The 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 his bail conditions.
Dr. Duodu is at the centre of an ongoing probe into suspected corruption and corruption-related offences connected to the Minerals Income Investment Fund (MIIF) and Ghana’s gold trade initiatives.
Investigators suspect that Ghana lost more than USD 94 million through Goldridge Refinery’s failure to honour trade settlements under the Gold for Forex and Gold for Oil programmes.
These initiatives were introduced by the government to strengthen Ghana’s currency reserves and reduce dependence on foreign exchange for essential imports such as petroleum.
However, allegations suggest that Goldridge Refinery did not deliver on its obligations, causing significant financial losses to the state.
According to JoyNews sources, Dr. Duodu had initially been granted bail by the OSP but was taken into custody after he failed to satisfy the stipulated conditions. The OSP has not disclosed the specific bail requirements or the reasons he was unable to meet them.
Legal experts note that failure to meet bail terms allows the investigating body to lawfully detain the suspect while continuing its inquiry.
Goldridge Refinery Ltd, one of the few licensed gold refineries in Ghana, has been under scrutiny over its dealings with the Minerals Income Investment Fund.
The MIIF was tasked with managing Ghana’s mineral royalties and investments to maximize national benefits. However, critics say its oversight of gold trading has been weak, leaving room for alleged mismanagement and abuse.
The OSP is investigating whether Goldridge’s agreements with the MIIF were structured and monitored properly, and if the company deliberately defaulted on settlements to the detriment of the state.
The case has drawn significant public interest because the Gold for Oil and Gold for Forex programmes were heavily promoted as flagship policies to stabilize Ghana’s economy.
If proven, the alleged $94 million loss not only undermines these initiatives but could also erode public trust in government-backed gold trade schemes.
Economists warn that such losses weaken Ghana’s fiscal resilience and expose loopholes in the management of natural resource revenues.
The Office of the Special Prosecutor, led by Kissi Agyebeng, has in recent months intensified its investigations into high-profile corruption cases.
This latest action against Dr. Duodu signals the OSP’s determination to pursue alleged economic crimes that affect Ghana’s mineral wealth and financial stability.
Dr. Duodu will remain in custody until he either meets his bail conditions or is brought before court.
The OSP is expected to press formal charges if it establishes sufficient evidence of wrongdoing.
MIIF’s role in the alleged scandal may also come under deeper parliamentary and public scrutiny.
For now, Ghana awaits further details from the Special Prosecutor’s office on how one of the country’s most ambitious economic programmes became entangled in a potential multi-million-dollar scandal.
