ORAL: Gov’t backtracks 100% asset recovery promise

The much-publicized ORAL initiative—Operation Recover All Loot—which played a significant role in the National Democratic Congress’s (NDC) 2024 campaign rhetoric, has come under fire as the government now concedes that full recovery of assets in the banking sector collapse cases was never achievable.

Attorney-General and Minister for Justice, Dr. Dominic Ayine, has admitted that the idea of recovering 100% of misappropriated or mismanaged funds is “very illusionary,” casting doubt on the feasibility of a central pillar of the NDC’s anti-corruption promises.

His comments, delivered during the Government’s Accountability Series on Monday, July 28, 2025, have fueled criticism from observers who accuse the Mahama-led government of misleading the public for electoral gains.

“If you voted for the NDC because you believed in the so-called ORAL, then you must now accept that the promise was an illusion,” one political analyst remarked, referencing Dr. Ayine’s statement that “it is very illusionary for anyone to say the Attorney-General can achieve 100% recovery.”

The Attorney-General’s remarks were part of a broader defense of his office’s controversial decision to file a nolle prosequi—effectively discontinuing criminal proceedings—against former Finance Minister Dr. Kwabena Duffuor and seven others, who had been standing trial over their roles in the collapse of uniBank.

Facing criticism from the opposition New Patriotic Party (NPP) and civil society groups, Dr. Ayine clarified that the accused were never charged with stealing or looting public funds, but rather with “causing financial loss to the state, fraudulent breach of trust, falsification of accounts, dishonestly receiving, and money laundering.”

“The facts and evidence supporting the charges never alleged that those standing trial personally benefitted from the banking transactions,” he said, distancing the case from perceptions of direct embezzlement.

Dr. Ayine further revealed that, through negotiations, the accused persons agreed to settle up to GH¢2 billion in liabilities.

This includes GH¢800 million worth of assets already transferred to the now-defunct uniBank, and a projected GH¢1.2 billion to be recovered from third-party beneficiaries.

According to the A-G, the accused satisfied the 60% recovery threshold set by his office for potential withdrawal of prosecution in such cases.

Yet this marks a stark contrast to the NDC’s previous position. In opposition, the party labeled the NPP’s prosecutions of banking executives—particularly those with political links to the NDC—as witch hunts.

They promised to not only defend innocent affiliates but to aggressively recover stolen state resources through ORAL once elected.

Now in office, that promise is being walked back.

The banking sector cleanup, initiated by the Bank of Ghana in 2018, saw the collapse and consolidation of over seven banks including uniBank, UT Bank, and Capital Bank, due to insolvency, regulatory breaches, and alleged insider abuses.

Dr. Duffuor and others were charged in 2020 with 68 counts, including conspiracy and money laundering, after uniBank was found to have misused GH¢663 million in various transactions.

In defense of his decision, Dr. Ayine argued that prosecution is not the only form of justice.

“Recovering state funds, preventing further losses, and focusing prosecutorial efforts where they are most needed is equally important,” he stated.

But for critics—especially voters who bought into the ORAL narrative—the Attorney-General’s admission that full recovery was never realistic amounts to a betrayal.