The Office of the Attorney-General and Ministry of Justice has formally entered a nolle prosequi in the high-profile financial sector prosecution involving former Finance Minister Dr. Kwabena Duffuor and seven others.

The move effectively discontinues criminal proceedings against the accused, five years after they were charged in connection with alleged financial malfeasance during Ghana’s banking sector clean-up.

The decision, announced in a press release dated July 22, 2025, and signed by Deputy Attorney-General, Dr. Justice Srem-Sai, marks a major development in one of the most closely watched prosecutions arising from the financial sector reforms initiated in 2018.

Background to the Case

The case, Republic v. Kwabena Duffuor & 7 Others (CR/0248/2020), was one of several criminal proceedings initiated following the collapse of several indigenous banks, which the state blamed on mismanagement, regulatory breaches, and alleged fraudulent practices.

Dr. Duffuor, a former Governor of the Bank of Ghana and founder of the now-defunct uniBank, along with his co-accused, were prosecuted for various charges including money laundering, fraudulent transactions, and causing financial loss to the state.

The state’s central aim in the financial sector clean-up was to ensure accountability, protect depositors’ funds, and restore confidence in the banking system.

The prosecutions were also intended to serve as a deterrent against financial malpractice in public and private financial institutions.

Basis for Discontinuation

According to the statement from the Attorney-General’s office, the decision to file the nolle prosequi was informed by a broader policy directive anchored in two key goals: securing accountability for public funds and recovering financial losses suffered by the state.

To guide prosecutorial discretion, the Attorney-General’s office had established a threshold requiring at least 60% recovery of losses in specific cases before considering a withdrawal of charges.

Following what the statement described as “prolonged negotiations and engagements,” the accused parties in the Duffuor case reportedly satisfied this recovery benchmark.

“In furtherance of public interest, and considering the significant recoveries made for the State, the Attorney-General has satisfied himself that continuing with the prosecution will not serve any additional public purpose,” the statement noted.

Implications of the Decision

While the decision effectively ends the criminal trial, the Attorney-General was careful to clarify that it does not exonerate the accused persons from wrongdoing.

“This decision does not imply an absence of wrongdoing nor a vindication of any conduct,” the release emphasized, characterizing the withdrawal as a “pragmatic step” in line with the state’s broader goal of recovering misappropriated funds.

The government, through the Attorney-General’s office, reaffirmed its commitment to upholding the rule of law and safeguarding the public purse.

“The Attorney-General remains resolute in his commitment to pursuing justice in all matters of national importance,” the statement concluded.

Public Reaction and Political Context

The nolle prosequi is expected to generate mixed reactions across the political spectrum. Critics may view it as a retreat from accountability, particularly given the high-profile nature of the accused.

Others may see it as a realistic trade-off that prioritizes financial restitution over drawn-out legal battles with uncertain outcomes.