• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

ORAL: Gov’t Likely to Recover Only 12.5% of Alleged $21 Billion Loot, Says Bright Simons

8 months ago
in Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
892
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

ORAL: Gov’t Likely to Recover Only 12.5% of Alleged $21 Billion Loot, Says Bright Simons

Ghana’s Attorney General is unlikely to recover more than 12.5% ($2.6 billion) of the $21 billion estimated to have been lost to financial mismanagement, according to Bright Simons, Vice President of the policy think tank IMANI Ghana.

Simons argues that much of the alleged misappropriation flagged by the ORAL Committee stems from poor fiscal policy choices rather than recoverable funds hidden in accounts, making large-scale recovery unrealistic.

Barriers to Recovery

Outlining the challenges, Simons pointed to several categories of expenditure that complicate efforts to retrieve lost funds:

  • Monetary Policy Decisions: The $4.5 billion allegedly printed by the Bank of Ghana was already injected into the economy, contributing to inflation rather than accumulating in recoverable accounts.
  • Overstated Claims: The $4.5 billion attributed to fraud in the National Service Scheme represents nearly half of Ghana’s annual budget—an implausible figure to have been misappropriated within the period under review.
  • Opaque Government Spending: Payments for presidential jet hires were processed through classified accounts, limiting transparency and the potential for punitive audits.
  • Legitimate Expenditure Allocations: The $1.5 billion in COVID-19 relief funds was approved through appropriation, reducing the likelihood of legal recovery.

Given these constraints, Mr Simons argues that even a $2.6 billion recovery target is ambitious.

Recommendations to Maximise Recovery

RelatedPosts

Policy Inconsistencies, Underinvestment Undermining Ghana’s Oil Revenue Growth – Prof Lord Mensah

GSE Composite Index Declines as Market Capitalisation Falls to GH¢168.02bn

European Football’s Power Shift: The Rise of the EFC

To improve the effectiveness of the ORAL, Mr Simons suggests:

  • Stricter Oversight of the Attorney General to ensure tangible progress in asset recovery.
  • Cost-Benefit Analysis of ORAL Enforcement, warning that if $26 million is spent on investigations and only $2.6 million is recovered, the initiative would be a net loss.
  • Enhanced Investigative and Prosecution Capacity to strengthen legal proceedings.
  • An End to Perpetual State Financial Schemes, arguing that much of the so-called “loot” has been embedded in ongoing government programmes that remain operational.

He concludes that unless fundamental reforms are implemented, Gov’t may end up chasing “phantom loot” rather than making meaningful recoveries.

Tags: $21 Billion LootBright SimonsORALORAL: Gov't Likely to Recover Only 12.5% of Alleged $21 Billion Lootsays Bright Simons

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Atlantic Lithium Discovers New High-Grade Spodumene Pegmatite Occurrences in Côte d’Ivoire

UEFA Champions League Matchday 3: Key stats and what to look out for in every game

GPL: Gold Stars ends Heart of Lions’ Unbeaten run as Karela hold Eleven Wonders in Swedru

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

Trending

Business

Policy Inconsistencies, Underinvestment Undermining Ghana’s Oil Revenue Growth – Prof Lord Mensah

October 21, 2025

Policy Inconsistencies, Underinvestment Undermining Ghana’s Oil Revenue Growth - Prof Lord Mensah Financial Economist and Head of...

GSE Composite Index Declines as Market Capitalisation Falls to GH¢168.02bn

October 21, 2025

European Football’s Power Shift: The Rise of the EFC

October 21, 2025

Atlantic Lithium Discovers New High-Grade Spodumene Pegmatite Occurrences in Côte d’Ivoire

October 21, 2025

UEFA Champions League Matchday 3: Key stats and what to look out for in every game

October 21, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.