Ghana’s Minerals Fund’s US$119 million repayment in limbo, as A-G drops bombshell
The partnership between Nana Yaw Duodu, alias “Dr Sledge”, founder and Chief Executive Officer (CEO) of Goldridge Ghana Limited, and Kwame Asare Obeng, alias “A-Plus” and the Member of Parliament (MP) for Gomoa Central, is fast emerging as a significant liability for the Mahama administration.
The Herald’s investigations, reveal that some elements within the governing National Democratic Congress (NDC), while in opposition, engaged in dealings with “Dr Sledge,” in which money exchanged hands through campaign financing, something Attorney General and Minister for Justice, Dr Dominic Ayine, confessed to at a press conference on Wednesday.
It is widely believed that, these transactions are now impeding efforts to take certain drastic actions in the national interest, including recovering public funds pumped into questionable ventures under the Akufo-Addo administration.
Damning details, have emerged regarding the alleged mismanagement and misuse of Ghana’s mineral wealth under the leadership of Edward Nana Yaw Koranteng, the Chief Executive Officer of the Minerals Income and Investment Fund (MIIF), which manages the controversial Agyapa Royalties Limited.
Among the most startling revelations, is the staggering amount allocated to Dr Sledge, who has been named in connection with what appears to be a major financial raid on MIIF. His company, Goldridge Ghana Limited, received approximately US$119 million in two tranches.
Documents available to The Herald, showed that US$94 million was first paid to Goldridge Ghana Limited, owned by Dr Sledge, a well-known socialite in East Legon, Accra, for a gold trade deal.
In November 2024, Fidelity Bank Ghana, seized US$25 million of MIIF’s funds due to another financial facility MIIF guaranteed to Goldridge.
Dr Sledge, known for his ostentation and vocal presence, is a close associate of A Plus. His extravagant fleet of luxury vehicles, has featured prominently in musical events as a public display of wealth. He is allergic to being discreet.
It is unclear, if the new MIIF management, led by Justina Nelson, has retrieved the sums from him.
Interestingly, the same institution—MIIF—was to manage Ghana’s mineral wealth through a subsidiary called Agyapa Mineral Royalty Limited.
A decision to list it on the London Stock Exchange (LSE) was suspended after it emerged that it was riddled with a conflict of interest.
Ken Ofori-Atta, the then-Finance Minister, and Lawyer Gabby Asare-Otchere Darko, both cousins of President Nana Akufo-Addo, privately profited from transactions in the company’s name.
The NDC’s avowed investigation into Agyapa Royalties Limited, while in opposition, is yet to see action.
There is growing suspicion that portions of these funds were channelled to NDC affiliates during their time in opposition, possibly influencing their current stance and allegedly shielding Dr Sledge from scrutiny.
His influence reportedly extends beyond MIIF to other government institutions, including the newly established Gold Board, which he claims to have conceptualised, and the Office of the President.
Dr Sledge also finds himself at the heart of a public dispute between Attorney General and Minister for Justice, Dr Dominic Ayine, and A Plus.
This feud, rooted in mutual accusations of corruption, has garnered significant public attention, with Dr Sledge’s name repeatedly surfacing as a central figure.
The Herald has obtained reports and interviews confirming that since September 2024, Dr Sledge’s Goldridge Ghana Limited has not delivered the promised gold or allocated money, nor has the money been returned to MIIF.
Meanwhile, tensions escalated on April 30, 2025, when Dr Dominic Ayine, publicly addressed allegations made by A Plus, who had accused him of corruption in a social media post.
A-Plus alleged that Dr Ayine manipulated the Sanitation and Pollution Levy passage in 2021 for personal gain and restructured a parliamentary committee to favour an associate. He also accused him of accepting campaign funds from Dr Sledge and other benefactors.
Dr Ayine, denied the claims outright, calling them baseless and challenging A Plus to produce evidence.
“I was not involved in the passage of the Sanitation Levy, nor was I a Member of Parliament’s Finance Committee,” Dr Ayine stated. “If receiving campaign donations is corruption, then all 276 MPs, including Mr Obeng, are guilty.”
He further challenged A-Plus to report him to the police or hold a press conference, daring him to explain his knowledge of the National Service ghost name scandal. However, the Gomoa Central MP launched a counterattack on Attorney General and Minister for Justice, Dr. Dominic Ayine.
A-Plus had earlier taken to social media to accuse Dr. Ayine of corruption and complicity in a controversial sanitation levy deal, which he claimed was manipulated to benefit individuals close to the Attorney General.
Responding to the claim at a press briefing on Wednesday, April 30, Dr. Ayine stated that the Independent MP may have mistaken a campaign donation from one Mr. Sledge, a resident of East Legon, as a bribe. Reaffirming his commitment to accountability, Dr. Ayine challenged the MP, saying, “If you have evidence against me, bring it out. I have sufficient reserves of integrity to do this job.”
But A-Plus doubled down on his claims in a fiery social media post following the press conference. He clarified that the Attorney General had allegedly approached the said individual to solicit GH¢500,000 to influence the Appointments Committee of Parliament.
“No! That is not true. What I said was that, according to my information, you went to beg for GH¢500,000 to bribe the Appointments Committee of Parliament,” A Plus insisted.
He added, “And for your information, you are not the only one. If you are an old fool, I’ll reset your brain. Stupid man!”
Dr. Ayine dismissed the accusations as “palpable falsehoods,” insisting he was not a Member of Parliament’s Finance Committee when the sanitation levy was passed and could not have influenced its approval.
Dr Sledge, whose wealth and flamboyance are well documented, is no stranger to public scrutiny.
In 2019, he exported 1.2 tonnes of gold valued at over US$60 million, making him Ghana’s largest indigenous gold exporter at the time. He serves on the boards of Shanti Corp and Magnate Holding Company in Hong Kong. The United Nations is said to have appointed him Ghana’s Ambassador for “Zero Mercury in Gold Mining” under the Minamata Convention.
He and his wife made headlines in 2019 after purchasing the first copy of Shatta Wale’s The Reign album for GH¢150,000. His luxurious East Legon mansion and high-end car collection—including a Ferrari 458 Italia, Rolls-Royce Cullinan, Bentley Flying Spur, and Mercedes-Maybach S-Class—have cemented his reputation for opulence.
In December 2024, he attracted attention at Sarkodie’s Rapperholic concert by arriving with a convoy of eight luxury vehicles worth millions.
There is growing speculation that Dr. Sledge has been a serial campaign financier, supporting political figures across the spectrum over the years. Despite his central role in the standoff between Dr. Ayine and A Plus, Dr. Sledge has yet to make any public comment.
During Koranteng’s tenure, the management and board of MIIF were accused of straying from their core mandate and squandering large sums on questionable initiatives, both in Ghanaian cedis and US dollars.
Established under the MIIF Act, 2018 (Act 978), and amended by Act 1024 in 2020, MIIF was tasked with maximising the value of mineral income, ensuring sustainable monetisation, and buffering the national budget against fluctuations in mineral revenues.
Yet, MIIF’s Commodities Trade Programme, introduced in August 2023, has become a source of increasing concern. Although the programme reportedly generated US$1.02 billion from the export of 449,554.99 ounces of gold doré between August 2023 and September 2024, significant financial losses have been linked to its execution.
Among the contentious expenditures is the disbursement of GHC2.2 billion (approximately US$150.6 million) to aggregators for gold trading, which violated legal provisions and led to substantial financial losses for the state.
Further spending includes GHC240 million on AstroTurf pitches and a mining museum—projects widely condemned as unnecessary and wasteful. In November 2024, MIIF reportedly spent GHC84.8 million (US$5 million) on mining equipment under a “Small-Scale Incubation Project,” yet the equipment’s whereabouts remain unknown.
Additionally, GHC1.4 billion (US$82 million) has been invested in equity stakes in firms including Asante Gold Corporation, Injaro Ventures Capital Fund, Electrochem Ghana Limited (owned by McDan), and Atlantic Lithium.
Those allegedly involved in the US$94 million transaction with Goldridge include MIIF’s Legal Manager, Nana Serwaa Owusu; head of Legal and Compliance, Daniel Imadi; Chief Investment Officer, Bubune Sorkpor; and CEO.
Despite the controversy, MIIF claims to have provided US$675.73 million in foreign exchange by the end of September 2024. This, it asserts, helped stabilise the forex market, support Bulk Distribution Companies (BDCs) in purchasing fuel, and maintain fuel price stability. Beneficiary companies reportedly include Juwel Energy Limited, Maranatha Oil Services Limited, Cirrus Oil Services, Dominion International Energy Ltd, Fueltrade Ltd, Matrix Gas, and Petroleum Warehousing and Supplies Ltd.
Nonetheless, these successes have failed to quell public concerns about alleged fund mismanagement, missing gold, and dubious investments.
Calls for accountability have intensified, especially following The Herald’s January 2025 report suggesting that Fidelity Bank had seized US$25 million of MIIF funds. The bank issued a statement refuting this, with its Director of Marketing, Esi E. Mills-Robertson, describing the reports as inaccurate.
She clarified that the transaction was a “foreign exchange pre-settlement agreement”, not a seizure, and that all outstanding amounts had been fully settled by December 2024.
She reiterated the bank’s commitment to the Gold for Forex programme, saying all transactions were conducted within agreed terms and in compliance with regulations.
However, The Herald maintains that MIIF, underwrote an overdraft facility for Goldridge Limited, which allegedly defaulted, contributing to the US$25 million shortfall. The company is now estimated to owe MIIF a total of US$119 million.
MIIF, created during President Akufo-Addo’s tenure to manage Ghana’s mineral royalties, continues to face criticism over its lending practices and financial losses, many of which are linked to its dealings with Goldridge.
Internal sources claim that senior MIIF officials—including the Legal Manager, Head of Legal and Compliance, Chief Investment Officer, CEO, and Board Chairman, Prof Douglas Boateng—were all aware of the Goldridge arrangement.
MIIF, was also responsible for overseeing Agyapa Mineral Royalty Limited, a subsidiary whose planned listing on the London Stock Exchange, was suspended, following revelations of conflicts of interest.
