In a major shift in strategy, the Government of Ghana has chosen financial recovery over prolonged litigation in the high-profile prosecution of former Finance Minister Dr. Kwabena Duffuor and seven others linked to the collapse of uniBank.
On Monday, July 22, Deputy Attorney-General Dr. Justice Srem-Sai announced in open court that the Attorney-General had entered a nolle prosequi—a formal declaration to discontinue the case. This decision effectively halts criminal proceedings against the accused, more than four years after the case began in February 2020.
According to the AG’s office, the decision follows the successful recovery of a substantial portion of funds lost during the uniBank debacle. Government prosecutors say this recovery meets a 60% threshold set as the benchmark for re-evaluating ongoing cases tied to the 2018 financial sector clean-up.
“Following prolonged negotiations and engagements, the accused persons… have met this recovery threshold,” a statement from the Deputy Attorney-General said. “Accordingly, the Honourable Attorney-General has satisfied himself that continuing with the prosecution will not serve any additional public purpose.”
The move marks a significant pivot in the state’s approach to the financial sector fallout. Rather than pursue extended and costly court battles, the government now appears to be adopting a pragmatic route—prioritizing the retrieval of state funds as a more immediate means of restoring public confidence and stabilizing public finances.
Dr. Duffuor, a former Governor of the Bank of Ghana and founder of the now-defunct uniBank, had faced charges including theft and money laundering. He was accused of receiving over GHS 663 million “knowing it had been obtained by means of a criminal offense.” The Bank of Ghana had declared uniBank insolvent in 2018, citing over GHS 5 billion in irregular loans and withdrawals by shareholders and related parties.
Other high-ranking individuals, including a former Deputy Governor of the BoG, Johnson Asiama, were also implicated in what became a symbol of corporate governance failures in Ghana’s banking industry.
But the AG’s latest move signals a recalibration.
The statement from the Deputy Attorney-General emphasized that while prosecution remains important, it is not always the most effective tool for justice—especially when significant financial restitution can be secured through negotiation and cooperation.
A nolle prosequi does not constitute an acquittal, and the door remains open for a future trial should new evidence surface. Still, the discharge of the accused shifts public attention to the broader question: What is the most effective way for Ghana to hold individuals accountable while recovering national resources?
Legal analysts say the state’s decision also recognizes the cost, time, and uncertainty involved in high-profile prosecutions. The financial sector clean-up, which began in 2017, left taxpayers with a massive bill—estimated in the billions of cedis. With pressure mounting to plug revenue shortfalls, the government’s turn toward negotiated recovery may reflect both economic necessity and political calculation.
The Attorney-General’s office stressed that this approach does not imply innocence on the part of the accused. “It does not amount to a vindication of any conduct,” the statement clarified. “It is a pragmatic step in line with the overarching national interest of recovering State resources.”
The Financial Sector Clean-Up:
Between 2017 and 2019, Ghana’s financial sector underwent one of its most disruptive shake-ups in history. The Bank of Ghana revoked licenses, forced mergers, and created Consolidated Bank Ghana to salvage distressed banks. The crisis revealed deep-seated issues—poor governance, risky lending practices, and regulatory lapses—that shook investor and depositor confidence.
In response, the Economic and Organised Crime Office (EOCO), in collaboration with the Attorney-General, pursued several prosecutions aimed at recovering funds and punishing wrongdoing.
However, with this latest decision, the Duffuor case now stands as a signal that future accountability may take new forms—less about headlines in court, and more about quietly returning stolen funds to state coffers.
