Sesi-Edem has been cleared by the Criminal Investigations Department Ghana following investigations into the $14.3m gold deal.

The matter originated from a petition submitted on December 18, 2025, by Lithur and Brew on behalf of TAVEST FZCO.

The petition claimed that JG Resources Limited received payment for 50 kilograms of gold bars but failed to fully meet its obligations under the agreement.

According to investigators, TAVEST FZCO entered into the deal with JG Resources Limited on May 25, 2025, through its director, Kwaku Appiah Yeboah.

The complainant further alleged that $14.315 million was transferred from the United Arab Emirates into an Access Bank account provided by JG Resources Limited as full payment for the gold.

However, only gold worth $7.515 million was reportedly delivered, leaving a balance of $6.8 million either in undelivered gold or unpaid refunds.

The report by the Criminal Investigations Department Ghana stated that Kwaku Appiah Yeboah and Papa Yaw Owusu Ankomah, both directors of JG Resources Limited, were arrested, cautioned, and later granted bail while investigations continue.

It also indicated that Frank Kofi Adjetey Wood, CEO of Frank City Mineral and Oil Company Limited, was similarly arrested, cautioned, and granted bail after investigators were told the gold had been sourced from multiple suppliers.

During questioning, officials of JG Resources Limited told police they obtained gold from various companies, including Goldline Mining Limited, Frank City Mineral and Oil Company Limited, Demensah Company Limited, and Sesi-Edem Company Limited.

The report added that Dr Gabriel Tanko Kwamigah-Atokple, CEO of Sesi-Edem Company Limited and Volta Region representative on the Council of State, was invited by investigators and provided a statement along with relevant contract documents.

Findings from the Criminal Investigations Department Ghana show that JG Resources Limited later signed a contract with Sesi-Edem Company Limited on June 5, 2025, for the supply of 50 kilograms of gold, with the agreement set to run until June 5, 2026.

Investigators noted that evidence confirmed Sesi-Edem Company Limited supplied 32.8 kilograms of gold under the deal, with deliveries reportedly made at its premises.

The report concluded that, based on the available evidence, no wrongdoing has been established against Sesi-Edem Company Limited in relation to the contract.

These findings are consistent with an earlier decision by the Adenta High Court on March 25, 2026, which ruled that the matter did not fall within the mandate of the Economic and Organised Crime Office Ghana under Section 3 of the EOCO Act, 2010 (Act 804).

The court also determined that Sesi-Edem Company Limited had obtained a gold trading licence from the Precious Minerals Marketing Company in August 2024, valid until August 2025, and had secured the necessary authorisation under a government agreement.

Although the Goldbod Act revoked earlier licences, the court noted that a public notice issued on May 22, 2025, allowed existing licence holders to continue operating until June 21, 2025, making the June 5, 2025, contract lawful.

On allegations of fraudulent misrepresentation, the court held that Sesi-Edem Company Limited committed no fraud and did not breach any directive. It further ruled that no underlying offence had been established to support money laundering claims, describing EOCO’s actions as unjustified.

Justice Apietu concluded that the Economic and Organised Crime Office Ghana acted unfairly and beyond its legal authority, contrary to Article 23 of the 1992 Constitution, and subsequently revoked the confirmation order while directing that the company’s frozen accounts be restored.

The report, signed by Chief Superintendent J Osei Acheampong, Director of Administration at the Criminal Investigations Department Ghana, on behalf of Director-General COP Lydia Yaako Donkor, indicated that investigations into the wider case are still ongoing.