Amanda Clinton, a legal practitioner and Head of Clinton Consultancy, has described the current international legal troubles facing former Finance Minister Ken Ofori-Atta as a form of “quiet retribution” for the controversial 2018 banking sector cleanup.
In an assessment, Ms Clinton argued on Monday, January 12, that the former minister’s detention by U.S. Immigration and Customs Enforcement (ICE) on January 6, 2026, and the subsequent corruption charges at home are not mere accidents but the consequence of decisions made during his seven-year tenure.
Between 2017 and 2019, under Mr Ofori-Atta’s leadership at the Ministry of Finance, the Bank of Ghana revoked the licences of nine indigenous banks and hundreds of other financial institutions, leading to the creation of the Consolidated Bank Ghana (CBG).
While the government at the time framed the move as a necessary cleanup to save the deposits of 4.5 million Ghanaians, Ms Clinton suggests the human and institutional cost created a deep-seated grievance that is only now manifesting.
“Much of what is happening to Mr. Ofori-Atta today is not accidental,” Ms Clinton noted. “In part, it is the consequence of how several powerful indigenous banks—led by ambitious founders seeking to build lasting institutions and dynasties—were swiftly and dispassionately collapsed under his watch.”
To highlight what she views as the “dispassionate” nature of the 2018 exercise, Ms Clinton drew a historical parallel to the administration of the late President John Evans Atta Mills.
She recalled a period of instability where the then-government had the leverage to shut down Databank—the investment firm co-founded by Ofori-Atta—but chose a path of institutional preservation instead.
“History offers a telling contrast,” she remarked. “When President Mills had the opportunity to shut down Databank during a period of serious instability, he deliberately chose restraint, making it clear that he would not be the leader to bring down an indigenous bank.”
Ms Clinton’s comments touch on the psychological weight of the cleanup, noting that for many former bank owners, the sight of their former properties now bearing the CBG logo serves as a “daily reminder of what was lost.”
She posited that the current pressure on Ofori-Atta—who is facing 78 counts of corruption related to the SML revenue scandal and the National Cathedral—may be fuelled by those seeking “vindication”.
“This moment feels larger than politics. It carries the weight of karma and quiet retribution… Politics is an unforgiving arena. When grievances fester, some will pursue justice as they define it—through influence, pressure, and lobbying at the highest levels—seeking vindication not in courts or policy, but in consequence.”
The international lawyer’s analysis comes as Attorney General Dr. Dominic Ayine confirmed on JoyNews’ Newsfile that Ofori-Atta’s U.S. visa was revoked in mid-2025, contrary to claims that it had simply expired.
While supporters of the former minister have described the detention as “vindictive and cruel”, Ms Clinton’s perspective shifts the focus to a broader cycle of political and economic accountability.
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