Ghana Drops Bank Charges: No Evidence of Theft Found

Ghana's justice system just delivered an important clarification about accountability in banking: business failure isn't the same as crime.

Attorney General Dr. Dominic Ayine has explained why the government dropped criminal charges against Dr. Kwabena Duffour and other directors of the collapsed Unibank Ghana Limited. After thorough investigation, prosecutors found no evidence that anyone stole money or enriched themselves personally.

The case became a flashpoint during Ghana's controversial financial sector cleanup, which saw multiple banks lose their licenses. But Dr. Ayine says Unibank's situation was fundamentally different from other prosecutions that moved forward.

He pointed to Capital Bank as a clear contrast. In that case, investigators traced liquidity support funds physically diverted to a managing director's private garage, complete with GPS tracking. "That is pure stealing," Dr. Ayine stated plainly.

At Unibank, however, liquidity support flowed through normal banking channels. When those loans defaulted and the bank collapsed, it reflected failed business risk, not criminal theft.

"You cannot turn around and say that because a bank received liquidity support and later failed, its directors must be prosecuted for causing financial loss to the state," Dr. Ayine explained. Risk-taking sits at the heart of banking, and loan defaults alone aren't crimes.

The Attorney General directly addressed public allegations that the Duffour family looted depositors' funds. "There was no evidence that the Duffours stole money," he said emphatically.

Critics had also claimed fraudulent breach of trust, but Ghanaian law treats bank-customer relationships as contractual, not fiduciary. Extending loans that later fail doesn't constitute fraud without proof of dishonesty or diversion.

The Bright Side

This decision actually strengthens Ghana's legal system by establishing clearer boundaries. Criminal law can't be weaponized against poor business judgment when there's no dishonesty involved.

The ruling doesn't mean directors face zero consequences. Civil actions by the bank's receiver continue, and asset recovery remains an option for addressing liabilities.

Dr. Ayine offered the directors a choice: provide assets to cover part of the debt or face trial he knew would end in acquittal. The evidence simply wasn't there for criminal conviction.

The clarification brings much-needed perspective to Ghana's financial sector reforms, showing that justice requires distinguishing between regulatory failures and actual crimes. When investigations are thorough and evidence-based, the system works as it should, protecting both accountability and fairness.