KEY POINTS
- ORAL identified $21.19 billion in potential recoveries from corruption.
- Investigations into 36 major cases could reclaim $20.49 billion.
- Government lands were severely undervalued, costing Ghana $702.8 million.
The Operation Recover All Loot (ORAL) Committee has uncovered $21.19 billion in potential recoveries from stolen state assets and undervalued land sales. The findings, presented in Accra on February 10, 2025, highlight major financial losses tied to corruption cases involving government projects and land transactions.
During the handover of the committee’s report, ORAL Chairman Samuel Okudzeto Ablakwa revealed that investigations into 36 high-profile corruption cases alone could lead to the recovery of $20.49 billion.
Some of the major cases under scrutiny include the National Cathedral project, the Power Distribution Services (PDS) scandal, and the Saltpond decommissioning project.
Ablakwa noted that the committee found shocking irregularities in state land sales, where prime lands were sold at extremely low prices, causing an estimated loss of $702.8 million.
For instance, he cited that some plots in Cantonments were acquired for as little as 42,000 cedis, while their real market value exceeds $500,000 per plot.
Strengthening accountability and asset recovery
The ORAL committee has emphasized that proper revaluation of state lands and assets could significantly boost Ghana’s financial standing.
According to Graphic Online, Ablakwa explained that if those who acquired undervalued government properties were required to pay fair market prices, the country could recover billions.
Beyond local efforts, ORAL has also received international interest from firms offering to help track offshore accounts and recover stolen assets.
Some of these forensic investigation firms have even offered to work at no upfront cost, instead requesting a small percentage of successful recoveries.
A step toward financial independence
Ablakwa stressed that the amount of money that could be recovered is far greater than what Ghana has been seeking from the International Monetary Fund (IMF).
He argued that the nation should prioritize recovering stolen assets to bypass loan restrictions and achieve economic stability.
“This amount is far more than what we have been negotiating with the IMF. Instead of accepting tough loan conditions, we should focus on reclaiming what was stolen,” he stated.
The ORAL committee was established on December 18, 2024, under President John Dramani Mahama’s administration, with the mandate of retrieving looted state assets.
The team includes North Tongu MP Samuel Okudzeto Ablakwa, former Auditor-General Daniel Yao Domelevo, retired Commissioner of Police Kofi Boakye, private legal practitioner Martin Kpebu, and journalist Raymond Archer.
