Dr Dominic Ayine, the Attorney General and Minister for Justice, has said prolonged litigation in the Kwabena Duffuor case could lead to lower net recovery.
According to Dominic Ayine, Duffuor’s proposal fell within the Receiver’s mandate to maximise recoveries for Unibank in order to settle the bank’s creditors, mainly the Government of Ghana.
Speaking during a press briefing at the Government Accountability Series on Monday, July 28, 2025, Dr. Ayine traced the genesis of engagement on the UniBank case.
He recounted, “In March this year, the lawyers for the Unibank directors and shareholders approached me with a proposal of their clients’ intention to settle their indebtedness to UNIBANK.
In response, I convened a meeting on 25th March 2025, with them, their legal representatives, and the Receiver of UNIBANK, Mr. Nii Amanor Dodoo.
At the meeting, it became obvious to both parties that a reconciliation of UNIBANK’s accounts with the Bank of Ghana should be done. Therefore, I authorised the Receiver to engage in a reconciliation exercise with them to determine the full scope of UNIBANK’s exposure”.
Dominic Ayine added, “I directed that the parties adopt a holistic approach that combined liabilities under both the criminal proceedings and the ongoing civil cases in order to reach a unified resolution that would bring closure to all related matters. The objective was to assess the feasibility of a comprehensive settlement.
The charges in the criminal case against the Accused Persons involved a total amount of GH¢1.2 billion, while the civil case involved a total exposure of GH¢5.7 billion. It is important to state for the avoidance of doubt that the total exposure in the criminal case is a part of the total civil case exposure. In other words, the GH¢1.2 billion is not on top of GH¢5.7 billion.
Now, the GH¢ 5.7 billion was made up of the following: GH¢2 billion being loans and advances which UNIBANK made to related and connected parties. GH¢3.7 billion being payments made on behalf of or on the instructions of the Accused Persons”.
Dominic Ayine further revealed that the accused person provided landed properties valued at GH¢ 824 million to UNIBANK.
According to the Attorney General, the preference would have been for the Accused Persons to settle the proposed amount in cash, but it was not a realistic option.
The Attorney General added, “The Accused Persons(in the UniBank case) have provided landed properties valued at GH¢ 824 million to UNIBANK. Further, the Accused Persons will also be responsible for any shortfall in the proceeds realised from the sale of the landed properties.
A total of GH¢ 0.5 billion has, to date, been recovered out of the GH¢ 1.2 billion being pursued from the direct beneficiaries. Recovery of the remaining balance of GH¢ 0.7 billion out of the GH¢ 1.2 billion, and realisation of the landed properties provided are expected to be completed over a timeline of eighteen (18) months.
Although the preference would have been for the Accused Persons to settle the proposed amount in cash, immediate settlement in cash was not, from my sense of what transpired at the negotiations, a realistic option”.
The Attorney-General’s Office formally dropped prosecution of Dr Kwabena Duffour and seven others.
Dr Kwabena Duffour and seven others were standing trial in connection with alleged financial improprieties during Ghana’s financial sector clean-up.
On Tuesday, July 22, Deputy Attorney-General, Dr. Justice Srem-Sai, revealed that a nolle prosequi had been entered in the case titled The Republic v. Kwabena Duffour & 7 Others.
The statement explained that the AG’s move was made in the interest of openness and public accountability.
Part of the AG statement read, “In pursuit of this objective, the Office of the Attorney-General, in collaboration with other relevant State agencies, established a threshold of 60% recovery of the alleged losses to the State as a condition for reconsidering prosecution in specific cases”.
Following prolonged negotiations and engagements, the accused persons in The Republic v. Kwabena Duffour & 7 Others case have met this recovery threshold. Accordingly, in furtherance of public interest, and considering the significant recoveries made for the State, the Honourable Attorney-General has satisfied himself that continuing with the prosecution will not serve any additional public purpose.
This decision, however, does not imply an absence of wrongdoing nor a vindication of any conduct. It is a pragmatic step in line with the overarching national interest of recovering State resources”.
See the post below:
A prolonged litigation could ultimately result in lower net recovery, and Duffuor’s proposal fell within the Receiver’s mandate to maximize recoveries for Unibank in order to settle the bank’s creditors mainly the Government of Ghana – A-G#JoyNews pic.twitter.com/opVWCJN3ST
— Joy 99.7 FM (@Joy997FM) July 28, 2025
