The Attorney-General and Minister for Justice, Dr Dominic Ayine, has revealed details of an alleged financial fraud involving Percival Kofi Akpaloo, Founder and Leader of the Liberal Party of Ghana (LPG), and companies associated with Pomaa Universal Ghana Limited, a contractor for the Ghana Cocoa Board (Cocobod).
Speaking during the Government Accountability Series, Dr Ayine said the case came to light after the Financial Intelligence Centre (FIC) flagged suspicious transactions on an account belonging to Pomaa Universal Ghana Limited and filed a report with First Bank Ghana Limited.
According to the Attorney-General, Pomaa Universal Ghana Limited, owned entirely by Ms. Ekua Pomaa, was a legitimate contractor awarded a feeder roads contract by Cocobod in December 2020, valued at GH¢29.5 million.
While the project commenced and initial payments were properly deposited, subsequent transactions raised concerns of misrepresentation, forgery, and unauthorized handling of checks.
Dr Ayine said investigations revealed that Mr. Akpaloo secretly incorporated another company, Pomaah Universal Ghana Limited (with an added “H”), deliberately designed to appear similar to the original company.
Between December 2022 and June 2024, he allegedly collected eight checks issued by Cocobod in the name of the authentic Pomaa Universal Ghana Limited, totaling GH¢3,169,432.22, and deposited them into the account of his own company at First Bank Ghana Limited.
The Attorney-General emphasized that Ms. Ekua Pomaa was unaware of the second company and the diversion of funds until Cocobod contacted her in June 2024 regarding outstanding balances.
She subsequently discovered that Mr. Akpaloo had misappropriated the payments without her consent.
Dr Ayine further stated that Ms. Pomaa alleged her signature on the Cocobod contract had been forged, using her former name, Mercy Owusu, to secure the agreement without her authorization.
First Bank Ghana Limited conducted an internal investigation and corroborated the fraud allegations, concluding that Mr. Akpalu knowingly misrepresented ownership of the checks and deposited them into the wrong account.
The Attorney-General said the matter is under investigation and reiterated the government’s commitment to prosecuting individuals involved in financial misconduct and protecting public funds.
