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BEIGE Bank CEO Nyinaku, faces 44 charges over GH₵‎2.1bn theft



BEIGE Bank, Newscenta, Nyinaku charged, 44 counts, charges, trial, high court
Michael Nyinaku. Photo: BEIGE

Attorney General and Minister of Justice has filed 44 charges against Founder and Chief Executive Officer (CEO) of now defunct BEIGE Bank, Michael Nyinaku, over the loss of GH₵‎2.1 billion belonging to depositors.

He faces charges of stealing, fraudulent breach of trust and money laundering.

The writ dated Wednesday, November 2, 2022, has been filed at the criminal High Court and was signed by the Director of Public Prosecution, Yvonne Atakora Obuobisa.

9 counts of stealing

Out of the 44 counts, the first nine border on stealing contrary to section 124(1) of the Criminal Offences Act, 1960 (Act 29).


25 counts of fraudulent breach of trust contrary

Count 10 to 34 are on fraudulent breach of trust contrary to section 128 of the Criminal Offences Act, 1960 (Act 29).

9 counts of money laundering

Count 35 to 44 are on money laundering contrary to section 1(1)(c) of the Anti-Money Laundering Act, 2020 (Act 1044).

Facts of the case


The facts of the case are that  Nyinaku was the Chief Executive Officer of “The Beige Bank Limited” (Beige Bank).

On August 1, 2018, the Bank of Ghana (BoG) revoked the banking licence of Beige Bank and placed the Bank in receivership.

Suspicious and unusual transactions

According to the AG, a review of the financial and other records of the Bank conducted by the Receiver and his team identified a number of suspicious and unusual transactions which were subsequently reported to law enforcement agencies for investigations.

Huge sums of money to companies related


The writ said Investigations revealed that between 2015 and 2O18,   Nyinaku as CEO of the bank used various means to transfer huge sums of money to companies related to him and for his personal benefit.

GH¢448.6m transferred between 2017 and 2018

The court document said the funds transferred were depositors’ funds lodged with Beige Bank and between 2017 and 2018, Nyinaku caused the transfer of 10,071 fixed deposit accounts held with Beige Bank in which various customers placed a total of  GH¢448.6 million  (GH¢448,636,210.21) to Beige Capital Asset Management Limited (BCAM), without the knowledge and consent of these customers.

BCAM is a limited liability company wholly owned by “The Beige Group Limited” (Beige Group), an entity which in turn is wholly owned by Nyinaku.

GH¢141m also transferred between 2017 and 2018


According to the writ, investigations also revealed that between the year 2017 and 2018, Nyinaku again caused the transfer of 35 fixed deposit investments of two customers of Beige Bank, totaling GH¢141 million (GH¢ 141,042,348.92) to the Beige Group, a company wholly owned by Nyinaku and is the majority shareholder of Beige Bank.

Per the filing, investigations further revealed that, sometime in March 2018, Nyinaku caused a fictitious second account to be opened in the name of First Africa Savings and Loans (FASL), an existing account holder with Beige Bank, without the knowledge of the Board and management of FASL.

GH¢20m also transferred to BCAM

Nyinaku then caused the transfer of the sum of GH¢20 million from the accounts of various Beige Bank customers into the bank account of BCAM held with Beige Bank.

GH¢320m transferred to FASL account


The AG said GH¢320 million was subsequently transferred from the BCAM account held with Beige Bank into the fictitious FASL account that had been opened in Beige Bank’s books on the instructions of the accused.
GH¢21m transferred to individuals

The documents show that between March 2018 and August 2018, GH¢21 million (GH¢21,123,270.96) was transferred from the fictitious FASL bank account to some two individuals and ten companies, nine of which are related to the accused person, on the instructions of the accused person.

GH¢1.4m to Nyinaku and other persons

The writ also said between 2015 and 2017, Nyinaku, through the use of payment vouchers, caused the sum of GH¢1.4 million (GH¢1,465,000) of depositors’ funds lodged with Beige Bank to be paid to himself and other persons.

GH¢20.5m transferred to companies and individuals


According to the AG, the transactions were recorded in a general ledger account of the bank descried as Directors Account but investigations revealed that Nyinaku, through the use of Payment vouchers, e-mails and memos, caused a total amount of GH¢20.5 million (GH¢20,599,052.58) of depositors” funds lodged with Beige Bank to be transferred to a number of companies and individuals for his benefit.

GH¢141.7m transferred companies and individuals

Additionally, the filing said between 20l6 and 2017, Nyinaku, through the use of payment vouchers, caused a total amount of GH¢141.7 million (GH¢141,742,087.70) of depositors’ funds lodged with Beige Bank to be transferred to a number of companies and individuals for his benefit.

GH¢118m transferred to companies and individuals

The court documents also stated that between 2017 and 2018, Nyinaku, through the use of Payment vouchers, e-mails and memos, further caused the sum of GH¢118 million (GH¢118,076,813.09) of depositors funds lodged with Beige Bank to be transferred to a number of companies and individuals for his benefit.


Per the writ, investigations have established that the money dishonestly appropriated by the accused from Beige Bank remained unpaid as at August 1, 2018 when the Bank’s licence was revoked by Bank of Ghana.




Ofori-Atta appeals to Parliament to approve revenue measures



Ofori-Atta, Newscenta, revenue measures, debt restructuring, parliament,

Finance Minister Ken Ofori-Atta has informed parliament of his intention to present necessary fiscal adjustments to the house in august after the debt operation is completed.

Outstanding revenue mobilisation bills

Already, he said the Income Tax (Amendment) Bill, Excise Duty & Excise Tax Stamp (Amendment) Bills as well as the Growth and Sustainability Levy Bill, are outstanding in Parliament.

According to him, the consideration and approval of fiscal measures by Parliament are critical for recovery from the current economic crisis.

Facilitating IMF Board approval


The Minister therefore entreated Parliament to prioritise the approval of the outstanding revenue mobilisation bills to facilitate the Board Approval for International Monetary Fund (IMF) Programme staff level agreement by the end of March, 2023.

“We are still counting on you for the passage of all the outstanding revenue Bills which are necessary for effective Budget Implementation as well as boosting our efforts at increasing our Tax-to-GDP from less than 13% to the sub-Saharan average of 18,” he stated.

Expected impact of IMF Board approval

He is confident IMF Board approval will restore macro-economic stability, ensure debt sustainability as well as provide critical social protection for the benefit of Ghanaians.

Factors that impacted economy negatively


COVID-19, Russia-Ukraine war, soaring energy and food prices, higher interest rates, a strong dollar and a global slowdown negatively affected the economy.

Ghana seeking $3 billion loan

Ghana and the International Monetary Fund (IMF) have reached staff-level agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about $3 billion.

But, the IMF has made it clear that the Board approval of the deal is contingent on a successful debt exchange programme.

Broader govt response strategy


Addressing Parliament on the ongoing debt restructuring efforts, Ofori-Atta explained that debt operations are a composite part of a broader government response strategy for addressing the current challenges.

While being optimistic about IMF programme to boost confidence in the economy, he emphasized that complementing it with enhanced domestic mobilisation efforts is critical.

4 out of 5 agreed Prior Actions in the Staff Level Agreement

The Finance Minister averred that the passage of the Bills will enable government to complete four out of five agreed Prior Actions in the Staff Level Agreement.

Agreed Prior Actions already implemented


He noted that tariff adjustment by the Public Utilities Regulatory Commission (PURC), Publication of the Auditor-General’s Report on COVID-19 Spending, and Onboarding of Ghana Education Trust Fund (GETFund), District Assemblies Common Fund (DACF) and Road Fund on the Ghana integrated financial management information system (GIFMIS) have all been completed.

International and domestic bond markets are shut

Ofori-Atta reminded the legislators that the international and domestic bond markets are shut for the financing of government’s programmes, forcing government to rely on the Treasury Bills and concessional loans as the primary sources of financing for the 2023 fiscal year.

Therefore, he called on Parliament to support the government’s financing requests to ensure a smooth recovery from the economic challenges.

He thanked everyone who tendered and supported the Domestic Debt Exchange programme saying “It is a truly remarkable act of sacrifice in our nation’s history. We thank those who heeded our clarion call and took the selfless, patriotic decision to participate. Your names and deeds will never be forgotten. Your timely support is deeply appreciated,”.


He is confident that the programme government has set out for this year, supported by Parliament, will get Ghana out of the economic crisis that has hit the economy since Covid-19.

Inflation interest and exchange rates to stabilise

He hopes for stability in the exchange rates, inflation and interest rates, bringing businesses and families some respite.

Suspension of payments of interest on foreign debt

Government also announced a suspension of all debt service payments for certain categories of external debt, pending an orderly restructuring.


International bondholders

Ofori-Atta revealed that Ghana initiated discussions with representatives of international bondholders and their Advisors.

According to him, substantive discussions are due to start with them in the weeks to come.

G-20 Debt Treatment initiative

Ghana officially asked its bilateral creditors for a Debt Treatment initiative under the G-20 Common framework.


Negotiations with commercial creditors underway

The Finance minister said the process of negotiations have started in good faith with commercial creditors.

Ofori-Atta stated that two preliminary discussions and exchange of information have started on a good footing with representative committees and advisors.

Creditor Committee to assess Ghana’s request

According to him, the members have indicated their commitment to establish a Creditor Committee to assess Ghana’s request for debt treatment under the Common Framework by end February, 2023.

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IMF assigns resident financial supervision adviser to BoG



Financial adviser, BoG, Newscenta, banking sector supervision, IMF,

The International Monetary Fund (IMF) has assigned a Resident financial sector supervision adviser to the Bank of Ghana (BoG) to provide technical assistance and help build the capacity of the banking supervision function.

The appointment was at the request of Bank of Ghana with full funding from Switzerland’s State Secretariat for Economic Affairs (SECO).

Mr. Leonard Chumo, the Resident Adviser, started his assignment at the Bank of Ghana on February 6, 2023, and was expected to stay for three years.

A statement issued by BoG in Accra said the Adviser’s placement was a continuation of cooperation in this area between the Bank, the IMF and SECO, that started as early as in 2015 and had already seen the assignment of a previous Adviser until 2018.

It said achievements from the past collaborative efforts include the passage of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), the development and issuance of the Corporate Governance Directive 2018, and the Capital Requirement Directive 2018.


Mr Chumo, brings first-hand knowledge of supervisory work from leading central banks as well as previous technical assistance experience in the Western Africa region.

The statement said among others, he would support the implementation of Pillar two and three of the Basel II/ III capital frameworks, as well as strengthen the Risk-Based Supervisory framework at the Bank of Ghana.

The Bank commended the management of SECO for the continued funding of Long-Term Technical Experts from the IMF to the Bank.

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Govt pledges to pay coupons, principals on all maturing bonds  



Coupons, Newscenta, maturing principals, bondholders, payment,

Government has assured all bondholders, including those who self-exempted from the voluntary Domestic Debt Exchange Programme (DDEP) that it will honour all coupon payments and maturing principals when due.

Payment of coupons and principal for bonds that matured since   February 6 to date (herein referred to as ‘Due Bonds’ remain outstanding.

Bondholders want government to make payments not later than Friday, February 17, 2023.

A statement issued by the Finance Ministry indicates that more than 80% bondholders participated in its $137 billion DDEP.

“The DDEP closed on Friday February 10, 2023, with over 80% participation of eligible bonds,” it said.


The Finance Ministry pledged to honour all coupon payments and maturing principals in addition to commitments to further streamline Government’s expenditures.

“We would like to stress that, all Individual bondholders, especially our Senior Citizens, should rest assured that their coupon payments and maturing principals, like all Government bonds, will be honoured in line with Government’s Fiscal commitments.

“The Government would like to reassure all individual bondholders who elected not to participate that your coupon payments and maturing principals, like all Government bonds, will be honoured in line with Government fiscal commitments,” it added.

Government reiterated that the DDEP had been executed to help protect the economy and enhance Ghana’s capacity to service its public debts effectively, as its debt had become unsustainable.

The alternative for not executing the DDEP would have brought grave disorder in the servicing of our national debt and exacerbated the current economic crisis.


It expressed gratitude to bondholders for the overwhelming participation, adding that their support and contributions had gotten Ghana much closer to securing the International Monetary Fund (IMF) programme.

There are fears that those who opt against signing up are not guaranteed market liquidity for the old bonds, because they are likely to become less tradeable on the secondary market compared with the new bonds.

On the other hand, individuals who sign up for the new bonds will have more certainty even in a changing economic landscape.

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