ORAL uncovers over $21B in corruption recoveries, says Ablakwa. The Operation Recover All Loot (ORAL) Committee has uncovered potential recoveries totaling $21.19 billion from misappropriated state assets and undervalued land transactions.
During the handover of the committee’s report in Accra, ORAL Chairman Samuel Okudzeto Ablakwa outlined major cases that could significantly enhance Ghana’s financial position.
Recovering Funds from Corruption Cases
Ablakwa disclosed that investigations into 36 high-profile corruption cases alone could reclaim up to $20.49 billion.
“If our recovery efforts succeed, we can retrieve as much as 20.49 billion U.S. dollars,” he stated. Among the cases under scrutiny are the National Cathedral project, Power Distribution Services (PDS) scandal, and the Saltpond decommissioning project.
He also revealed that state-owned prime lands were sold at alarmingly low prices. This resulted in an estimated revenue loss of $702.8 million. “Some individuals acquired valuable Cantonments land for just 42,000 cedis per plot—land that should be worth at least $500,000 at fair market value,” he said.
Accountability and Land Revaluation
The committee stressed that reassessing and reclaiming state lands could have a transformative impact on Ghana’s economy. “Simply demanding the actual market value from buyers could allow us to recover this significant amount,” Ablakwa emphasized.
International Interest in Asset Recovery
Beyond domestic efforts, ORAL has attracted global interest in recovering Ghana’s offshore assets. “Several international firms have expressed their willingness to assist, particularly in tracking hidden offshore accounts,” he revealed. Some of these firms have even offered their expertise at no initial cost, opting instead for a percentage of successfully reclaimed funds.
A Step Toward Financial Independence
Given Ghana’s current economic challenges, Ablakwa underscored the importance of these recoveries. “The amount we stand to recover far exceeds what we have been seeking from the IMF while subjecting ourselves to restrictive conditions,” he noted. “ORAL uncovers over $21B in corruption recoveries,” says Ablakwa.
The ORAL Committee
Established on December 18, 2024, under President John Dramani Mahama’s administration, ORAL is tasked with identifying and reclaiming looted state assets.
The committee is chaired by North Tongu MP Samuel Okudzeto Ablakwa and includes former Auditor-General Daniel Yao Domelevo, retired Commissioner of Police Kofi Boakye, legal practitioner Martin Kpebu, and journalist Raymond Archer.
