Former Goldman Sachs banker convicted over Ghana power plant bribes

A former Goldman Sachs banker and ex-managing director of Ghana's Tema Oil Refinery (TOR), Asante Kwaku Berko, has been convicted in the United States over a bribery scheme linked to the development of a power plant in Ghana.

A federal jury in Brooklyn, New York, found the 52-year-old guilty of conspiring to violate the US Foreign Corrupt Practices Act, violating the Act and conspiring to launder money.

Prosecutors said Mr Berko and associates paid more than $1m in bribes to Ghanaian government officials to help a Turkish energy company secure a contract to build and operate the power plant.

The verdict followed a nine-day trial before US District Judge Diane Gujarati.

Mr Berko, a dual US-Ghanaian citizen, was working as an investment banker at Goldman Sachs when he helped manage the deal between the Ghanaian government and Turkish energy company Aksa Enerji.

Prosecutors said the scheme ran from 2014 to 2017, during a period when Ghana was facing a severe energy crisis.

Bribes to officials

According to evidence presented at trial, Mr Berko and his co-conspirators discussed paying $1m to Ghana's then Power Minister and $250,000 to a senior adviser in April 2015.

Five Ghanaian officials were also allegedly given $5,000 each during an all-expenses-paid trip to Turkey to inspect equipment for the proposed plant.

After Ghana's Parliament approved the power plant agreement in July 2015, prosecutors said the conspirators exchanged emails detailing further bribe payments.

One payment discussed in August 2015 allegedly included $46,000 for members of Parliament involved in ratifying the agreement.

US prosecutors said Mr Berko attempted to conceal the scheme from Goldman Sachs by misleading the bank's compliance team and using personal email accounts to discuss the deal and payments.

They also said shell companies, false invoices, nominee bank accounts and cash withdrawals were used to conceal and move the money through US and foreign financial institutions.

Goldman Sachs eventually withdrew from the transaction over concerns about corruption.

Prison sentence

Mr Berko was extradited from the UK to the US in 2024 after being arrested in London in 2022.

He has been remanded in custody pending sentencing and faces up to 30 years in prison.

US authorities described the conviction as a significant victory in their efforts to prosecute international corruption.

The case has also prompted renewed scrutiny of the Ghana power plant agreement and the role of officials who allegedly received payments.

The US prosecution concerns alleged violations of American anti-corruption laws. Any Ghanaian officials allegedly involved would be subject to Ghanaian law and due process.