The office of the Attorney-General has withdrawn the ongoing criminal charges against former governor of the Bank of Ghana, Dr Kwabena Duffuor, and seven others following the State’s recovery of over 60 percent of the funds allegedly lost through the collapse of UniBank Ghana Limited.
The decision was communicated in a nolle prosequi filed on Tuesday, July 22, 2025, in the case The Republic v. Kwabena Duffuor & 7 Others (CR/0248/2020).
A statement signed by Deputy Attorney-General Dr Justice Srem-Sai explained that the move followed substantial recoveries and prolonged negotiations between the State and the accused persons.
“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,” the statement said.
The Attorney-General’s Office had reportedly set a recovery benchmark of 60 percent of the alleged losses as the basis for reconsidering prosecution in similar matters.
The statement also clarified that this decision “does not imply an absence of wrongdoing nor a vindication of any conduct,” but was a practical step aimed at avoiding further legal and administrative costs.
Dr Duffuor and the others, including his son Kwabena Duffuor II, had been charged with willfully causing financial loss to the State, money laundering, and dishonest appropriation of public funds.
The charges stemmed from the collapse of UniBank, whose licence was revoked by the Bank of Ghana in August 2018. The central bank declared the bank insolvent and cited unlawful related-party transactions and a severe capital shortfall.
According to the State, over GH¢5.7 billion was siphoned from UniBank by insiders and related entities, leading to losses for depositors and exposing weaknesses in the banking sector.
The prosecution, which began in 2020, became one of the most prominent legal actions following the government’s financial sector clean-up.
That reform affected more than 400 institutions and cost the State over GH¢25 billion in bailouts and repayments.
Dr Duffuor, an economist and a former Governor of the Bank of Ghana, has consistently denied any wrongdoing.
He remains active in Ghanaian politics and contested the 2023 National Democratic Congress presidential primaries.
