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ORAL: It Will Be Difficult To Recover 12.5% Of Looted Funds – Bright Simons
Bright Simons has raised critical questions about the feasibility of the ORAL committee’s claims. He points out that a significant portion of the alleged loot is not in the form of recoverable assets but rather stems from poorly executed fiscal policies. For instance, Simons highlights the $4.5 billion allegedly “illegally printed” by the central bank governor. This money has already been spent, contributing to inflation and economic hardship for citizens.
Ghana’s Operation Recover All Loots (ORAL) committee has identified a staggering $21.19 billion in potential recoveries from looted state assets and undervalued land sales. However, Bright Simons, Vice President of IMANI Africa, has cast doubt on the feasibility of recovering these funds, particularly the 12.5% target set for the Attorney-General, Dr. Dominic Ayine. Simons argues that a significant portion of the alleged loot is tied to fiscally mismanaged policies rather than tangible assets that can be easily recovered through prosecutions or plea bargains.
The ORAL committee, chaired by Samuel Okudzeto Ablakwa, presented its report to President John Mahama on February 10, outlining potential recoveries from high-profile corruption cases. These include scandals involving the National Cathedral project, Power Distribution Services (PDS), and the Saltpond decommissioning project. Ablakwa claimed that successful recoveries could yield up to $20.49 billion, potentially eliminating the need for Ghana to seek financial support from the International Monetary Fund (IMF).
President Mahama, in response, declared that Ghana is “no longer a safe haven for corruption” and forwarded the report to the Attorney-General for further action. However, the practicality of recovering these funds remains a contentious issue.
Bright Simons has raised critical questions about the feasibility of the ORAL committee’s claims. He points out that a significant portion of the alleged loot is not in the form of recoverable assets but rather stems from poorly executed fiscal policies. For instance, Simons highlights the $4.5 billion allegedly “illegally printed” by the central bank governor. This money has already been spent, contributing to inflation and economic hardship for citizens.
Similarly, Simons questions the $4.5 billion National Service Scheme fraud, noting that such an amount represents about 50% of Ghana’s entire national budget and could not have been spent within the time frame in question. He also cites the example of presidential jet hires, where funds were paid through classified channels to overseas companies, making it nearly impossible to trace or recover the money.
Source: GhanaFeed.Com
