The Minerals Income Investment Fund (MIIF), represented by its lawyers, OSAD Legal Services, has filed an action at the High Court seeking to recover $30 million from Phoenix Insurance Company Limited and Goldridge Refinery Ghana Limited.
The Writ of Summons and Statement of Claim were filed on 3 October 2025, and it was signed by Priscilla Acheampong Esq. on behalf of OSAD Legal Services PRUC, which is headed by former Director-General of the Internal Audit Agency (IAA) and private legal practitioner, Dr Eric Oduro Osae.
MIIF contention
According to the Statement of Claim attached to the Writ, MIIF stated that “as part of its mandates, it established the Gold Trade Desk to support its Gold Trade Program for the purpose of buying gold from the mining and extractive companies to facilitate its gold trading investment activities on behalf of Ghana.
MIIF says that “it advanced certain payments (Advanced Payment) to the 2nd Defendant (Goldridge Refinery Ghana Limited) in accordance with an Operational Agreement, for the purpose of purchasing gold doré on its (MIIF) behalf.
“As part of the agreement between MIIF and Goldridge Refinery Ghana Limited, MIIF took out an advance mobilization bond from Phoenix Insurance Company Limited on behalf of Goldridge Refinery Ghana up to the tune of the Advanced Payments.
“As consideration for the issuance of the guarantee by Goldridge, MIIF paid One Million, Two Hundred and Fifteen Thousand and Six Hundred United States Dollars (USD 1,215,600) as insurance premium Phoenix.”
The Statement of Claim further notes that “the said Advance Mobilization Bond number AC-05241714-DBAG-2400, which MIIF took from Phoenix, made MIIF the Principal and Obligee in the sum of Thirty Million United States Dollar (USD 30,000,000.00), which was also the sum of the Advanced Payments.
MIIF further “avers that it was the condition in the said advance mobilization bond agreement for Goldridge to duly utilize the Advance Payment from MIIF for the purpose for which it was granted and to observe the terms under which the Advance Payment was granted in line with the existing Operational Agreement between MIIF and Goldridge.
“By the said condition in the advance mobilization bond agreement, MIIF is entitled to call on the Phoenix to redeem the surety bond in the sum of USD 30,000,000.00 to offset any damages incurred by MIIF in respect of the Operational Agreement or where Goldridge defaulted in its obligations towards MIIF under the Operational Agreement or utilized the Advance Payment for a purpose other than the purpose for which it was granted.
“It subsequently came to MIIF’s attention that Goldridge had failed to fulfill its obligations under the Operational Agreement and furthermore, was not using the Advance Payments for the purpose for which it was granted, which caused huge losses to MIIF and, by extension, the Republic of Ghana,” the Statement of Claim reads.
MIIF further pointed out that “it called on the Advance Mobilization Bond in accordance with the Surety Bond Agreement as a result of Goldridge’s breach of the Operational Agreement, however, Phoenix refused and/or failed to redeem the bond in its (MIIF) favour.
“It is the case of MIIF that unless compelled by this Honourable Court, the Phoenix will refuse to indemnify MIIF in accordance with the Advance Mobilization Bond it issued in favour of the transaction.”
Reliefs sought
To this end, MIIF instituted the action to redeem the Advance Mobilization Surety Bond with reference number AC-05241714-DBAG-2400 in the sum of Thirty Million United States Dollars (USD 30,000,000.00) in its favour.
MIIF in the action is also asking for interest on the said sum of Thirty Million United States Dollars (USD 30,000,000.00) from the date of judgment to the date of final payment, costs including legal fees, and any other order(s) the Court may deem fit.
MIIF
The intent of the Minerals Income Investment Fund (MIIF) is to serve as a strategic lever to maximize the value creation potential of the mining sector for sustainable national development. This is pursuant to the Minerals Income Investment Fund Act, 2018 (Act 978) as amended.
The mandate of the Fund is to manage the equity interest of the Republic in mining companies and receive dividends from these equity interests, to receive mineral royalties and other related income due to the Republic from mining, and to provide for the management and investment of these funds.
The objects of the Fund are to: maximize the value of the income due to the Republic from the mineral wealth of the country for the benefit of its citizens; monetize the minerals income accruing to the Republic in a beneficial, responsible, transparent, accountable, and sustainable manner; and develop and implement measures to reduce the budgetary exposure of the Republic to minerals income fluctuations.
Its vision is to build a world-class minerals Investment fund, and the mission of the fund is to transform the Ghanaian economy through investment of mineral income transparently and responsibly for the benefit of stakeholders.
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