Dr Kwabena Duffour is a former Minister of Finance
The Office of the Attorney General has entered a nolle prosequi in the high-profile criminal case involving former finance minister Dr Kwabena Duffour and seven others, who were facing charges in connection with the collapse of defunct uniBank.
The decision, announced by Deputy Attorney General Dr Justice Srem-Sai on July 22, 2025, effectively discontinues the prosecution against the accused.
According to the AG’s office, this move follows the significant recovery of state funds linked to the matter.
The case, officially titled ‘The Republic v. Kwabena Duffour & 7 Others (CR/0248/2020)’, was one of several arising from the State’s financial sector clean-up exercise initiated in 2018.
The prosecutions were aimed at ensuring accountability for public funds and, most importantly, recovering losses caused by alleged financial mismanagement.
Dr Kwabena Duffour, founder of uniBank, former Finance Minister (2009–2013), and former Governor of the Bank of Ghana (1997–2001), was charged in February 2020 with multiple offences, including theft and money laundering.
Court documents alleged that he received GH¢663.3 million (approximately $122 million at the time) “knowing it had been obtained by means of a criminal offense.”
Other accused persons included former executives of the bank and a former Deputy Governor of the Bank of Ghana, Dr Johnson Asiama, who was alleged to have facilitated financial impropriety.
In its 2018 report, the Bank of Ghana declared uniBank insolvent, citing that shareholders and related parties had taken GH¢5.3 billion in loans and withdrawals without adhering to standard banking procedures or obtaining necessary board approvals.
The BoG subsequently revoked uniBank’s license and consolidated its assets under the newly created Consolidated Bank Ghana (CBG), as part of a broader effort to restore stability and confidence in the financial sector.
According to a press release from the Deputy Attorney-General, the AG’s office, in collaboration with relevant state agencies including the Economic and Organised Crime Office (EOCO), had set a 60% recovery threshold of alleged losses as a benchmark for reconsidering prosecutions in selected cases.
“Following prolonged negotiations and engagements, the accused persons in The Republic v. Kwabena Duffour & 7 Others case have met this recovery threshold,” the statement read.
“Accordingly, in furtherance of public interest, and considering the significant recoveries made for the State, the Attorney-General has satisfied himself that continuing with the prosecution will not serve any additional public purpose.”
The Attorney General’s office clarified that this decision does not imply “an absence of wrongdoing nor a vindication of any conduct.”
Rather, it was described as “a pragmatic step in line with the overarching national interest of recovering State resources.”
The Attorney General further reiterated his commitment to upholding the rule of law, protecting the public purse, and pursuing justice in all matters of national importance.
SP/MA
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