initiatives.
The Herald, which has been following this matter since the beginning of the year, is informed that the OSP has been pursuing it for some months now, questioning state authorities, former officials of MIIF, various commercial banks, and rural banks, among others.
A vast amount of documents have been obtained by the OSP, including records of payments made to institutions and individuals, including politicians, by Dr Sledge and his Goldridge Refinery Ltd.
MIIF, the parent institution of Agyapa Royalties Limited, an offshore company established by the Akufo-Addo government, disbursed millions of dollars to Dr Sledge and his Goldridge Refinery Ltd. for the purchase of gold on behalf of the state-owned entity.
Dr Duodu is at the centre of an ongoing investigation into alleged corruption and related offences connected to the MIIF and its gold trading operations, as investigators suspect that lapses in Goldridge Refinery’s management of state-backed gold trade programmes, including the Gold-for-Forex and Gold-for-Oil initiatives, have cost the country more than 94 million US dollars.
The detention is part of broader efforts to uncover suspected irregularities surrounding Ghana’s gold-for-reserves deals, which were introduced as a strategic tool to stabilise the cedi and support the economy.
Ahead of the detention of Dr Sledge, Edward Nana Yaw Koranteng, the ex-Chief Executive Officer of MIIF, was prevented from leaving the country by the OSP while about to board an international flight at Kotoka International Airport on the night of 29th July 2025.
Mr Koranteng, who is also under investigation by the OSP and on enquiry bail, tried to leave the country without the necessary express permission from the OSP.
Unbeknownst to him, he had been placed on a travel watch list, commonly known as a stop list, due to the ongoing investigation. Immigration officials at the airport flagged his attempt to travel and detained him.
Damning details have emerged concerning the alleged mismanagement and misuse of Ghana’s mineral wealth during Edward Nana Yaw Koranteng’s tenure as Chief Executive Officer of the MIIF, which oversees the controversial Agyapa Royalties Limited.
One of the most startling revelations is the enormous sum allocated to Dr Sledge, who has been implicated in what seems to be a major financial raid on MIIF. His company, Goldridge Ghana Limited, received around US$119 million in two instalments.
Documents available to The Herald showed that US$94 million was initially paid to Goldridge Ghana Limited, owned by Dr Sledge, a well-known socialite in East Legon, Accra, for a gold trade deal. In November 2024, Fidelity Bank Ghana seized US$25 million of MIIF’s funds due to another financial facility MIIF guaranteed to Goldridge.
Dr Sledge is known for his ostentation and vocal presence. His extravagant fleet of luxury vehicles has featured prominently in musical events, serving as a public display of his wealth. He is allergic to being discreet.
It remains unclear whether the new MIIF management, led by Justina Nelson, is involved in retrieving the sums from him.
Interestingly, the same institution, MIIF, was responsible for managing Ghana’s mineral wealth through a subsidiary called Agyapa Mineral Royalty Limited. A decision to list it on the London Stock Exchange (LSE) was halted after it was revealed to be embroiled in a massive conflict of interest situation.
Ken Ofori-Atta, the then-Finance Minister, and Lawyer Gabby Asare-Otchere Darko, both cousins of President Nana Akufo-Addo, privately profited from transactions in the company’s name.
The NDC’s declared investigation into Agyapa Royalties Limited, launched while they were in opposition, has yet to result in any action. Increasing suspicion suggests that some of these funds were diverted to NDC affiliates during their opposition period, potentially affecting their current position and allegedly protecting Dr Sledge from investigation.
Dr Sledge’s influence reportedly extends beyond MIIF to other government bodies, including the newly established Gold Board, which he claims to have conceptualised, and the Office of the President.
The Herald has obtained reports and interviews confirming that since September 2024, Dr Sledge’s Goldridge Ghana Limited has not delivered the promised gold or allocated money, nor has the money been returned to MIIF.
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