In a bold move to ensure accountability and transparency, the Institute for Economic Research and Public Policy (IERPP) has demanded immediate public audits of assets seized by Ghanaian authorities in high-profile criminal investigations.

This call comes days after National Security operatives uncovered large sums of cash, counterfeit US dollars, and suspected gold bars during a raid on a warehouse in Sapeiman, a suburb of Accra.

The operation, which exposed sophisticated financial crimes linked to illegal mining and money laundering, has reignited concerns about the management of confiscated assets and the opacity of past investigations.

During the Sapeiman raid, National Security officials seized undisclosed amounts of foreign and local currency, counterfeit US banknotes, and gold bars believed to originate from illegal small-scale mining operations. While the government hailed the operation as a success, the IERPP criticized the lack of a clear framework to track and reinvest seized assets. Professor Isaac Boadi, Executive Director of the IERPP, emphasized the risks of inaction: “Without public audits, these resources risk being lost to bureaucratic negligence or reabsorbed into the same criminal networks they were taken from. Ghanaians deserve to know how these assets will be used to benefit the nation.”

The IERPP’s demand for audits is rooted in Ghana’s history of high-profile seizures, where assets often vanish from public scrutiny. Below is a review of major cases involving cocaine and counterfeit currency, their outcomes, and lingering questions about accountability:

In 2006, Ghana made global headlines when 77 parcels of cocaine, weighing 2,300 kilograms, were linked to the vessel MV Benjamin. Despite high-profile arrests, including a police chief, the case collapsed due to alleged witness intimidation and procedural failures. Only one suspect, Asem Dake (nicknamed “Limping Man”), was convicted, while others were acquitted. The lack of transparency around seized assets and the botched prosecution underscored systemic weaknesses in Ghana’s anti-narcotics efforts.

Nearly a decade later, another 2,310 kilograms of cocaine were intercepted aboard a vessel similarly named MV Benjamin at Tema Port. Authorities arrested 11 suspects, including foreigners, and launched a presidential task force to address drug trafficking. However, the case stalled due to witness intimidation, and only one suspect was convicted. The whereabouts of the seized cocaine and its potential value remain undisclosed.

In 2018, investigators uncovered a scheme where cocaine was smuggled into Ghana disguised as mining equipment, while counterfeit US dollars were used to purchase illegally mined gold. National Security arrested seven foreign nationals, and the Ghana Revenue Authority tightened documentation for gold exports. However, no audits were conducted on the seized gold or counterfeit currency, and suspects were deported without trial.

In 2021, a passenger arriving from Brazil was arrested at Kotoka International Airport with two kilograms of cocaine hidden in luggage. An accomplice was later detained, and both received 15-year prison sentences. While this case saw convictions, it raised questions about the effectiveness of airport screening systems and the lack of follow-up investigations into broader networks.

In 2023, 1.8 tons of cocaine and $2 million in counterfeit US dollars were seized at Tema Port, linked to international drug cartels. Fifteen suspects, including port officials, were arrested, and authorities upgraded scanning systems at the port. While two individuals were convicted for the counterfeit currency, the cocaine-related trials remain ongoing, with no clarity on the management of seized drugs or cash.

The IERPP argues that Ghana’s failure to audit seized assets perpetuates corruption and erodes public trust. For instance, the 2018 “Gold-for-Drugs” case involved gold suspected of funding illegal activities, yet no audits determined its origin or value. Similarly, the 2023 Tema Port seizure left citizens questioning how $2 million in counterfeit dollars disappeared from public discourse.

Professor Boadi noted, “These cases follow a pattern: spectacular seizures, fleeting headlines, and zero accountability. The Sapeiman raid must not become another entry in this cycle.” The IERPP warns that illicit funds from such operations distort Ghana’s economy, inflate real estate prices, and undermine legitimate businesses.

The IERPP’s call also highlights contradictions in the current administration’s policies. While the government promotes initiatives like the “Goldbod” program to stabilize the economy, it has done little to curb illicit gold trading or trace seized assets. The Sapeiman raid, which uncovered gold tied to illegal mining, exposes gaps between policy pledges and on-ground enforcement. “If the government can track gold for oil deals, why can’t it audit gold seized from criminals?”

To address systemic gaps in managing seized assets, the Institute for Economic Research and Public Policy (IERPP) has outlined a three-pronged strategy aimed at fostering accountability and redirecting illicit resources toward national development.

First, the institute advocates for independent audits conducted by a non-partisan committee to publicly disclose the value, storage conditions, and intended use of confiscated assets such as cash, gold, and drugs. These audits would deter corruption by ensuring transparency and preventing seized resources from being misappropriated or recycled into criminal networks.

Second, the IERPP emphasizes the need for digital tracking systems to create real-time, tamper-proof logs of seized items. Such technology would safeguard against bureaucratic negligence or manipulation, providing a verifiable chain of custody from seizure to final disposition.

Finally, the institute urges asset reinvestment, arguing that audited funds should be channeled into critical public sectors like healthcare, education, and anti-drug programs. For instance, proceeds from seized gold linked to illegal mining could finance hospital upgrades in affected communities, while confiscated counterfeit currency might fund financial literacy campaigns to combat fraud. Together, these measures aim to transform seized assets from symbols of criminality into tools for equitable growth, closing the loop between enforcement and sustainable development.

As National Security intensifies its manhunt for Sapeiman suspects, the IERPP’s demand for transparency resonates with citizens weary of empty promises. For Ghana to turn the tide, accountability must replace opacity, and seized assets must serve the public, not predators.