The Office of the Special Prosecutor (OSP) has announced a significant escalation in its anti-corruption mandate, revealing that two of its highest-value probes—one involving the state’s Minerals Income Investment Fund (MIIF) and the other targeting a vast fuel diversion syndicate—have reached “advanced stages”.
In an update posted to its official Facebook page on Saturday, November 22, the OSP reaffirmed its core principle: that its aggressive pursuit of financial crimes remains strictly anchored in due process, transparency and the protection of the public interest.
The US$94 Million MIIF Gold-Trading Scandal
The highest-stakes investigation centres on a gold-trading arrangement introduced to bolster Ghana’s gold-for-oil and reserves programme. This scheme involved the state-backed MIIF (established under the Minerals Income Investment Fund Act, Act 978 of 2018) and a private firm, Goldridge Company Limited.
The OSP is investigating indications that the state may have advanced about US$94 million for gold purchases that were not fully delivered. This potential financial loss to the Republic has spurred the OSP into intense action.
OSP Actions to Date: As part of the probe, the OSP has already utilized its statutory powers to take severe restrictive measures:
-Freezing of accounts
-Seizure of assets
-Restrictions placed on the movement of some individuals
The most high-profile subject in this case is Nana Yaw Duodu, also known as Dr. Sledge, the Chief Executive Officer of Goldridge Company Limited.
Dr. Sledge was initially invited and subsequently detained in September 2025 after failing to meet bail conditions. Furthermore, in October, the OSP executed coordinated raids on Dr. Sledge’s Trassaco residence and the East Legon offices of Goldridge Company Limited.
The 30-Company Fuel Diversion Scheme
The second investigation involves an extensive, multi-million cedi fuel-diversion scheme that spans across Ghana’s petroleum sector.
The OSP is targeting more than 30 Oil Marketing Companies (OMCs) for allegedly diverting subsidized and taxed petroleum products.
The OMCs are accused of diverting critical fuel types, including marine gas oil, premix fuel, and diesel. Such illegal diversions lead to major revenue leakage for the state, as taxes and levies meant for national development are lost.
The OSP says that efforts are underway to recover millions of cedis that should have accrued to the state from this illicit activity.
High-Profile Cases Already Before the Courts
In addition to these two maturing investigations—the MIIF/Goldridge probe and the OMC fuel diversion ring—the OSP confirmed that several other major cases are already in the prosecution phase.
The Office noted that: “in addition to these two maturing cases, several others — including the National Petroleum Authority (NPA) and Strategic Mobilisation Ghana Limited (SML) matters — are already before the courts.”
The OSP concluded by stressing that its mandate extends beyond just investigation and prosecution. The agency is equally focused on the recovery and effective management of state assets as these high-value cases advance towards possible conviction.
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Source: myjoyonline.com
