By: Nana Karikari, Senior Global Affairs Correspondent
Ghanaian businessman and 2024 presidential candidate Nana Kwame Bediako has denied personal liability for a U.S. $14.9 million (approx. GH₵241.1 million) debt currently being enforced by the High Court in Ghana following a United Kingdom ruling.
Bediako, the leader of the New Force movement and president of the Kwarleyz Group, broke his silence January 23, 2026 to address reports that he owes more than $16 million (approx. GH₵258.4 million) when including interest and costs. He said the legal proceedings are still ongoing and that media reports have misrepresented the facts of the case.
The UK Ruling Context
The enforcement follows a definitive ruling from the High Court of England and Wales. Early last year, Deputy Master Sabic KC issued a judgment ordering the payment of the debt to Cola Holdings Limited. This ruling was subsequently varied and reaffirmed during the spring of 2025, forming the legal basis for the current collection efforts and its registration with the High Court in Ghana.
Judicial Recognition and Financial Accruals
The case, handled by the High Court’s Commercial Division in Accra, formally registered the English decision on May 20, 2025. According to a public notice published in the Daily Graphic on January 22, 2026, the Ghanaian court ordered Bediako to pay a principal debt of $14,928,314.70.
Additionally, as of December 23, 2025, the accrued interest at a rate of eight percent per annum totaled $1,092,834.64 (approx. GH₵17.6 million). The court also awarded GH₵15,000 in legal costs to the claimant, Cola Holdings Limited. Using the court-referenced Treasury exchange rate of GH₵16.15, the total sum due has reached approximately GH₵258.76 million.
Dispute Over Personal Liability
Bediako emphasized that the financial dispute stems from a corporate loan rather than a personal one. He stated that he never received funds from the claimant.
“I have not contracted any loan from Cola Holdings Ltd, and Cola Holdings Ltd has not paid any money to me,” Bediako said in a statement.
He explained that the transaction involved a loan from the International Finance Corporation (IFC) to Kensington Residential Partners 1 Limited (KRP 1). Bediako and Azad Cola, the owner of Cola Holdings Limited, are joint shareholders in KRP 1.
“I was therefore surprised when I was informed that Cola Holdings Limited had commenced an action against me personally in the United Kingdom (UK) to recover the loan which was contracted by KRP 1 from IFC,” Bediako said.
He added that the UK action moved forward while he was still seeking clarity from his partners: “Whiles I was still in discussions with the representatives of KRP 1 to ascertain what has truly gone on, I was informed that a date has been set for judgment to be delivered in the UK in respect of that suit.”
Challenges to the UK Judgment
The UK judgment was registered in Ghana on May 20, 2025. Bediako attributed the ruling to a failure by his previous legal team.
“I found out later that the lawyers I hired to engage the lawyers of Cola Holdings in the UK did not file any processes in defence to the action,” he said.
He has since instructed his Ghanaian lawyers to resist the enforcement, arguing the judgment was obtained through fraud and that enforcing it would be contrary to public policy.
“I instructed my lawyers in Ghana to resist the enforcement of the judgment on grounds that the judgment was obtained by fraud and that its enforcement will be against public policy,” he added.
Claims of Unjust Enrichment
Bediako accused Cola Holdings Limited of seeking “unjust enrichment” and an “abuse of the court process” by allegedly failing to inform the UK court of separate proceedings in Ghana against KRP 1.
“It is also worthy of note that Cola Holdings did not disclose to the Courts in U.K that it had also commenced proceedings to enforce that same debt against KRP 1 in Ghana. This concealment of material facts from the courts in U.K is the fraudulent misrepresentation which misled the court in UK to grant the judgment against me,” he stated.
He described the move as “an attempt to abuse the court process by seeking multiple recoveries of the same debt against different persons.”
Legal Escalation and Service
A Ghanaian High Court recently declined to set aside the registration of the foreign judgment. In response, Bediako directed his legal team to file an appeal and seek a stay of execution.
To ensure the judgment is served, the court authorized substituted service. Legal notices must be posted at Bediako’s residence at 13 Avenue Lincoln, Osu, and on the High Court notice board for seven days, alongside a one-time publication in national newspapers.
“I have also instructed my lawyers to file processes to ensure that the purported judgment from the UK is not enforced pending the exhaustion of all appeal processes,” Bediako said.
Despite the pressure, the presidential hopeful expressed confidence in the system.
“I am certain that after all the processes have been exhausted, truth will stand and no amounts of machinations by foreigners and their Ghanaian cohorts will derail my efforts to contributing my quota to the development of Ghana and Africa as a whole.”
Impact on the Political Horizon
The outcome of this legal battle may carry weight beyond the courtroom as Bediako continues his independent bid for the presidency. While his campaign, built on “economic freedom,” remains active across Ghana’s 276 constituencies, the enforcement of a multi-million dollar judgment debt presents a significant test of his financial resilience and public image. As the appeal moves forward, the case will likely remain a focal point for voters and analysts alike, serving as a high-stakes intersection of international business law and domestic political ambition.
