The Chief Executive Officer of Goldridge Refinery Ltd, Nana Yaw Duodu, popularly known as Dr. Sledge, has been released from the custody of the Office of the Special Prosecutor (OSP) after meeting his bail conditions on Monday, September 29.
Duodu is under investigation for suspected corruption and corruption-related offences linked to the Minerals Income Investment Fund (MIIF), particularly concerning its gold trade programme.
In February 2025, Special Prosecutor Kissi Agyebeng announced a probe into alleged corruption and related offences within MIIF’s operations, with a focus on payments and transactions tied to major projects.
It is alleged that over $94 million in state funds were lost due to Goldridge Refinery’s failure to honour trade settlements under the Gold for Forex and Gold for Oil initiatives.
The case has attracted significant public interest, as both programmes were designed to stabilise Ghana’s foreign exchange reserves and support energy security. Analysts say the outcome of the investigation could have broad implications for how natural resource revenues are managed and accounted for in the future.
The Minerals Income Investment Fund earlier addressed widespread reports of a $90 million loss. In its clarification, MIIF stated that its internal review showed the fund disbursed the cedi equivalent of $30 million in three tranches of $10 million each to Goldridge, its first aggregator, in 2023.
According to MIIF, this revolving monthly outlay generated an average of $60 million per month over eleven months.
The Fund further explained that its participation in the now-terminated Gold for Oil programme did not involve any direct capital outlay. Instead, oil bulk distribution companies provided cedis to MIIF’s Trade Desk through the Chamber of Bulk Oil Distributors.
This arrangement reportedly generated about $650 million in foreign exchange between February and September 2024, which was used to support the payment of fuel imports.
Sources at the OSP told Citi News that Dr. Sledge is expected to report to investigators every Tuesday as the probe continues.
The investigation remains ongoing, with further scrutiny into both Goldridge Refinery’s role and MIIF’s broader financial management of state resources. Legal experts believe the case will test Ghana’s commitment to financial accountability, especially in high-value resource transactions.
