The Attorney-General has filed three criminal charges against Nana Agyei Baffour Awuah, the Member of Parliament for Manhyia South. These charges relate to an alleged GHS 9.85 million financial loss to SIC Life Savings & Loans Company Limited. The charges, including conspiracy to commit a crime, intentionally causing financial loss to a public body, and money laundering, were filed at the High Court’s Specialised Jurisdiction Division in Accra on October 3, 2026.
The State alleges that Mr. Awuah, acting as a lawyer for SIC Life, conspired with the company’s then Managing Director in 2024. They purportedly dissipated GHS 9.85 million belonging to the company. The second charge specifies that he intentionally caused SIC Life to suffer this financial loss during a business transaction. Furthermore, the third charge alleges Mr. Awuah transferred GHS 1 million to the then Managing Director of SIC Life. This transfer was allegedly made with the knowledge that the money was acquired through crime, aiming to help the recipient evade legal consequences.
This case highlights ongoing concerns about financial integrity within Ghana’s corporate and political spheres. Public institutions, including state-owned enterprises like SIC Life, are often under scrutiny for their financial management. Previous incidents involving alleged misappropriation or mismanagement of public funds have led to calls for greater accountability. The alleged GHS 9.85 million loss represents a significant sum for a savings and loans company, potentially impacting its stability and public trust. This situation underscores the government's commitment to tackling corruption and financial malfeasance, regardless of the individuals involved.
According to the charge sheet, Mr. Awuah’s law firm, Sarkodie Baffour Awuah & Partners, was engaged by SIC Life in May 2020. Their task was to recover a GHS 6.3 million debt from Equity Savings and Loans Limited. The agreement stipulated a 15% professional fee on the principal sum, plus 1% for expenses. A High Court judgment in July 2022 favoured SIC Life, increasing the debt to GHS 10.86 million. A revised judgment in May 2024 further increased this to GHS 14.85 million, including interest and costs. The State alleges that Mr. Awuah was instrumental in a settlement where SIC Life accepted only GHS 5 million from Eco Swiss Investment Limited, despite the judgment debt being GHS 14.85 million and the attached land having a reserve price of GHS 25 million. Investigators found no record of prior approval for this arrangement.
The allegations have significant implications for public confidence in financial institutions and the legal profession. The prosecution’s case suggests a deliberate act to cause financial detriment to a state-affiliated entity. If proven, this could lead to severe penalties for those involved and potentially trigger broader reforms in how state entities manage legal recoveries. The ongoing legal proceedings will be closely watched by financial markets and the public. The outcome could set a precedent for how similar cases of alleged financial misconduct are handled in Ghana. This case also raises questions about the oversight mechanisms within financial institutions and the role of legal counsel in such transactions.
Mr. Awuah voluntarily surrendered to the Economic and Organised Crime Office (EOCO) on October 1, 2026. This followed a High Court warrant issued on September 30. He spent the night in custody before the charges were formally filed. Parliament has expressed concern over his detention, with Speaker Alban Bagbin calling for restraint and fairness. Mr. Awuah is expected to appear before the High Court’s Specialised Jurisdiction Division for arraignment. The court will also consider any application for bail. It is important to remember that Mr. Awuah is presumed innocent until proven guilty in a court of law.