$800 Billion Fund Not a Mirage

The inordinate desire of Dr. Ackah Blay-Miezah to trade the Oman Ghana Trust Fund for the Presidency of Ghana was what scuttled initial attempts to retrieve the over US$800 billion from the United Bank of Switzerland, documents on the issue have shown.

It is on record that in 1984 Blay-Miezah managed to convince then Head of State, Jerry John Rawlings and his security advisors, Captain Kojo Tsikata and Mr. Kofi Quantson to issue him with a diplomatic passport to attempt to claim the money for Ghana. But by 1989 when the PNDC government waited in anticipation, Blay-Miezah returned to Ghana with empty hands.

It was reported that when former President Rawlings invited Blay to his residence to brief him on the state of affairs, Blay offered Rawlings one billion dollars if he would hand over to him as Head of State. Obviously Rawlings became angry and authorized the seizure of the diplomatic passport.

Earlier in 1974 he also offered General I.K. Acheampong $30 million if he (Acheampong) would hand over power to the CPP with him as president. An angry Acheampong was reported to have instructed Ghana's ambassador to Switzerland, Mr. Osei Tutu to withdraw Blay-Miezah's diplomatic passport.

Added to his ambitious desire to trade the Fund for the presidency, Blay-Miezah's alleged shady dealings were equally to blame for the failure of successive governments to repatriate the over $$800 billion from the United Bank of Switzerland (UBS).

The existence of Oman Ghana Trust Fund or its genuineness has never been in doubt. Documents made available to Public Agenda indicate that all along the late Blay-Miezah had under false pretences claimed he had a transaction with the Royal Bank of Canada (RBS), which he wanted the Ghana Government's approval to access.

According to the documents, while Dr. Nkrumah was undergoing treatment in Romania after his overthrow in 1966, he was accompanied by his finance Minister, Dr. Kwasi Amoako Attah and Blay-Miezah. Dr. Nkrumah discussed with the two (Dr. Attah and Blay-Miezah ) how to repatriate the money in the Oman Ghana Trust Fund to Ghana. All they needed at the time was a diplomatic passport. When Nkrumah died in 1972, Blay-Miezah was able to convince then Head of State, Gen. I.K. Acheampong that he needed a diplomatic passport with specific instructions to be able to transact a big business for the Royal Bank of Canada out of which he would give Gen. Achemapong US$30 million

After receiving the diplomatic passport, Blay-Miezah was reported to have dropped it at the New York Branch of the UBS and said "I have been made the sole Trustee of Oman Ghana Trust Fund and Dr. Amoako Attah my sole beneficiary."

That was the last time Gen. Achemapong heard from Blay-Miezah. Later on July 6th 1975 when Acheampong heard Blay-Miezah was paying off some American investors, he called him to ask for his share of $30 million. Blay-Miezah was reported to have told Acheampong that he would give him the $30 million if he (Acheampong) resigned and handed power to the CPP.

In an affidavit dated August 9th, 1991, Mr. Osei Tutu who is still alive said Dr. John Ackah Blay-Miezah told bank officials from Brussels that "he had funds ($150million ) lodged at the Royal Bank of Canada which he wanted to transfer to the UBS." In an affidavit, Mr. Tutu explained that when asked how he (Blay) was going to disburse the funds, a Senior Vice President of UBS produced evidence of investment in treasury bills, bearer bonds, securities and other instruments which Dr. Blay-Miezah had lodged with the RBS at the end of 1974. "The securities, treasury bills and instruments ran into several billions of dollars at the time", Mr. Tutu said.

"In November 1974, I confirmed to General Acheampong in the presence of one Ahonka Lindsay that Dr. John Ackah Blay-Miezah's claim was true. The $150 million was stressed by the late Amoako Attah, instead of exposing the real figure", says Mr. Tutu in the affidavit.

"I cannot by any stretch of imagination understand why a reputable and the richest Bank in Switzerland would deceive the accredited Ghana Ambassador to Switzerland and even to lie to the Ghana Government. The delay in the release of the funds may be due to the other factors and not that the whole affair is a mirage. I believe if the government would cooperate and give their full backing, the money will be released", Mr. Tutu.

In a letter dated April 24th 1988 and titled "To whom it may concern", Ghana's former Minister of Finance, Dr. Kwesi Botchwey said "It is hereby declared that the Oman Ghana Trust Fund originated partly from Ghana and partly from contributions by financial institutions in Europe and in North America. The fund was established for the purpose of developing the national resources and also for promoting the welfare of the people of Ghana. The Oman Ghana Trust Fund has no connection whatsoever with any dealings in drugs or in illicit transactions of any kind. It is also hereby declared that Dr. John Ackah Blay-Miezah is the sole Trustee who has the authority to control, manage and operate the fund."

Mr. Tutu's conclusion that there could be other factors delaying the release of the money, other than its non-existence must be taken seriously by stakeholders. For whereas, Dr. Botchwey recognizes Blay-Miezah as the sole Trustee, Mr. Gregg Frazier, the lone voice in the crusade to retrieve the money insists that Blay-Miezah was an only acted as an intermediary at a point and not a trustee . According to Frazier, the sitting President of the Republic of Ghana is the Sole Trustee of the Fund, though the President can delegate his authority to anyone who is at least 65 years old and married.

Mr. Frazier says he has evidence to prove that Blay-Miezah made desperate attempts to move the money from the Oman Ghana Trust Fund in UBS into a fake 'Oman Ghana Trust" account registered in the Cayman Island.

"It was Blay's desire to personalize the fund and to use it to bargain to become President of Ghana that stalled the process in the past", says Frazier in at interview last week. According to Frazier Blay-Miezah died leaving a legacy of false starts, unfulfilled promises and distrust.