Suame MP granted enquiry bail in GH¢27 million SIC financial loss probe

The Economic and Organised Crime Office (EOCO) has granted the Member of Parliament for Suame, John Darko, enquiry bail after he appeared before investigators in connection with an alleged criminal conspiracy involving financial transactions at SIC Savings and Loans Company Limited.

The investigation, according to EOCO, centres on transactions suspected to have occasioned an estimated financial loss of GH¢27 million to the company.

In a statement issued on Tuesday, October 13, 2026, the Office confirmed that the legislator, who also serves as Legal Counsel to the Minority Caucus in Parliament, reported to its premises at exactly 12 noon in response to an invitation to assist with investigations.

EOCO indicated that Mr Darko cooperated with investigators during the engagement and provided responses to questions relating to the ongoing probe.

"The Honourable Member was respectful, cooperative and fully responsive throughout the investigative process," the Office stated.

Following the engagement, investigators granted him enquiry bail, taking into consideration the circumstances surrounding the matter, applicable legal requirements and his cooperation.

Earlier indication of willingness to cooperate

Mr Darko's appearance before EOCO follows an earlier public disclosure that he had received information suggesting his name had come up in investigations involving the Member of Parliament for Manhyia South, Nana Agyei Baffour Awuah.

Speaking on October 3, 2026, the Suame legislator indicated that although he had heard of his possible connection to the investigation, he had not received an official invitation at the time.

He nevertheless expressed his readiness to assist investigators whenever requested.

The development also follows Mr Darko's criticism of an earlier attempt by EOCO officials to arrest Mr Baffour Awuah at the Accra High Court on September 23, 2026.

At the time, he questioned the circumstances of the attempted arrest and maintained that investigative institutions must exercise their powers within the limits prescribed by the Constitution.

Background to the SIC financial transactions

The investigation involving the two legislators relates to financial dealings arising from debt recovery proceedings involving SIC Life Savings and Loans Company Limited and Equity Savings and Loans Limited.

In May 2020, Mr Baffour Awuah, a Senior Partner at Sarkodie Baffour Awuah & Partners, was engaged to assist SIC Life in recovering an outstanding debt from Equity Savings and Loans.

Subsequently, in July 2024, SIC Life, Equity Savings and Loans and Eco Swiss Investment Limited entered into Terms of Settlement concerning the debt.

Under the arrangement, SIC Life agreed to accept GH¢5 million as full and final settlement of a revised judgment debt amounting to GH¢14,850,776.14.

Investigators allege that Mr Baffour Awuah played a significant role in facilitating the transaction and subsequently transferred GH¢1 million to the then Managing Director of SIC Life Savings and Loans.

The Manhyia South legislator has since been charged with conspiracy to commit a crime involving the intentional dissipation of public funds, intentionally causing financial loss to a public body, and money laundering.

He is expected to appear before the Specialised Jurisdiction Division of the High Court to answer the charges.

Former SIC Managing Director also assisting investigators

Meanwhile, EOCO has disclosed that the former Managing Director of SIC Life Savings and Loans, Amma Frimpomaa Dwumah, has also responded to an invitation from the Office.

According to the investigative agency, she is cooperating with investigators as efforts continue to establish the circumstances surrounding the transactions under scrutiny.

Although EOCO has revised the estimated financial loss connected to the investigation to approximately GH¢27 million, it has not publicly detailed the specific allegations against Mr Darko.

The Office has emphasised that investigations remain ongoing and that no final determination has been made concerning the criminal responsibility of any person implicated in the matter.

Mr Darko's release on enquiry bail therefore does not amount to a finding of criminal liability, as investigators continue to examine the evidence surrounding the alleged transactions.