Attorney General and Minister for Justice, Dr. Dominic Ayine, has dismissed claims that Dr. Kwabena Duffuor and seven others were charged with theft or looting of public funds in relation to the collapse of uniBank.
Speaking during the Government Accountability Series on Monday, July 28, Dr. Ayine responded to criticism—largely from the opposition New Patriotic Party (NPP)—over the government’s decision to discontinue prosecution against the former Finance Minister and his co-accused.
“It’s been said that my setting a minimum threshold of 60% for the recovery of assert stolen as a condition for terminating the banking sector cases, I have cut a deal which permits persons who have stolen or looted public funds to go away with the 40% of the loots. Dr. Dr Duffuor and the other persons standing trial were not charged with stealing or looting of public funds,” Dr. Ayine clarified.
He emphasized that none of the charges alleged personal enrichment from the banking transactions in question.
His clarification follows the Attorney-General’s decision on July 22 to enter a ‘nolle prosequi’—a formal notice to discontinue prosecution—in the case: ‘The Republic v. Kwabena Duffuor & 7 Others (CR/0248/2020)’.
The A-G’s decision was based on an agreement reached with the accused, who committed to recovering GH¢2 billion in assets.
Of this amount, GH¢800 million worth of assets would be transferred directly to UniBank, now under receivership, with an additional GH¢1.2 billion to be recovered from third parties who benefitted under their directive.
The case stemmed from Ghana’s 2018 financial sector clean-up, which saw the closure of several local banks, including uniBank. The Bank of Ghana declared the institutions insolvent, citing reckless lending practices, liquidity issues, and gross mismanagement.
In 2020, prosecutors charged Duffuor, former Deputy BoG Governor Johnson Asiama, and others with 68 criminal counts—ranging from conspiracy and money laundering to wilful financial loss. At the time, court filings alleged that GHS 663 million had been unlawfully obtained.
However, Dr. Ayine stressed that the decision to withdraw the case was pragmatic and in line with protecting the national purse.
He added that the Attorney-General’s Office remains committed to transparency, accountability, and recovering public resources.
The financial clean-up exercise, which cost the taxpayer billions of cedis, led to the creation of Consolidated Bank Ghana (CBG) and the revocation of multiple bank licenses.
EOCO, under the A-G’s supervision, led investigations into those believed responsible for the financial collapse.
Dr. Ayine concluded by reaffirming his office’s dedication to justice: “We will always act in the best interest of the nation, not political convenience.”
