ORAL Identifies $21 Billion In Suspected Looted Funds, Presents Report To Mahama

• The Operation Recover All Loot Preparatory Committee has identified $21.19 billion in potential recoveries
• The Preparatory Committee handed over its report to President John Mahama on February 2
• The ORAL team was launched on Wednesday, December 18, 2024, with Samuel Okudzeto Ablakwa as its chairman

The Operation Recover All Loot (ORAL) preparatory committee has identified $21.19 billion in potential recoveries from looted state assets and undervalued land sales.

At the handover of the committee’s report on February 2 in Accra, the committee's chairman, Samuel Okudzeto Ablakwa, said some cases could boost Ghana’s financial standing.

Ablakwa believes ORAL’s investigation into 36 high-profile cases alone could yield up to $20.49 billion.

These cases include major corruption scandals involving the National Cathedral project, Power Distribution Services (PDS), and the Saltpond decommissioning project, among others.

He said ORAL’s findings indicate that prime state lands were sold at shockingly low prices, leading to an estimated revenue loss of $702.8 million.

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"This amount is far more than what we have been chasing the IMF for, and subjecting ourselves to all kinds of conditionalities."

The committee emphasised that the proper revaluation and reclamation of state lands could be a game-changer for Ghana’s economy.

Ablakwa said ORAL has also received significant international interest in assisting Ghana in offshore asset recovery.

"Some of these firms have offered their services at no upfront cost, instead requesting a small percentage of successful recovery."

The ORAL committee, established on December 18, 2024, was tasked with identifying and retrieving looted state assets.

The team also has former Auditor-General, Daniel Yao Domelevo; COP Kofi Boakye (rtd); Martin Kpebu, and Raymond Archer.

Mahama previously assured that ORAL was not a witch-hunt against Akufo-Addo appointees.

The team was previously tasked to conduct fact-finding in corruption and corruption-related cases and report its findings to anti-graft agencies.

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The Minority in Parliament urged Akufo-Addo appointees to boycott the Operation Recover All Loots preparatory committee arguing that the committee was not constitutional.

How can Ghanaians contact ORAL?

YEN.com.gh reported that people can report to ORAL through the toll-free number 0800 900 111 or via www.oralgh.org while suspected corruption could be reported via email at public@oralgh.org.

At the time, Mahama's transition team assured that the confidentiality of informants who make reports will be protected.

The transition team assured that these platforms prioritise security and confidentiality to protect informants from any risk of reprisal.

Proofread by Samuel Gitonga, Copy Editor at YEN.com.gh

Source: YEN.com.gh