The Criminal Investigations Department of the Ghana Police Service has cleared Sesi-Edem Company Limited and its directors of criminal wrongdoing in a disputed $14.315 million gold transaction, according to a CID report sighted by this paper.
The report states that investigators found no incriminating evidence against Sesi-Edem Company Limited regarding its contract with JG Resources Limited, even as the broader probe into alleged defrauding by false pretences continues.
Background to the case:
The case stems from a December 18, 2025 petition filed by Lithur and Brew Company on behalf of Turkish investment firm TAVEST FZCO. The petition alleged that JG Resources Limited received full payment for 50 kilogrammes of gold bars but failed to fully honour the deal.
Investigators said TAVEST FZCO signed the agreement with JG Resources on May 25, 2025, with director Kwaku Appiah Yeboah representing the company. The complainant claims $14.315 million was transferred from the UAE into an Access Bank account provided by JG Resources, but gold valued at only $7.515 million was delivered.
That left a $6.8 million shortfall in either undelivered gold or unpaid refund.
Kwaku Appiah Yeboah and lawyer Papa Yaw Owusu Ankomah, both directors of JG Resources, were arrested, cautioned, and granted bail pending further investigations.
Frank Kofi Adjetey Wood, CEO of Frank City Mineral and Oil Company Limited, was also arrested and bailed after JG Resources directors told police they sourced gold from multiple firms, including Goldline Mining Limited, Frank City Mineral and Oil Company, Demensah Company Limited, and Sesi-Edem Company Limited.
Sesi-Edem’s involvement:
Dr. Gabriel Kwamigah-Atokple, aka Chief Tanko, CEO of Sesi-Edem and the Volta Region representative on the Council of State, was invited by investigators.
He provided a statement and contractual documents.
CID findings show JG Resources entered into a contract with Sesi-Edem on June 5, 2025, for the supply of 50kg of gold, running until June 5, 2026.
Evidence available to investigators showed Sesi-Edem had supplied 32.8kg of gold to JG Resources under that contract, with deliveries made at the company’s premises.
“In view of the evidence available, nothing incriminating has been established against Sesi-Edem Company Limited so far as the above stated contract is concerned,” the CID report stated.
The CID findings align with an Adenta High Court ruling delivered on March 25, 2026.
The court held that the issues did not fall within the mandate of the Economic and Organised Crime Office under Section 3 of the EOCO Act, 2010.
The court noted that Sesi-Edem held a gold trading licence from the Precious Minerals Marketing Company issued in August 2024, valid until August 2025, and had authorisation under a government agreement.
Although the Goldbod Act revoked previous licences, a May 22, 2025 public notice allowed existing licence holders to continue trading until June 21, 2025.
Investigations into JG Resources Limited and other parties over alleged defrauding by false pretences, contrary to Section 131 of the Criminal Offences Act, 1960, remain ongoing.
