Dr. Kwabena Duffour’s Moves Spark Investor Concerns & Challenge Mahama’s 24-Hour Economy

A well-known figure in Ghana‘s business and political sphere, Dr. Kwabena Duffour, has once again found himself at the center of a major economic controversy. The former finance minister and ex-Governor of the Bank of Ghana, whose vast business empire spans multiple industries, is now entangled in a legal dispute that threatens a key manufacturing facility in Ghana.

This dispute has sparked concerns about whether the incident could impact the implementation of President John Mahama‘s 24-Hour Economy initiative, a flagship policy aimed at expanding industrial output and job creation.

Unibank’s Collapse and the Asset Recovery Efforts

Dr. Duffour’s business interests came under scrutiny following the collapse of Unibank, a financial institution he founded, which was taken over by regulators due to a reported capital shortfall. According to official receivers and auditors, Unibank had a capital deficit of $1.2 billion at the time of its collapse. Government-appointed receivers have been engaged in efforts to recover funds and assets linked to the bank to offset losses incurred by the state in stabilizing the financial system.

Critics argue that the asset recovery process has been slow and selective, raising questions about whether influential figures connected to the defunct banks are receiving favorable treatment.

The Uniprecision-WAPP Connection and the Mohinani Lease

Among the assets that were subject to scrutiny was Uniprecision, a manufacturing entity that was originally tied to Unibank-related businesses. Following Unibank’s closure, West Africa Packaging and Printing (WAPP) was established and assumed control over Uniprecision’s operations.

WAPP subsequently entered into a leasing agreement with Polytank, a member of the prominent Mohinani Group, which took over the Uniprecision facility for the production of essential industrial inputs. This agreement positioned the factory as a strategic player in Ghana’s supply chain, manufacturing key materials for major multinational companies like Unilever Limited.

According to sources close to the transaction, Polytank has invested over $3.5 million into the factory’s operations, securing employment for over 150 direct workers and sustaining an estimated 3,000 livelihoods indirectly.

The Shock Takeover and Keystone Global’s Role

However, in January 2025, a group of armed men arrived at the Uniprecision factory and ordered all workers to vacate the premises. The facility was subsequently locked, disrupting operations and leading to significant financial losses for Polytank.

The individuals who seized control of the factory claimed to be acting on behalf of Keystone Global Holdings, a company that initiated legal proceedings against HODA (House of Duffour Assets) over an alleged $4 million debt. Keystone’s lawsuit resulted in an out-of-court settlement in which Uniprecision was reportedly transferred as collateral.

The circumstances surrounding this transaction have raised multiple legal and procedural questions. Notably, Uniprecision is not directly owned by HODA, but rather by Eureka Capital. Furthermore, WAPP, the entity that leased the factory to Polytank, is also independent of HODA.

Legal Maneuvering and Police Response

Following the factory’s seizure, Polytank sought a court injunction, which temporarily suspended the previous possession orders granted to Keystone. The Judicial Secretary formally instructed the Ghana Police Service to reopen the factory pending further legal proceedings. However, the enforcement of this directive has faced unexplained delays.

According to industry insiders, the continued closure of the facility has led to Polytank losing nearly $2 million in revenue, and has cast uncertainty over its planned participation in the 24-Hour Economy initiative. This includes a potential $37 million investment from the International Finance Corporation (IFC), which could now be at risk.

Political and Economic Implications

Observers note that the unfolding legal battle could have broader implications beyond the factory’s fate. If unresolved, the case may raise questions about business confidence in Ghana’s legal system and its ability to fairly adjudicate disputes involving high-profile figures.

Moreover, with the Mahama administration’s commitment to revitalizing the economy, some analysts believe the situation could place the government in a delicate position. If a major industrial player is unable to participate in the 24-Hour Economy initiative due to unresolved disputes, critics may argue that Ghana’s investment climate remains unstable.

On social media, prominent analysts like Bright Simons have hinted at broader concerns, suggesting that unresolved banking sector lawsuits and asset recovery efforts could be subject to political pressure.

What’s Next?

For now, the legal proceedings continue, but the question still remains: Will Uniprecision be restored to its previous state and allowed to contribute to the 24-Hour Economy? Or will this dispute serve as a cautionary tale about the intersection of business, politics, and legal power in Ghana?

Dr. Duffuor’s will speak to the issue, Accra Street Journal was told when it reached out for his comment on the issue.

At Accra Street Journal, we will continue to provide updates on this developing story, offering our readers in-depth insights as new revelations emerge.

Last Updated on May 11, 2025 by samboad