A member of the legal team of the National Democratic Congress (NDC), Godwin Edudzi Tamakloe, says the timing of the prosecution of the owners of defunct banks UT Bank and Beige Bank is questionable.

According to him, the arrest and immediate prosecution came moments after President Nana Addo Dankwa Akufo-Addo hinted at government bringing the persons found culpable in the banking collapse to book.

Speaking on TV3’s New Day on Wednesday, January 15, the legal practitioner said the timing could only be political as it came a few moments after the president made his statement at the opening of the 71st New Year School at the University of Ghana.

“I find this prosecution following the president’s comments at the New Year School a little bit more curious.”

On Tuesday, Prince Kofi Amoabeng, owner of defunct UT Bank, and Mike Nyinaku of the collapsed Beige Bank were picked up by the police and arraigned on charges of stealing and money-laundering.

While Prince Kofi Amoabeng was charged with stealing about GH¢51 million and laundering over $8 million, Mike Nyinaku was accused of misappropriating GH¢340.94 million.

Mr Amoabeng was granted bail at GH¢110 million with two sureties.

But the Accra Circuit Court remanded Mr Nyinaku in police custody at least for a week.

The NDC member said the Akufo-Addo-led government is just using the judiciary to hound his opponents.

“Prosecution is now being weaponised for the purpose of political expediency,” he told host Winston Amoah.



A member of the Convention People’s Party (CPP), Rhodaline Ayarna, who was also on the programme, said she had gathered that the prosecution would start by March.

“And they have [already] started. It sounds political.”

She urged the government to also go after all those perceived to have had a hand in the collapse of the banks and not only Mr Amoabeng and Mr Nyinaku.

But a member of the New Patriotic Party (NPP), Kofi Ameyaw, said there is no political undertone to the action taken against the two.

“The president has the responsibility to make sure that at the end of the day, people whose monies are being held, receive justice.”