EOCO discontinues investigation into Heath Goldfields' acquisition of Prestea-Bogoso Mine

The Economic and Organised Crime Office (EOCO) has discontinued its investigation into the acquisition of the Prestea-Bogoso Mine by Heath Goldfields Ltd, citing insufficient evidence to proceed with the probe. 

This decision comes after months of scrutiny into allegations of fraudulent activities surrounding the takeover of the mine, which has been a subject of controversy since late 2024.

In a letter dated February 10, 2025, addressed to the Managing Director of Heath Goldfields, EOCO confirmed that it had discharged its freezing orders on the company’s accounts, effectively allowing the transaction to proceed. 

The letter, signed by Ag. Executive Director Abdulai Bashiru Dapilah, stated that the Office had commenced a preliminary investigation into the transactions between Heath Goldfields and the Minerals Commission following allegations of falsification of official documents. 

However, EOCO concluded that it could not establish sufficient evidence to continue the investigation.

Background of the controversy

The Prestea-Bogoso Mine, previously owned by Future Global Resources (FGR), a subsidiary of Blue Gold International, had been inactive since December 2023 due to financial constraints. The Ghana Mine Workers Union (GMWU) reported that the mine’s operations had stalled, leading to power cuts by the Volta River Authority and GRIDCo over unpaid debts. In November 2024, the government approved the acquisition of the mine by Heath Goldfields Ltd, a Ghanaian-owned company, with the aim of revamping operations, securing jobs, and restoring economic activity in the region.

However, the takeover has been marred by disputes. FGR, which had been preparing to list on the New York Stock Exchange, contested the government’s decision, claiming that the mine was wrongfully taken from them and handed over to a local company with limited capital. FGR issued a notice of dispute to the Ministry of Lands and Natural Resources and the Minerals Commission, threatening legal action to halt the transaction.

EOCO’s investigation and freezing order

EOCO’s investigation into the matter began in December 2024, following allegations of fraud in the acquisition process. The Office directed the Minerals Commission to provide documents related to the registration process and froze the transaction pending the outcome of the investigation. The freeze was based on Section 33 of the EOCO Act, 2010 (Act 804), which grants EOCO the authority to halt transactions under investigation.