Key points:
- ORAL targets $21.19bn in stolen assets globally
- Global forensic experts support recovery on success-based fees
- Initiative boosts transparency and economic stability
PRESIDENT John Mahama’s Operation Recover All Loot (ORAL) initiative has drawn significant international attention, with global forensic experts offering support to recover stolen state funds hidden in offshore accounts. The initiative aims to retrieve billions of dollars siphoned through corrupt practices.
Foreign Minister Samuel Okudzeto Ablakwa, who chairs the ORAL Committee, revealed during a presentation of the committee’s findings to the President on Monday that several international partners have expressed readiness to assist Ghana without upfront costs. Instead, these partners have proposed a success-based model, requesting a percentage of the recovered assets as compensation.
‘President Mahama’s ORAL initiative has attracted phenomenal local and international requests for forensic collaboration to recover loot hidden offshore,’ Ablakwa stated. ‘Some of these partners have indicated they will not charge fees unless the recovery is successful, which ensures a cost-effective process for Ghana.’
Billions at stake
The ORAL Committee’s initial investigations have identified potential recoveries amounting to $21.19bn from 36 high-profile cases. This figure surpasses the financial aid Ghana has sought from the IMF, highlighting the importance of internal asset recovery for economic stability.
‘If we are successful in these recoveries, we can retrieve as much as $21.19bn—more than the amount we are seeking from the IMF,’ Ablakwa noted. ‘This initiative has the potential to significantly boost our national reserves and reduce dependency on external loans.’
The targeted cases involve misappropriated funds linked to state-owned assets, fraudulent contracts and illegal land acquisitions. Among the cases under review are transactions related to the National Cathedral project, PDS agreements, and Ghana National Oil Company’s (GNPC’s) Saltpond decommissioning, with conservative estimates suggesting that substantial portions of these funds were diverted to offshore accounts.
A collaborative approach
The ORAL initiative has not only galvanised support within Ghana but has also fostered partnerships with international forensic experts skilled in asset tracing, forensic accounting, and offshore financial investigations.
‘These collaborations are vital because the financial networks used to hide stolen funds are sophisticated and often span multiple jurisdictions,’ Ablakwa explained. ‘With international expertise, we stand a better chance of identifying, freezing, and recovering these assets.’
According to Ablakwa, some foreign partners have even offered to provide advanced forensic tools, data analytics, and investigative technologies at no initial cost, reinforcing their commitment to the initiative’s success.
Strengthening governance and accountability
Beyond financial recovery, the ORAL initiative aims to reinforce transparency and accountability within Ghana’s public sector. Since its inception by President John Mahama in the aftermath of his December 7, 2024 election victory, ORAL has received over 2,400 complaints from citizens and civil society organisations, highlighting cases of asset misappropriation and state resource plundering.
‘The ORAL framework has deepened transparency and accountability,’ Ablakwa emphasised. ‘It has provided a formal channel for whistleblowers and concerned citizens to report corruption without fear of retaliation.’
The committee’s work has already yielded tangible results, including the prevention of illegal demolitions of government properties and the recovery of state-owned vehicles that were unlawfully appropriated.
Next steps
Moving forward, the ORAL Committee will intensify efforts in asset tracing, particularly focusing on offshore recoveries. The collaboration with international partners is expected to accelerate the process, with plans to engage forensic experts in key jurisdictions where stolen Ghanaian assets are believed to be hidden.
‘We are optimistic about the next phase,’ Ablakwa added. ‘Our goal is to ensure that stolen assets are not only recovered but are reinvested into critical sectors of the economy to benefit all Ghanaians.’
As Ghana strengthens its fight against corruption, the ORAL initiative stands as a testament to the government’s commitment to safeguarding public resources and restoring financial integrity.
