How MIIF board blew GH¢11m on unapproved foreign trips

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Makay
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Former MIIF CEO Edward Koranteng

A 2024 audit report has exposed how the Minerals Income Investment Fund (MIIF) blew over GH¢11 million on foreign travels without government approval.

It will be recalled that in 2020, the Ministry of Finance issued a directive that no public servant shall travel on official business without clearance through the Chief of Staff.

The audit service reports revealed board and key management of MIIF spent more than GH¢11 million on foreign travel in 2024 without approval from the Chief of Staff, the sector minister, or the Chief Director.

The MIIF’s Head of Human Resources, responding to the findings, stated that all travels requiring approval from the Chief Executive Officer or Chief Director were duly cleared.

Edward Nana Yaw Koranteng, the former MIIF CEO, however, claimed the Chief of Staff at the time was notified of all the trips.

Acting MIIF CEO Justina Nelson, who appeared before the Public Accounts Committee, argued that “spending was necessary to give the Fund the visibility and capacity needed to operate its new office”.

In related news, the Office of the Special Prosecutor (OSP) has stormed the Trassaco residence of Nana Yaw Duodu, also known as Dr Sledge and his East Legon offices of Goldridge Company Limited.

The OSP raids follow ongoing investigations into the $94 million Minerals Income Investment Fund (MIIF) gold trade programme.

According to the OSP, the raid was conducted under warrants issued by the High Court in Accra, which target suspected corruption and corruption-related offences.

The OSP search led to the seizure of luxury vehicles, jewellery, firearms, and documents connected to landed properties linked to the $94m MIIF Probe.

A post by the OSP on social media read, “As part of ongoing investigations, the Office of the Special Prosecutor (OSP) today conducted searches at the Trassaco residence of Nana Yaw Duodu, also known as Dr Sledge, and at the East Legon offices of Goldridge Company Limited. The searches were carried out under warrants issued by the High Court in Accra.

Nana Yaw Duodu is under investigation for suspected corruption and corruption-related offences linked to the Minerals Income Investment Fund (MIIF) gold trade programme, which allegedly caused a loss of US$94 million to the State.

The OSP’s Asset Recovery and Management Team seized several items, including luxury vehicles, jewellery, weapons, and documents relating to landed properties”.

It will be recalled that, in September, Dr Sledge was detained by the OSP after he reportedly failed to meet bail conditions.

He was later released from the custody of the OSP after meeting his bail conditions on Monday, September 29.

Dr Sledge is under investigation for suspected corruption and corruption-related offences linked to the Minerals Income Investment Fund (MIIF), gold trade programme.

In February 2025, the Special Prosecutor, Kissi Agyebeng, revealed the probe into the alleged corruption at the MIIF, alleging that over $94 million in state funds were lost through Goldridge Refinery’s failure to honour trade settlements under the Gold for Oil initiatives.

Meanwhile, the Minerals Income Investment Fund has said its internal investigations on the 90 million loss showed the fund disbursed the cedi equivalent of $30 million in three tranches of $10 million each to Goldridge.

They also explained that the its participation Gold for Oil programme did not involve any direct capital outlay from the fund.

Reports suggest the arrangement generated about $650 million in foreign exchange between February and September 2024.

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