A former Goldman Sachs investment banker has been convicted in the United States for orchestrating a bribery scheme that channelled more than $1 million to Ghanaian government officials in exchange for approvals linked to a lucrative power plant project.
Asante Kwaku Berko, a dual U.S.-Ghanaian citizen and former Executive Director in Goldman Sachs’ Investment Banking Division, was found guilty by a federal jury in Brooklyn following a nine-day trial. He faces up to 30 years in prison and has been remanded pending sentencing.
Bribery Scheme
According to U.S. prosecutors, the bribery scheme dates back to late 2014 when Berko managed a transaction involving the Ghanaian government and Turkish energy company Aksa Enerji, then a Goldman Sachs client.
Prosecutors told the court that Berko and his co-conspirators sought to influence the approval process by offering $1 million to Ghana’s Minister of Power; $250,000 to the minister’s senior adviser; and an all-expenses-paid trip to Turkey for five Ghanaian officials to inspect equipment for the planned facility.
Following Ghana’s parliamentary approval of the agreement in July 2015, the conspirators allegedly discussed further illicit payments, including $46,000 to members of Parliament. Prosecutors said coded language such as “holy rain” was used to refer to the promised bribe payments.
The U.S. Department of Justice said Berko attempted to hide the scheme from Goldman Sachs by using his personal email instead of corporate communication systems and misleading the firm’s compliance team.
Investigators said the group routed payments through shell companies, fake invoices, nominee bank accounts and cash withdrawals to disguise the flow of funds through U.S. and international financial institutions. Goldman Sachs ultimately withdrew from the transaction after raising concerns about possible corruption.
U.S. Attorney Joseph Nocella Jr. described the verdict as another milestone in the Justice Department’s campaign against international corruption, saying Berko exploited his position at a prestigious investment bank to enrich himself through foreign bribery.
Assistant Attorney General A. Tysen Duva added that the conviction reinforces the U.S. commitment to ensuring American companies compete fairly in global markets without resorting to corrupt practices.
