Kofi Osafo Marfo, Ex-Board Officials, Lawyer Kwame Gyan and Others Implicated.
Ex-officials of Cal Bank, and Directors of a shady company called IBISTEK have been implicated in a web of corruption involving a USD$100 million loan scandal that now poses a significant threat to the worker’s pension fund.
This scandal has ensnared former board members of CalBank and certain management members of the Social Security and National Insurance Trust (SSNIT), which holds a 33 percent stake in the bank.
The individuals in question stand accused of receiving bribes and engaging in coercive tactics in a loan agreement that resulted in the bank disbursing $52 million, with the borrowers subsequently defaulting on repayment, pushing the bank perilously close to a near collapse before the NPP handed over power in 2024.
Notably, these questionable dealings occurred during the tenure of former SSNIT Director-General Kofi Osafo Marfo, who also served as a non-executive member of CalBank’s board.
The controversial loan agreement was made with the private entity IbisTek Limited in 2017, where a staggering $52 million was allocated for a project that was initially estimated to cost only $8 million.
This company, established in 2005, allegedly secured the loan through underhanded means, involving the greasing of palms of board members and management officials. Today, the principal and accrued interests of this loan amount to a staggering $100 million.
The loan was intended for the construction of an off-dock facility at the Takoradi Harbour in the Western Region, part of the Ghana Ports and Harbours Authority’s development plans.
However, nearly a decade later, the loan remains unpaid, casting a shadow of uncertainty over the bank’s stability and the security of workers’ pensions.
SSNIT was represented on the board by Nana Otoo Acheampong and Kofi Osafo Marfo, with the latter later assuming a more prominent role within the organization.
The connection to high-ranking officials and the lack of tangible collateral in the loan agreement further highlight the intricate nature of this scandal.
Additionally, IbisTek has vehemently resisted attempts by CalBank to enforce the terms of the loan agreement, complicating efforts to recover the outstanding funds.
Amidst legal wrangling and shifting allegiances, the future of the off-dock project remains uncertain, as the company seeks to protect its interests against the backdrop of mounting legal challenges.
This unfolding saga underscores the deep-rooted corruption within the corridors of power and the pervasive impact it has on financial institutions, pension funds, and the broader economy.
As further details emerge, the extent of this scandal and its repercussions on stakeholders continue to come to light, raising serious questions about accountability, transparency, and governance within the financial sector.
More coming soon…
By Gifty Boateng