Tsatsu Tsikata for court at last

The Ghanaian Chronicle says the legendary financial whiz kid, Mr Tsatsu Tsikata, who blew over ?500 billion and still remained in office without a reprimand from his sector Minister, Board or the President of the day, is finally going to make an appearance in court within days.

At lease three charges have been preferred against Mr Tsikata, erstwhile Chief Executive of the Ghana National Petroleum Corporation (GNPC) including the criminal charge of causing financial loss to the state though no official would go on record to specify what should be emanating from the Attorney-General's office.

“It is likely that one of the latest developments in Tsikata's series of reckless financial adventures may be captured in the list of charges”, says Chronicle.

Mr Tsikata is in the country, but it appears that officials are careful about how they grapple with him. “It is like approaching a Bengal tiger with bare hands,” the paper adds.

The ex-GNPC boss has exposed a private local financial institution to a huge financial headache. The Consolidated Discount House (CDH) doled out billions of cedis to GNPC but the debt-laden corporation went into default almost immediately the first repayment slot became due.

Frantic efforts from CDH to recover the money did not materialize until a legal action was instituted. By June, this year, the cash and interest had hit ?13.7 billion.

Counsel for GNPC, Mr Abankwa challenged the amount and contested liability.

The matter was stalled for a short while but resumed in earnest last month when Abankwa admitted liability, changing his affidavits, but the delay cost.

By the beginning of the week, the total indebtedness had shot up to ?16.5 billion.

The Chronicle adds that mounds of incriminating information are also unfolding at GNPC, including a case involving Valley Farms, whose location was even unknown to Tsatsu who engineered the 'business, another non-core effort. A caller to the Chronicle disclosed that the farm is located around Enchi in the Western Region.

It is alleged that some $1 million was on-lent to the company which is owned by a long-time Ghanaian resident in American, Mr Jim Wilson, a very close friend of former President Jerry Rawlings whose relation, now strained, predates his presidency.

The forensic inquiries and auditing by Price WaterHouse Cooper of the corporation, officials say are yet to be concluded.