The Economic and Organised Crime Office (EOCO) has discontinued its investigation into the acquisition of the Prestea-Bogoso Mine by Heath Goldfields Ltd, citing a lack of sufficient evidence to proceed with the probe.
After months of scrutiny over allegations of fraudulent activities linked to the takeover, EOCO has officially cleared Heath Goldfields, lifting its freezing orders on the company’s accounts and allowing the transaction to move forward.
In a letter dated February 10, 2025, and addressed to the Managing Director of Heath Goldfields, EOCO confirmed the discharge of its freezing orders.
The letter, signed by Acting Executive Director Abdulai Bashiru Dapilah, revealed that the anti-graft body had conducted a preliminary investigation into the transaction between Heath Goldfields and the Minerals Commission following allegations of document falsification.
However, EOCO concluded that there was no sufficient evidence to warrant further action.
Background of the Controversy
The Prestea-Bogoso Mine, formerly owned by Future Global Resources (FGR), a subsidiary of Blue Gold International, has been at the center of controversy since its acquisition.
The mine had been inactive since December 2023 due to financial constraints, with the Ghana Mine Workers Union (GMWU) confirming that operations had stalled, leading to power disconnections by the Volta River Authority (VRA) and GRIDCo over unpaid debts.
In November 2024, the government approved the acquisition of the mine by Heath Goldfields Ltd, a Ghanaian-owned company, in a bid to revive operations, secure jobs, and restore economic activity in the region.
However, FGR, which had been preparing to list on the New York Stock Exchange, challenged the transaction, arguing that the mine was wrongfully taken from them and handed over to a local company with limited capital.
The company subsequently issued a dispute notice to the Ministry of Lands and Natural Resources and the Minerals Commission, threatening legal action.
EOCO’s Investigation and Freezing Order
EOCO initiated its investigation in December 2024 after receiving allegations of fraud in the acquisition process.
The Office directed the Minerals Commission to provide documents related to the mine’s registration and imposed a freeze on the transaction, invoking Section 33 of the EOCO Act, 2010 (Act 804), which empowers the agency to halt transactions under investigation.
With the latest decision to drop the case due to insufficient evidence, Heath Goldfields can now proceed with its operations at the Prestea-Bogoso Mine.
However, it remains to be seen whether FGR will follow through with its legal challenge to reclaim ownership of the mine.
Story by: Joshua Kwabena Smith