OSP signals major breakthroughs in two high-value corruption probes

Office of the Special Prosecutor (OSP) says two of its most far-reaching corruption investigations—one into a multi-million-dollar gold-trading arrangement and another involving widespread fuel diversion—are nearing critical milestones.

In a statement published on its official Facebook page on Saturday, 22 November, the OSP framed the latest developments as part of its broader push to protect public resources while maintaining strict adherence to due process.

The more substantial of the two inquiries concerns a gold-purchasing initiative linked to the country’s gold-for-oil programme. The arrangement involved the Minerals Income Investment Fund (MIIF), created under Act 978, and private operator Goldridge Company Limited.

According to investigators, approximately US$94 million of state funds may have been advanced for gold that was either partially delivered or not delivered at all.

As part of its intervention, the OSP has taken what it called “stringent statutory measures,” including:

Freezing bank accounts

Seizing assets

Restricting the movement of individuals linked to the transaction

At the centre of the case is Nana Yaw Duodu, also known as Dr Sledge, the CEO of Goldridge. He was arrested in September after failing to satisfy bail requirements, and the OSP subsequently conducted searches at his Trassaco residence and at the company’s East Legon premises.

Running parallel to the MIIF probe is an expansive investigation into the alleged diversion of petroleum products by more than 30 Oil Marketing Companies (OMCs).

The companies are suspected of illegally redirecting marine gas oil, premix fuel and diesel—products heavily regulated due to subsidies and levy structures.

Officials say the diversions have deprived the state of significant revenue, and efforts are underway to recover “millions of cedis” believed to have been lost.

The OSP noted that, aside from the two investigations approaching completion, several major prosecutions are already active in court. These include matters involving the National Petroleum Authority (NPA) and Strategic Mobilisation Ghana Limited (SML).

The agency stressed that its remit goes beyond prosecution, underscoring that asset recovery and safeguarding state property remain core priorities as the cases progress.