Prosecutors allege that a GH¢14.85 million judgment secured by state-owned SIC Life Savings & Loans Company Limited was settled for GH¢5 million, leading to three criminal charges against Manhyia South MP Nana Agyei Baffour Awuah.
The Attorney-General’s charge sheet, filed at the High Court in Accra on 3 October 2026, accuses the MP of conspiracy to commit a crime through the intentional dissipation of public funds, intentionally causing financial loss to a public body and money laundering.
The first two charges relate to an alleged GH¢9.85 million loss. The money-laundering count concerns a GH¢1 million payment made to SIC Life’s then Managing Director.
What prosecutors allege
SIC Life appointed Mr Baffour Awuah’s law firm in May 2020 to recover a GH¢6.3 million debt owed by Equity Savings and Loans.
The High Court ruled in SIC Life’s favour in July 2022. In December 2023, a 31.93-acre property at Adamorobe was attached, with a reserve price of GH¢25 million. By May 2024, the judgment debt had increased to GH¢14.85 million.
According to the prosecution’s brief facts, Equity subsequently purported to sell the property to Eco Swiss Investment Limited. Prosecutors allege the company was not incorporated until after the supposed purchase had taken place.
They further claim that Mr Baffour Awuah helped facilitate the transaction and encouraged SIC Life to accept a settlement.
Under an agreement signed in July 2024, SIC Life accepted as little as GH¢5 million. Eco Swiss was also expected to pay GH¢2.2 million in legal fees to the MP’s firm and GH¢1 million in auctioneer’s fees.
The prosecution says SIC Life therefore received barely three-fifths of the GH¢8.2 million that Eco Swiss had agreed to pay. Investigators allegedly found no evidence that the settlement had been approved by SIC Life’s board, its shareholders or the Ministry of Finance.
Prosecutors also allege that Mr Baffour Awuah issued a GH¢1 million cheque to the then Managing Director on 11 November 2024. They say he has not explained the purpose of the payment to investigators.
The investigation remains ongoing, according to the prosecution.
Bail and response
Mr Baffour Awuah pleaded not guilty when he appeared in court on Saturday, October 3. The High Court granted him bail of GH¢10 million, with two sureties, and ordered him to surrender his passport.
He is scheduled to return to court on October 26.
His lawyer, Samuel Atta Akyea, said the MP’s involvement was limited to providing legitimate legal services to SIC Life.
Mr Baffour Awuah surrendered himself to the Economic and Organised Crime Office (EOCO) on October 1. After his release, he said no dirt could stick to him and challenged the prosecution to prove its case in court.
The allegations against him have not been tested or proved in court.
