The Court of Appeal has overturned the conviction and 10-year prison sentence handed to former Chief Executive Officer of the Microfinance and Small Loans Centre (MASLOC), Sedina Tamakloe Attionu, acquitting and discharging her of all charges.

A three-member panel of the appellate court, made up of Justice Emmanuel Ankamah, Justice Emmanuel Senyo Amedahe and Justice Samuel Obeng-Diawuo, unanimously ruled that the prosecution failed to establish its case against the former MASLOC boss beyond reasonable doubt.

In its ruling delivered on Thursday, the court criticised the approach adopted by the trial court, noting that the proceedings did not sufficiently uphold the constitutional principle that an accused person is presumed innocent until proven guilty.

The Court of Appeal also raised concerns about the manner in which the prosecution presented its case, concluding that the evidence before the court did not meet the required legal threshold to justify the convictions.

The panel indicated that the full reasons for its decision, contained in a 94-page judgment, would be made available by the end of the day.

Sedina Tamakloe was convicted by the High Court in April 2024 following a trial that began on January 30, 2019. She was sentenced to 10 years in prison after being found guilty of several offences linked to her tenure as head of MASLOC.

She had been charged on 78 counts, including stealing and conspiracy to steal, causing financial loss to the state, causing loss to public property, improper payment of public funds, unauthorised commitment and money laundering.

The prosecution, led by then Attorney-General Godfred Yeboah Dame, relied largely on investigations conducted by the Economic and Organised Crime Office (EOCO), accusing the former MASLOC CEO of misusing public funds through various programmes operated by the institution.

Among the allegations was that she diverted a GH¢500,000 loan facility meant for Obaatanpa Microfinance after the company declined the funds due to concerns over the interest rate.

The prosecution also accused her of misappropriating funds allocated for MASLOC public sensitisation programmes, diverting relief funds intended for victims of the Kantamanto Market fire, and approving inflated purchases of vehicles and mobile phones.

During the trial, the prosecution called seven witnesses and relied significantly on a forensic audit report to support its allegations.

The latest ruling by the Court of Appeal effectively nullifies the judgment delivered by High Court judge Justice Afia Serwaa Asare Botwe, with the appellate court setting aside all convictions and ordering the acquittal and discharge of Sedina Tamakloe.

The detailed explanation for the court’s unanimous decision is expected to be released before the close of business on Thursday.