Attorney-General Discontinues Prosecution Against Dr. Kwabena Duffuor and Others in UniBank Collapse Case
The Attorney-General has formally entered a nolle prosequi in the high-profile criminal case involving former Finance Minister and uniBank founder, Dr. Kwabena Duffuor, and seven other accused persons. The decision, announced today, July 22, by Deputy Attorney-General Dr. Justice Srem-Sai, effectively brings an end to the ongoing prosecution tied to the collapse of uniBank in 2018.
According to the Attorney-General’s office, the decision to discontinue the case stems from the State’s successful recovery of over 60% of the funds alleged to have been lost – the minimum threshold set by the State for reconsidering such prosecutions.
“Following prolonged negotiations and engagements, the accused persons in The Republic v. Kwabena Duffuor & 7 Others have met this recovery threshold,” the Deputy AG noted in a press release. “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.”
Dr. Duffuor, a former Governor of the Bank of Ghana and Finance Minister (2009–2013), was charged in 2020 with offenses including theft, fraudulent breach of trust, and money laundering. Prosecutors alleged that he and other shareholders and directors misappropriated GHS 5.3 billion, with Dr. Duffuor personally receiving GHS 663.3 million under questionable circumstances.
The case was central to the financial sector clean-up initiated by the BoG and the government between 2017 and 2019, which led to the revocation of licenses of several distressed indigenous banks, including uniBank, and the establishment of Consolidated Bank Ghana (CBG) to assume their liabilities.
A former Deputy Governor of the BoG, Dr. Johnson Asiama, was also among the accused, facing allegations of regulatory leniency and facilitation of improper transactions.
Accountability and pragmatism
While the nolle prosequi order legally discontinues the prosecution, it does not amount to an acquittal. The Attorney-General’s office was quick to clarify that the discharge “does not imply an absence of wrongdoing nor a vindication of any conduct,” but is instead a pragmatic step to safeguard the public purse.
The decision reflects a broader policy by the State to focus on asset recovery rather than prolonged litigation where recoveries can be secured through negotiated settlements. The AG’s office, in collaboration with EOCO and other investigative bodies, has emphasised the importance of striking a balance between justice and resource recovery.
Legal experts note that the Attorney-General’s power to enter a nolle prosequi is discretionary and not subject to judicial review, though the current administration has chosen to justify its decision in line with its stated principles of transparency and accountability.
Backdrop: Financial sector reforms and their aftermath
The financial sector reforms undertaken by the BoG aimed to address systemic insolvency, governance lapses, and regulatory infractions that had plagued the industry. The estimated cost of the banking sector clean-up exceeded GHS 25 billion, with taxpayers ultimately bearing the burden through government bonds and fiscal adjustments.
In the aftermath, the government launched an aggressive pursuit of criminal accountability and recovery of funds. Several high-profile prosecutions were initiated, including cases against officials and executives of UT Bank, Capital Bank, and Beige Bank.
While today’s decision may be seen by some as a retreat from full judicial accountability, the AG’s office maintains that it is a strategic move to consolidate financial gains made through negotiated settlements and asset recovery frameworks.
The case remains a significant chapter in Ghana’s post-crisis financial sector reform narrative — one that continues to shape regulatory, legal, and policy discourse around banking sector stability and governance.
