The Economic and Organised Crime Office (EOCO) has launched an investigation into the acquisition of the Prestea-Bogoso Mine by Heath Goldfields Ltd, citing potential fraudulent activities surrounding the transaction.
The probe concerns the legitimacy of the process and aims to ensure compliance with Ghana’s legal and regulatory frameworks, under the scrutiny of EOCO.
In a letter dated December 23, 2024, EOCO directed the Minerals Commission to provide detailed documentation on Heath Goldfields Ltd’s registration and other related transactions concerning the mine’s acquisition.
Further, EOCO invoked Section 33 of the EOCO Act, 2010 (Act 804), freezing all activities related to the acquisition, pending the completion of its investigation. This freeze affects not only operational activities but also financial transactions connected to the mine. The move, according to sources, is to ensure that no further complications arise while the probe is ongoing. It also demonstrates EOCO’s determination to uphold transparency and accountability in the mining sector as EOCO zeroes in on the investigation.
Heath Goldfields Ltd, incorporated in February 2024 with a stated capital of GH¢10,000, acquired the Prestea-Bogoso Mine from Future Global Resources (FGR) in November 2024. FGR had itself taken over the mine from Golden Star Resources in 2020. However, the sequence of ownership transfers has faced mounting scrutiny, with questions being raised about valuation methods and compliance with due diligence requirements, a focus for EOCO.
The Ghana Mineworkers Union (GMWU) welcomed the government’s decision to grant mining leases to Heath Goldfields, describing it as a much-needed step toward reviving operations at the mine. GMWU highlighted the potential for job creation and economic recovery in the Prestea community, aspects which EOCO is closely monitoring.
Despite this, FGR has strongly opposed the transaction, arguing that the sale was improperly executed. The company has served a dispute notice to the Ministry of Lands and Natural Resources, signaling its intent to pursue legal action. This dispute could have significant implications, with EOCO involved, for Ghana’s mining sector.
