Omanghana
Asante Kwaku Berko, a former Goldman Sachs investment banker and former Managing Director of the Tema Oil Refinery, has been convicted in the United States for his role in an international bribery and money-laundering operation.
A federal jury in Brooklyn returned the guilty verdict on August 6, 2026, following a nine-day trial. Berko, a 52-year-old dual citizen of Ghana and the United States, was convicted of violating the Foreign Corrupt Practices Act and conspiring to launder money.
US prosecutors said the scheme involved more than $1 million in bribes intended to influence senior Ghanaian government officials and secure an emergency power agreement for a Turkish energy company.
Bribes Linked to Emergency Power Contract
Evidence presented by the US Department of Justice showed that the scheme operated between 2014 and 2017.
Prosecutors said Berko and his alleged co-conspirators arranged illicit payments for senior public officials, including a former Power Minister and Members of Parliament.
The payments were intended to help Aksa Enerji Uretim A.S., a Turkish client of Goldman Sachs, obtain government approvals and parliamentary support for an emergency power plant contract during Ghana’s severe electricity crisis.
Conspirators Used ‘Holy Rain’ as Code for Payments
Prosecutors presented emails in which members of the group allegedly used coded language when discussing outstanding bribe payments.
In one exchange, a co-conspirator reportedly said a Ghanaian official was waiting for the “holy rain,” which prosecutors identified as a coded reference to the promised money.
The trial also featured a covert recording in which Berko discussed withdrawing and distributing large amounts of cash.
“Cash… I go to the bank, collect one million dollars, go pay,” he was heard saying.
Former Power Minister Allegedly Targeted With $1 Million
Trial evidence indicated that Berko and others organized a $1 million cash payment in April 2015 for Ghana’s then-Power Minister.
Prosecutors argued that the money was intended to accelerate government approvals for the Turkish company’s energy project.
The scheme reportedly extended to Parliament, where payments were allegedly made to secure ratification of the power agreement in July 2015.
Emails from August 2015 detailed an alleged $250,000 bribery package distributed among several people. According to prosecutors, the amount included $46,000 paid to Members of Parliament who supported the project.
Officials Received Cash During Turkey Trip
Berko was also accused of financing an all-expenses-paid trip to Turkey for five Ghanaian government officials before the contract was signed.
The visit was officially presented as an opportunity for the delegation to inspect equipment. However, prosecutors said each participant also received $5,000 in cash as spending money.
The Justice Department argued that the trip and cash payments were intended to influence the officials and secure favorable treatment for the power project.
Personal Email Accounts and Shell Company Used
Evidence showed that Berko attempted to conceal the scheme from Goldman Sachs’ internal compliance system.
Prosecutors said he misled compliance officers about aspects of the transaction and instructed his associates to use personal Gmail accounts instead of official corporate communication channels.
The group allegedly used a Ghana-based shell consultancy known as Tricorp Group to move and disguise the payments. Fake invoices, sham contracts and nominee bank accounts were reportedly used to conceal the source and intended recipients of the funds.
The money was then laundered through financial networks in the United States and other countries.
Goldman Sachs’ compliance system eventually identified irregularities surrounding the proposed transaction, prompting the bank to withdraw from financing it because of corruption concerns.
Berko Remanded Ahead of Sentencing
Berko had previously faced sanctions from the US Securities and Exchange Commission in 2021. He was later arrested in the United Kingdom through an Interpol notice and extradited to New York in July 2024 to face criminal prosecution.
Following the jury’s verdict, US District Judge Diane Gujarati ordered him to remain in custody after determining that he posed a flight risk.
Berko is scheduled to be sentenced on November 10, 2026. He faces a maximum combined sentence of 30 years in federal prison.
Source: Omanghana
