Fidelity Bank has reportedly seized $25 million in reserves belonging to the Minerals Income and Investment Fund (MIIF), following accusations of mismanagement. As reported by The Herald, the scandal involves major financial discrepancies that occurred during the leadership of the recently removed CEO, Edward Nana. In response, President Akufo-Addo has named a new acting CEO for the Fund.
The controversy stems from MIIF’s dealings with Gold Ridge Limited, owned by Dr. Sledge Nana Yaw, also known as “Sledge.” Acting as a gold aggregator, Gold Ridge received an overdraft facility from MIIF through Fidelity Bank, intended to be repaid in foreign currency after gold sales. However, Gold Ridge defaulted, resulting in Fidelity seizing MIIF’s funds in November 2024.
Further examination reveals MIIF provided Gold Ridge with mineral resources valued at $94 million under a gold aggregation program. Unfortunately, none of the expected foreign exchange earnings from these sales were transferred back to MIIF, causing a total loss of the investment. Currently, Gold Ridge owes MIIF approximately $190 million.
This arrangement, originally structured by the Ministry of Finance to manage mineral royalties more effectively, instead led to extensive financial losses. Senior officials within MIIF — including Legal Head Nana Sewa, Investment Chief Daniel Imadi, and Board Chairman Professor Douglas — were reportedly aware of the transactions.
To complicate matters further, Gold Ridge is also linked to Bulk Oil Distribution Companies (BDCs), which have allegedly lost around $30 million in related business dealings.
Now, there is growing pressure on the Finance Ministry to fully disclose details of the scandal. Stakeholders are also demanding accountability regarding the failed Agyapa Mineral Royalty Limited investment. The case is emerging as a major test of transparency and oversight in Ghana’s mineral revenue management.
Source
From Opera News
