The Institute for Economic Research and Public Policy (IERPP) is calling for immediate public audits of assets seized by Ghanaian authorities in major criminal investigations.
This follows the recent raid on a warehouse in Sapeiman, a suburb of Accra, where National Security operatives uncovered large sums of cash, counterfeit US dollars, and suspected gold bars.
The high-profile operation exposed what authorities say is a sophisticated network of financial crimes linked to illegal mining and money laundering. But while the government has described the raid as a major success, the IERPP is raising concerns over the lack of a clear framework to manage and reinvest the seized assets.
“Without public audits, these resources risk being lost to bureaucratic negligence or reabsorbed into the same criminal networks they were taken from,” said Professor Isaac Boadi, Executive Director of the IERPP. “Ghanaians deserve to know how these assets will be used to benefit the nation.”
According to National Security, officials seized undisclosed amounts of local and foreign currency, counterfeit US banknotes, and gold bars believed to originate from illegal small-scale mining. The IERPP insists that unless these assets are publicly accounted for, the cycle of corruption and opacity will continue.
The call for audits comes amid a troubling history of high-profile seizures in Ghana where accountability has often been elusive:
In 2006, 2,300 kilograms of cocaine linked to the MV Benjamin vessel disappeared despite several arrests. Only one person, Asem Dake, was convicted, while questions over the fate of the cocaine and related assets remain unanswered.
A decade later, another vessel bearing the same name was caught with 2,310 kilograms of cocaine at Tema Port. Although 11 suspects were arrested, including foreigners, the case stalled. The drugs’ whereabouts remain unknown.
In 2018, counterfeit dollars were used to purchase illegally mined gold smuggled into Ghana as mining equipment. While seven foreign nationals were arrested, no audit was conducted on the seized assets, and the suspects were deported without trial.
In 2021, a passenger from Brazil was arrested at Kotoka International Airport with two kilograms of cocaine. Convictions followed, but no investigations were pursued into the wider drug network.
In 2023, 1.8 tons of cocaine and $2 million in counterfeit dollars were seized at Tema Port. Fifteen people, including port officials, were arrested. Although scanning systems were upgraded, only two were convicted, and there’s no public record of what happened to the seized drugs and cash.
Professor Boadi argued that the pattern is clear: “spectacular seizures, fleeting headlines, and zero accountability.”
The IERPP warned that illicit funds from such operations distort the economy, inflate real estate prices, and undermine legitimate businesses. “The Sapeiman raid must not become another entry in this cycle,” Boadi stressed.
The institute also criticized contradictions in the government’s stance on economic transparency. While championing the “Goldbod” initiative to stabilize the economy, it has done little to trace gold seized from criminal operations. “If the government can track gold for oil deals, why can’t it audit gold seized from criminals?” Boadi questioned.
To address the gaps, the IERPP has proposed a three-pronged strategy:
Independent Audits: A non-partisan committee should publicly disclose the value, condition, and intended use of confiscated assets. This would deter corruption and ensure transparency.
Digital Tracking: A tamper-proof, real-time system should log the movement and storage of seized items, ensuring a verifiable chain of custody.
Asset Reinvestment: Funds from seized assets should be directed toward public goods—such as hospital upgrades, education, and anti-drug programs. For instance, gold linked to illegal mining could help finance infrastructure in affected communities.
As National Security intensifies its search for the suspects behind the Sapeiman operation, the IERPP’s demand is gaining support among citizens weary of unfulfilled promises.
“For Ghana to turn the tide, accountability must replace opacity—and seized assets must serve the public, not predators,” Boadi concluded.