The Operation Recover All Loots (ORAL) Committee has uncovered alarming losses in state revenue due to the sale of valuable government lands at significantly undervalued prices. The committee, chaired by Samuel Okudzeto Ablakwa, revealed that politically connected individuals purchased prime lands in Cantonments for as little as GH¢42,000, a fraction of their true market value.
During the presentation of the committee’s findings to President John Mahama on Monday, February 10, Mr. Ablakwa disclosed that if buyers were required to pay fair market prices for these lands, Ghana could recover an estimated $702.8 million.
“There’s a great deal of resources belonging to taxpayers that can be retrieved. If we successfully ask people to pay conservative market value for the lands they have looted, we can recover about $702.8 million for the Ghanaian people,” he stated.
The committee's analysis showed that some of the lands in question, which were sold for GH¢42,000, GH¢120,000, and GH¢160,000, have actual market values ranging from $500,000 to $600,000.
Beyond land sales, the ORAL Committee has identified even greater financial losses through various cases of misappropriation and fraudulent deals. The committee estimates that Ghana has the potential to recover a staggering $20.49 billion from 36 ongoing investigations.
“Moving forward, we want to conclude with some fascinating figures. The 36 cases we have reviewed in detail could yield as much as $20.49 billion if recoveries are successful,” Mr. Ablakwa noted.
The committee's investigations extend beyond land sales to include high-profile cases such as the controversial National Cathedral project, the Power Distribution Services (PDS) deal, and several questionable government asset acquisitions.
The ORAL Committee’s findings have sparked widespread calls for action, with many urging authorities to implement swift measures to recover lost state funds and hold accountable those responsible for financial mismanagement.
With Ghana facing economic challenges, the potential recovery of billions of dollars could provide much-needed relief and strengthen the country’s fiscal stability. All eyes are now on the government’s next steps in addressing these findings and ensuring justice for the Ghanaian people.
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