Goldridge Refinery CEO Released on Bail in MIIF Corruption Probe as Ghana’s Anti-Corruption Drive Intensifies
ACCRA – Dr. Michael Sledge, the Chief Executive Officer of Goldridge Refinery, has been released on bail after being arrested by Ghana’s Office of the Special Prosecutor (OSP) as part of an ongoing corruption investigation involving the Minerals Income Investment Fund (MIIF). The high-profile case has sent shockwaves through Ghana’s mining and financial sectors, highlighting the government’s intensified anti-corruption campaign targeting alleged malfeasance in the management of the country’s mineral resources.
The arrest and subsequent bail release mark a significant development in what investigators describe as a complex probe into potential financial irregularities and abuse of office within Ghana’s gold refining industry. The OSP, established to investigate and prosecute corruption cases involving public officers, has been increasingly active in recent months, with this case representing one of its most prominent investigations to date involving both private sector and public institution figures.
The Arrest and Investigation Details
Dr. Sledge was taken into custody by OSP officials following a series of coordinated operations that included searches at multiple locations connected to Goldridge Refinery. The investigation centers on allegations of corruption and financial misconduct in the refinery’s dealings with MIIF, the state-owned entity responsible for managing Ghana’s equity interests in mining companies and maximizing mineral revenue for national development.
“The suspect was arrested on Tuesday in connection with ongoing investigations into suspected corruption and corruption-related offenses involving the Minerals Income Investment Fund and Goldridge Refinery,” confirmed a statement from the Office of the Special Prosecutor. “The investigation focuses on alleged acts that may have caused significant financial loss to the state and undermined the integrity of Ghana’s mineral revenue management system.”
While specific details of the allegations remain under investigation, sources familiar with the matter indicate the probe is examining potential irregularities in contractual agreements, questionable financial transactions, and possible favoritism in the allocation of refining rights and privileges. The OSP has been gathering evidence for several months, including financial records, communication logs, and testimony from multiple witnesses within both the public and private sectors.
Goldridge Refinery, which holds a significant position in Ghana’s gold processing industry, has been a key partner in the government’s efforts to add value to the country’s mineral resources locally rather than exporting raw materials. However, this partnership has now come under intense scrutiny as authorities examine whether proper procedures were followed in the company’s dealings with state institutions. For comprehensive coverage of Ghana’s anti-corruption efforts and business developments, African News Desk’s Ghana news section provides continuous updates and analysis.
Legal Proceedings and Bail Conditions
After spending a night in custody, Dr. Sledge was granted bail by the High Court in Accra under strict conditions designed to ensure his cooperation with the ongoing investigation. The bail amount, set at GH¢5 million with three sureties, reflects the seriousness of the allegations and the high-profile nature of the case. All sureties are required to be justified, meaning they must demonstrate the financial capacity to guarantee the bail amount.
According to reports from Citi Newsroom, “The court imposed additional conditions including the surrender of the accused’s passport to the court registry, a requirement to report to the OSP twice weekly, and a prohibition on contacting potential witnesses in the case. The strict bail conditions are intended to ensure the suspect does not interfere with the investigation while the OSP continues its work.”
Legal experts note that the OSP’s decision to arrest and then release the CEO on bail suggests the investigation is at a critical stage where formal charges may be imminent. The prosecution has indicated it needs additional time to complete its review of voluminous documents and financial records obtained during the investigation. The case has been adjourned for several weeks to allow both the prosecution and defense to prepare their respective positions.
The defense team, led by prominent lawyer Samuel Atta Akyea, has maintained their client’s innocence, describing the allegations as unfounded and asserting that all of Dr. Sledge’s dealings with MIIF were conducted transparently and in accordance with established protocols. They have pledged full cooperation with the investigation while vigorously defending their client against what they characterize as unsubstantiated claims.
As the legal process unfolds, the case has drawn attention to the broader challenges facing Ghana’s efforts to combat corruption in its natural resource sector. The outcome of this investigation could have significant implications for how Ghana manages its mineral wealth and partners with private sector entities in the gold industry, which remains a cornerstone of the nation’s economy and a critical source of foreign exchange earnings.
