The Chief Executive Officer of Goldridge Refinery Limited, Dr. Sledge Nana Yaw Duodu, has been arrested by the Office of the Special Prosecutor (OSP) in a significant anti-corruption operation. Dr. Duodu is currently being held for questioning regarding his suspected role in corruption and corruption-related offences connected to the operations of the Minerals Income Investment Fund (MIIF).
The core of the investigation focuses on the management of Ghana’s national gold trade programme, which includes the government’s much-publicized Gold for Forex and Gold for Oil initiatives. The OSP has confirmed that the CEO is a key suspect in one of its ongoing high-profile investigations aimed at sanitizing the gold value chain.
The investigation was launched following serious allegations that the state suffered a monumental financial loss, estimated to be over USD94 million, due to Goldridge Refinery’s failure to fulfill its obligations under various trade settlements. These settlements were central to the Gold for Forex and Gold for Oil programmes, which were designed to stabilize the national currency and secure critical petroleum supplies by utilizing Ghana’s gold reserves.
The alleged failure of Goldridge to honour these trade commitments directly resulted in the substantial loss to the public purse, prompting the OSP to take action and arrest the CEO to assist with their inquiries.
The move by the OSP signals a heightened commitment to prosecuting high-level financial crime and tackling corruption within the extractive sector, particularly involving state assets managed by the MIIF. While specific charges against Dr. Duodu have not yet been formally published, the gravity of the alleged loss to the state—which involves millions of dollars meant to shore up Ghana’s economy—suggests a case that could have major political and economic implications.
The Ghanaian public will be keenly watching the OSP’s next steps as it seeks to recover the lost funds and hold those responsible accountable for the alleged breaches of trust.
Ruth Abla ADJORLOLO
