Chairman of the Committee, Samuel Okudzeto AblakwaThe Operation Recover All Loots (ORAL) Committee says Ghana has lost significant revenue due to the sale of prime state lands at undervalued prices.
Chairman of the Committee, Samuel Okudzeto Ablakwa, revealed that politically exposed persons acquired state lands in Cantonments for as low as GH¢42,000, a fraction of their true market value.
Presenting the committee’s report to President John Mahama on Monday, February 10, Mr. Ablakwa said their estimates show the state could recover $702.8 million if buyers are made to pay the fair market price.
“There’s a great deal of resources belonging to taxpayers that can be retrieved. If we successfully ask people to pay conservative market value for the lands they have looted, we can recover about $702.8 million for the Ghanaian people,” he stated.
He explained that some of the acquired lands, which were paid for at prices as low as GH¢42,000, GH¢120,000, and GH¢160,000, are actually worth between $500,000 and $600,000.
The ORAL Committee further disclosed that Ghana stands a chance of recouping $20.49 billion from 36 cases currently under investigation.
“Moving forward, we want to conclude with some fascinating figures. The 36 cases we have reviewed in detail could yield as much as $20.49 billion if recoveries are successful,” Mr. Ablakwa noted.
The committee’s investigations cover cases including the National Cathedral project, the Power Distribution Services (PDS) arrangement, and several government asset takeovers.
