Ghana’s Gaming Commission has turned to the Attorney General’s Department for help in retrieving GH¢5.16 million that’s been locked up with SIC Financial Services Limited since 2019—a predicament that’s become more complicated because both institutions are government-owned.
The Gaming Commission Acting Commissioner, Emmanuel Siisi Quainoo, revealed during parliamentary hearings that while the Attorney General had previously suggested possible legal options including asset seizure, the fact that both institutions belong to the government has made the situation particularly complex. What started as a straightforward investment recovery has morphed into a legal puzzle that highlights the unintended consequences of Ghana’s financial sector cleanup.
Mr. Quainoo told the Public Accounts Committee (PAC) that his team had exhausted conventional approaches—sending multiple letters, holding meetings with audit committee members, and requesting intervention from various quarters. But SIC-FSL has consistently pointed to the aftermath of Ghana’s banking sector reforms as the reason it can’t return the money, claiming its investments ended up escrowed at the Ministry of Finance.
Interior Minister Alhaji Muntaka Mohammed-Mubarak acknowledged the Gaming Commission’s dilemma, noting that countless Ghanaians found themselves in similar positions when financial institutions collapsed during the cleanup. There’s no simple answer here, he suggested, given how many people are still waiting to recover their funds.
However, PAC Chairperson Abena Osei-Asare raised an intriguing question: Did SIC-FSL’s troubles actually predate the banking crisis? Her observation suggests the Committee might dig deeper into the timeline of events, which could reveal whether the company was already struggling before the sector-wide reforms began.
The auditors examining this case have emphasized that time is of the essence—the funds need to be recovered in line with Ghana’s financial accountability standards, which require government agencies to properly manage and safeguard public resources.
The PAC reconvened on September 29 to work through the Auditor-General’s report covering the year ending December 31, 2024, with hearings scheduled to run through October 1. The Committee is examining a range of government Ministries, Departments, and Agencies (MDAs) including the Ghana Statistical Service, the Ministry of Health, the Ghana Health Service, and the Ministry of Justice and Attorney General’s Department.
This latest case adds to growing concerns about how government funds are managed across various agencies. What makes the Gaming Commission’s situation particularly notable is that it demonstrates how the financial sector cleanup—intended to stabilize Ghana’s banking system—created collateral damage that’s still being sorted out years later.
The commission’s decision to seek Attorney General guidance represents a careful escalation strategy. Rather than pursuing aggressive legal action that could pit one government agency against another in court, officials appear to be looking for a solution that acknowledges the unique challenges of recovering funds between state institutions.
As the PAC continues its oversight work, this case will test whether Ghana’s financial accountability mechanisms can resolve disputes between government entities without lengthy court battles. The outcome could set precedents for how similar situations are handled in the future.
