Asante Kwaku Berko, a former Executive Director in the Investment Banking Division of Goldman Sachs, has been convicted by a United States federal jury on all counts related to a corruption scheme. Berko allegedly used more than US$1 million in bribes to Ghanaian government officials, including a former Minister of Power and Members of Parliament, to secure a lucrative power project for his Turkish client, Aksa Enerji Uretim A.S.
The nine-day trial in Brooklyn established that Berko and his co-conspirators sought to influence officials at various government levels. Their goal was to ensure Aksa, a Turkish energy company and Goldman Sachs client, won the contract to construct and operate a power plant in Ghana. Berko, a dual citizen of Ghana and the United States, now faces up to 30 years in prison and has been remanded pending sentencing.
This case highlights persistent concerns about corruption in Ghana's energy sector and its impact on foreign investment. Ghana has historically struggled with energy supply, making power projects critical but also vulnerable to illicit influence. The alleged payments underscore the challenges in ensuring transparent procurement processes for major infrastructure developments, which are vital for the nation's economic stability and growth.
According to evidence presented at the trial, Berko's involvement began in December 2014, during a national energy crisis in Ghana. Discussions in April 2015 allegedly involved a US$1 million payment to the Ghanaian Minister of Power responsible for key project approvals. An additional US$250,000 was reportedly earmarked for the Minister's senior adviser.
The bribery scheme extended beyond the Executive arm of government. After Parliament ratified the Aksa-Ghana power agreement in July 2015, emails detailed further payments. In August 2015, discussions included alleged US$250,000 in bribes to various individuals, with US$46,000 specifically for Members of the Ghanaian Parliament who participated in the ratification. US prosecutors stated Berko personally made this US$46,000 payment.
The conspirators used coded language to discuss these payments, referring to bribes as "holy rain." The scheme also included an all-expenses-paid trip to Turkey for five Ghanaian officials to inspect equipment for the proposed power plant. This trip aimed to cultivate support among officials who could influence the project's approval and implementation. The power plant was projected to generate hundreds of millions of dollars in profits.
Prosecutors said Berko took deliberate steps to conceal the payments from Goldman Sachs and its compliance team. He allegedly lied to the bank's compliance personnel and used his personal email account for communications about the project and bribes. He also instructed co-conspirators to use similar methods. The bribes were disguised and moved through shell companies, sham invoices, nominee account holders, and cash withdrawals, using both US and foreign bank accounts. Goldman Sachs eventually withdrew from the transaction due to corruption concerns.
US Attorney for the Eastern District of New York, Joseph Nocella Jr., stated that the conviction demonstrates his office's commitment to combating international corruption. Assistant Attorney General of the US Department of Justice's Criminal Division, A. Tysen Duva, added that the scheme undermined fair competition. These statements emphasize the international legal community's resolve to prosecute individuals involved in foreign bribery, regardless of their position or affiliation.
This conviction sends a strong signal to individuals and corporations operating in Ghana and other developing economies. It highlights the severe legal consequences of engaging in corrupt practices to secure business deals. Ghanaian authorities will likely face increased scrutiny to ensure transparency in future large-scale projects. This case could also prompt a review of existing anti-corruption measures and enforcement mechanisms within Ghana.