2017-2022: judgment debt swallows over ¢300m

The Ministry of Finance has revealed shocking figures on judgment debt payments made by the government between 2017 and 2022in response to an RTI request filed by JoyNews. A total of GH¢300,385,317.52 was disbursed during this time, with over 70 individuals and entities receiving payments. Beneficiaries included companies like NDK Financial Services, Vacuum Salt Products, and Balkan Energy. The breakdown of payments by year and recipient shows a wide distribution of funds, with the highest amounts going to corporate entities. This disclosure highlights the significant financial impact of these payments on the Ghanaian economy.

Find details here:

In response to a Right to Information (RTI) request filed by JoyNews, the Ministry of Finance disclosed startling figures regarding judgment debt payments made by government between 2017 and 2022.

According to documents provided in a letter dated August 2023, a total sum of GH¢300,385,317.52 was disbursed during this period.

The documents reveal payments made to over 70 individuals and entities, indicating a wide distribution of funds among various recipients. Among the notable beneficiaries are companies like NDK Financial Services, Vacuum Salt Products, Balkan Energy, and several others.

The breakdown of payments by year and recipient is as follows:

2017:

Albert Osei – GH¢279,412.83
Daniel Nii Quartey and John Addai – GH¢35,300
Madam Martha Wood – GH¢306,800
NDK Financial Services Limited – GH¢29,510,855.06
NDK Financial Services Limited – GH¢20,000,000
Moses K. Yeboah – GH¢157,596.91
Asmona Limited – GH¢2,400,000
Yaw Eliasu & 57 Others – GH¢502,025.61
Vacuum Salt Products Limited – GH¢57,202,751
2018:

M/S Jubilee Tractors and Assembly Plant Ltd – GH¢30,912,310.44
Benjamin Osei Afeng – GH¢26,568
Francis Donkor – GH¢23,775
W.O.1 (Rtd) Adjei Boadi – GH¢92,373
Ex-Workers of the SFC – GH¢891,002.50
Richard Peprah – GH¢290,000
Stephen Arthur – GH¢800,000
J.W.K. Asigbe & 22 Others – GH¢2,134,757.28
Felix Kwame Ferka – GH¢49,541
NDK Financial Services – GH¢50,000,000
Balkan Energy Limited – GH¢67,023,490.17
M/S Electrical Engineering – GH¢850,000
2019:

First Love Church – GH¢136,500
Benedicta Tamakloe – GH¢2,550
Nana Yaw Agyei – GH¢1,020
Mr. & Mrs. George Williams – GH¢7,142.55
Chude Mba – GH¢3,771,957.26
Madam Theresa Tinkorang – GH¢3,510,000
State Housing Company Ltd – GH¢143,677
Samuel Adumoah Okwei and 2 Others – GH¢808,169.81
Ideal Finance Limited – GH¢5,412,279.60
Nana Namoakah Arizie III – GH¢176,500
The disbursements ranged from a few thousand cedis to over GH¢50 million, with the highest amounts predominantly allocated to corporate entities.

This disclosure sheds light on the significant financial implications of judgment debt payments on the Ghanaian economy during the specified period.

Find the full document here:

DOC-20240228-WA0007.

Source: Raymond Acquah