The Office of the Special Prosecutor (OSP) has launched an investigation into an alleged GHC 1.3 billion misappropriation under the Unified Petroleum Price Fund (UPPF) at the National Petroleum Authority (NPA). Key figures, including Jacob Amoah, Wendy Ashong Newman, and Freda Amoah, have been invited for questioning in connection with the scandal.
The investigation follows a petition submitted by Benjamin Agyapong and other stakeholders in the petroleum downstream sector, including Oil Marketing Companies (OMCs), LPG Marketing Companies, Tanker Drivers, and Tanker Owners.
The petition alleges that an accumulated GHC 83 million was siphoned off monthly from June 2023 to October 2024, leaving industry players without due funds. Alleged Embezzlement and Financial Misconduct According to the petition, Jacob Amoah, the UPPF Coordinator, is at the center of the scandal, allegedly diverting industry funds with the collusion of some executives from the Tanker Owners Association. Reports indicate that the misappropriated funds were secretly lodged in an undisclosed Access Bank account without the knowledge of intended beneficiaries.
Additionally, it is alleged that Amoah has amassed unexplained wealth, including properties in Dubai, the UK, and the US. Concerns have been raised over a bank account opened in his son’s name, reportedly holding a balance of $10 million.
Further suspicions of money laundering have surfaced after an alleged failed attempt to channel funds through a Bulk Distribution Company (BDC). The petition further claims that portions of the misappropriated funds were shared among former top executives of the NPA under the authorization of the Chairman of the Tanker Owners Association as a “thank you for work done” gift. Involvement of Wendy Ashong Newman and Freda Amoah To conceal the alleged siphoned funds, Amoah is accused of using Wendy Ashong Newman, a staff member at the NPA described as the “de facto Chief of Staff” for the UPPF department. The petition states that Newman, a low-ranking public servant, has received millions of cedis from Amoah, with movements of over GHC 100 million traced to her Fidelity Bank account (Account No. 2030011485329). A recent balance check reportedly showed GHC 180,893.78 in her account. Freda Amoah has also been implicated, with the petitioners demanding an investigation into her role in the alleged financial misconduct. Calls for Action The petitioners have urged the OSP to: 1. Conduct a forensic investigation to trace the missing GHC 1.3 billion. 2. Investigate all financial transactions, properties, and offshore assets linked to Jacob Amoah, Wendy Ashong Newman, and other implicated individuals. 3. Interdict Jacob Amoah, former NPA CEO Dr. Mustapha Hamid, and Freda Tandoh to prevent interference with the probe. 4. Prosecute all officials and political figures found complicit in the alleged diversion of public funds. Public Outcry and Industry Concerns The scandal has sparked widespread concerns among industry stakeholders, who demand full accountability and the recovery of the missing funds. The petitioners stress that the alleged mismanagement of UPPF funds threatens the stability of Ghana’s petroleum industry and the livelihoods of many within the sector. As the OSP moves forward with its investigation, all eyes remain on the authorities to ensure transparency and justice in what could be one of the biggest financial scandals in Ghana’s petroleum sector. Stay tuned
