Ghana's Attorney-General details alleged fraud scheme involving LPG leader and multi-million cedi contract

Ghana's Attorney-General and Minister of Justice, Dr Dominic Ayine, has outlined an elaborate alleged fraud and money-laundering scheme involving Percival Kofi Akpaloo, leader of the Liberal Party of Ghana (LPG), centreing on the misappropriation of more than GHS3 million in payments intended for a legitimate government contractor. The case, which emerged from a suspicious transaction report filed by the Financial Intelligence Centre, implicates Akpaloo, his spouse, and a shell company created to mimic an established business, according to officials speaking at a Government Accountability Series briefing in Accra.

The alleged scheme involved the interception of eight cheques issued by COCOBOD, Ghana's cocoa marketing board, between December 2022 and June 2024, worth a combined GHS3,169,432.22. Dr Ayine announced that formal charges would be filed next January against those implicated, emphasizing the government's commitment to protecting public and private funds from sophisticated financial crimes.

Background and Context

The investigation began when the Financial Intelligence Centre flagged suspicious activity in an account held at First Bank Ghana under the name Pomaah Universal (Gh.) Ltd. Subsequent inquiries by the Economic and Organised Crime Office revealed that the genuine beneficiary of a GHS29.5 million COCOBOD feeder road contract, awarded in December 2020, was actually Pomaa Universal (Gh.) Ltd—a company wholly owned by businesswoman Akua Pomaa. The two entities differed by just a single letter in their names, a detail investigators say was deliberately exploited to facilitate the alleged fraud.

According to the Attorney-General's briefing, while the initial payment for the feeder road project was correctly deposited into Pomaa Universal's legitimate account, later payments were systematically diverted through the creation of the similarly named entity. This case highlights ongoing vulnerabilities in Ghana's financial system regarding entity name verification and beneficiary identification, despite efforts to strengthen anti-money laundering controls in recent years.

Key Figures and Entities

Percival Kofi Akpaloo, identified as the principal architect of the alleged scheme, serves as both leader and presidential candidate of the Liberal Party of Ghana. Court documents reviewed by investigators allege that Akpaloo secretly incorporated Pomaah Universal (Gh.) Ltd specifically to intercept payments meant for Pomaa Universal (Gh.) Ltd. His spouse, Delvine Akpaloo, has also been implicated in the investigation, though the specific nature of her involvement was not detailed in the Attorney-General's public statements.

Akua Pomaa, the legitimate contractor and owner of Pomaa Universal (Gh.) Ltd, reportedly remained unaware of the existence of the similarly named company and the diversion of funds until contacted by COCOBOD in June 2024 regarding outstanding balances. Her discovery launched the full investigation, which also revealed alleged forgery of her signature—using her former name, Mercy Owusu—on contractual documents with COCOBOD.

Legal and Financial Mechanisms

The alleged fraud relied on exploiting systemic weaknesses in cheque processing and account verification procedures at First Bank Ghana. According to the Attorney-General, eight cheques specifically made payable to Pomaa Universal (Gh.) Ltd were deposited into the account of Pomaah Universal (Gh.) Ltd despite the name discrepancy. Internal investigations by the bank subsequently confirmed operational failures in detecting these mismatches between payee names and account numbers.

Dr Ayine outlined three principal offences under investigation: stealing under Ghana's Criminal Offences Act, forgery of documents, and money laundering under the Anti-Money Laundering Act. The combination of these charges reflects the complexity of the alleged scheme, which involved not just the initial misappropriation of funds but also the subsequent laundering of proceeds through legitimate banking channels. The case demonstrates how minor variations in company names can be weaponized to circumvent financial controls designed to prevent exactly such fraudulent activities.

International Implications and Policy Response

While the case remains domestic to Ghana, it illustrates broader challenges faced by financial institutions globally in combating sophisticated fraud schemes that exploit minor administrative oversights. The involvement of a political party leader in alleged financial misconduct raises questions about oversight mechanisms for candidates holding significant public positions, particularly those seeking the presidency.

The Attorney-General's announcement of forthcoming charges signals an intensification of Ghana's efforts to combat financial crime, particularly those involving public contracts and state-owned enterprises like COCOBOD. This case may prompt regulatory reforms requiring enhanced due diligence procedures for entities with similarly named counterparts in company registries, as well as more stringent verification processes for large government contract payments. The outcome of the prosecution, expected to commence in January, could establish important precedents for how Ghana's justice system handles complex white-collar crime involving political figures.

Sources

This report draws on statements made by Ghana's Attorney-General and Minister of Justice Dr Dominic Ayine during a Government Accountability Series briefing in Accra, investigation details provided by the Economic and Organised Crime Office, and information from the Financial Intelligence Centre's suspicious transaction reporting system. Additional context was obtained from public records regarding COCOBOD contract awards and Ghana's anti-money laundering regulatory framework.