A United States federal jury has convicted former Goldman Sachs executive Asante Kwaku Berko, a dual US-Ghanaian citizen, for his involvement in a multimillion-dollar bribery scheme linked to the development of a power plant in Ghana.

The verdict was returned on Wednesday, August 6, following a nine-day trial before Judge Diane Gujarati at the US District Court for the Eastern District of New York in Brooklyn.

According to the US Department of Justice (DOJ), Berko was found guilty of conspiracy to violate the Foreign Corrupt Practices Act (FCPA), violating the FCPA, and conspiracy to commit money laundering. He faces a maximum prison sentence of 30 years when he is sentenced in November.

Prosecutors told the court that Berko, who served as an Executive Director at Goldman Sachs, played a central role in arranging financing in 2014 for a Turkish energy company seeking to construct a multimillion-dollar power plant in Ghana during the country’s electricity crisis.

The DOJ said Berko and his co-conspirators orchestrated a scheme to pay more than US$1 million in bribes to Ghanaian public officials to secure government approval for the project.

Evidence presented during the trial showed that the conspirators planned to pay US$1 million to Ghana’s then Minister of Power in April 2015. Prosecutors also alleged that five Ghanaian government officials each received US$5,000 during an all-expenses-paid trip to Turkey to inspect equipment intended for the project.

The court further heard that Berko personally authorised and paid tens of thousands of dollars in additional bribes connected to the transaction.

According to prosecutors, Ghana’s Parliament approved the power plant agreement in July 2015, after which Berko and his associates allegedly exchanged emails discussing the illicit payments.

The Department of Justice said Berko concealed the bribery scheme from Goldman Sachs and other parties through the use of shell companies, fraudulent invoices, nominee bank accounts and cash withdrawals.

Investigators further alleged that proceeds of the scheme were laundered through bank accounts in the United States and other jurisdictions, including accounts held in Berko’s name.

The DOJ said Goldman Sachs eventually withdrew from the transaction after identifying corruption concerns surrounding the deal.

Berko was extradited to the United States from the United Kingdom in July 2024 after his arrest in London in November 2022 under an Interpol Diffusion Notice.

The criminal conviction follows earlier civil action by the US Securities and Exchange Commission (SEC). In June 2021, the SEC secured a final judgment against Berko over the same bribery allegations, permanently barring him from violating the anti-bribery provisions of the Foreign Corrupt Practices Act. He was also ordered to disgorge US$275,000 in alleged illicit gains and pay more than US$54,000 in prejudgment interest.

Commenting on the conviction, Assistant Attorney General Tysen Duva said the case underscored the Justice Department’s resolve to combat international corruption.

“We live in a global economy that American companies must be able to compete in fairly. This defendant corrupted that fair competition. He abused his position at a world-renowned American investment bank by helping bribe Ghanaian officials, so he and his co-conspirators, including senior executives at a Turkish company, could make money,” he said.

He added that individuals who undermine the integrity of international business through corruption would face the full force of the law.

Acting Assistant Director of the FBI’s Criminal Division, Matthew Floyd, also condemned Berko’s actions.

“Berko intentionally lied to his company to continue his scheme. The FBI will not tolerate dishonesty or corruption from anyone who wishes to disturb the business market,” he said.

The case was prosecuted jointly by the US Attorney’s Office for the Eastern District of New York and the Fraud Section of the Department of Justice’s Criminal Division.