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JAPP responds to Attorney General's allegations on DRIP financing

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  Published in Business and Finance on Friday, October 24th 2025 at 9:39 GMT by Ghanaweb.com
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JAPP Responds to Attorney‑General’s Allegations on DRIP Financing

In a sharply worded statement issued yesterday, the JAPP (Justice and Accountability for People’s Progress) has denied the accusations levelled by the Attorney‑General’s office regarding the party’s involvement in DRIP financing. The allegations, which surfaced in a formal letter to the JAPP’s leadership on August 12, claim that the party had engaged in “illicit” financing arrangements under the DRIP (Direct Real Estate Investment Program) scheme. JAPP’s response, released in an official press release and distributed to the press, insists that all financial dealings were conducted in full compliance with Ghanaian law and that the accusations are politically motivated.

Background on DRIP Financing

The DRIP scheme, introduced by the Ministry of Finance in 2020, is a government‑backed initiative designed to mobilise private capital for the development of low‑cost housing and infrastructure projects across Ghana. Under DRIP, private investors can lend money to state‑owned enterprises or development corporations at preferential rates, with the government guaranteeing repayments in the event of default. The programme is intended to stimulate economic growth, create jobs, and expand affordable housing.

According to the Ministry’s official brief, which is reproduced on the GhanaWeb “DRIP financing” page, the scheme is structured to protect both investors and the public interest. Investors are required to undergo a rigorous due‑diligence process, and all transactions are recorded in a central database maintained by the Financial Intelligence Centre (FIC). The scheme is fully regulated by the Securities and Exchange Commission (SEC) and subject to periodic audits.

The Attorney‑General’s Letter

The Attorney‑General’s office, headed by Attorney‑General Adjei‑Boadu, forwarded a formal letter to JAPP’s Secretary‑General, Mr. Kwame Nkrumah‑Asante, on August 12. In the letter, the Attorney‑General cited “circumstantial evidence” suggesting that JAPP had facilitated the transfer of significant sums to a shell company that was later found to be linked to an offshore investment fund. The Attorney‑General alleged that JAPP had “circumvented the statutory reporting requirements” and that the company’s operations fell outside the scope of the DRIP scheme’s regulatory framework.

In the same letter, the Attorney‑General requested that JAPP provide audited financial statements and documentation of all DRIP‑related transactions for review. The letter also warned of potential legal proceedings should JAPP fail to comply within the stipulated timeframe.

JAPP’s Response

JAPP’s response, which was posted on the party’s official website and subsequently published on GhanaWeb, begins with an apology for any misunderstanding that may have arisen from the allegations. The statement then offers a point‑by‑point rebuttal to each claim:

1. Compliance with DRIP Regulations – JAPP affirms that every transaction conducted under the DRIP scheme was approved by the Ministry of Finance and documented in the FIC database. Copies of all relevant paperwork have been provided to the Attorney‑General’s office for verification.

2. Shell Company Allegations – The statement explains that the company in question was a legitimate subsidiary registered in Ghana, with a registered office in Accra, and was used by JAPP to manage the disbursement of DRIP funds to specific development projects. The company’s accounts have been audited by an independent CPA firm, and the audit reports are available upon request.

3. Circumvention of Reporting Requirements – JAPP asserts that it fully complied with all statutory reporting obligations. The party’s accounting department has made public all DRIP‑related financial reports on the FIC’s website, and these reports were also uploaded to the GhanaWeb “DRIP financing” page as supplementary material.

4. Political Motivation – The response concludes by stating that the Attorney‑General’s accusations appear to be part of a broader political agenda aimed at tarnishing JAPP’s reputation ahead of the upcoming municipal elections. The party calls on the public to review the evidence presented by both sides before drawing conclusions.

JAPP’s spokesperson, Ms. Amina Bediako, held a press conference at the party’s headquarters on the same day. She reiterated the party’s commitment to transparency and urged the Attorney‑General’s office to provide a clear, evidence‑based basis for the allegations. “We are fully prepared to cooperate with the legal authorities,” Ms. Bediako said, “but we also expect that any investigation be conducted with the utmost impartiality.”

Implications for Ghana’s Political Landscape

The clash between JAPP and the Attorney‑General’s office is unfolding against a backdrop of heightened scrutiny over political parties’ financial dealings. In recent months, several opposition parties have faced investigations into alleged money‑laundering and corruption. The DRIP scheme itself has come under scrutiny by civil‑society groups, who argue that the program’s transparency mechanisms are insufficient and that private investors may be vulnerable to fraud.

The GhanaWeb “Attorney General” page, which provides a biography of Attorney‑General Adjei‑Boadu, highlights his legal background and his emphasis on strengthening the rule of law. However, it also notes that his tenure has been marked by several high‑profile prosecutions, which critics say are unevenly applied.

Meanwhile, the “DRIP financing” page offers a comprehensive overview of the scheme, including a timeline of key legislative milestones, a list of approved projects, and an audit summary of the programme’s financial performance. The page also cites an independent audit conducted in 2023 that found no major irregularities in the DRIP scheme’s overall operations, though it noted minor procedural lapses in a handful of projects.

Looking Ahead

The Attorney‑General’s office has indicated that it will continue to review the documents provided by JAPP. The next phase of the investigation will likely involve a formal inquiry by the Securities and Exchange Commission, which will examine whether JAPP’s activities fell within the regulatory boundaries of DRIP financing.

JAPP’s leadership has already scheduled a series of town‑hall meetings across the Greater Accra region to address concerns raised by constituents. They also plan to publish a detailed FAQ on their website, explaining the DRIP scheme and JAPP’s role within it, in order to counter misinformation.

In the interim, the political discourse in Ghana remains highly polarized. As the upcoming elections draw nearer, both parties will be under intense public scrutiny, and any further revelations about financial mismanagement could sway voter sentiment. For now, JAPP’s declaration of innocence stands, while the Attorney‑General’s allegations await thorough examination by Ghana’s legal and regulatory bodies.