By Grace Zigah
A high-stakes legal battle is set to unfold in Ghana’s commercial court as DramOil and Trading Ltd. begins proceedings against international audit firm Deloitte & Touche, seeking a staggering $450 million in damages over an audit report the company describes as “grossly negligent” and “fraudulent.”
The suit stems from a longstanding commercial dispute between DramOil and another Accra-based oil trading company, Vihama Energy Co., over payments and liabilities arising from a series of trading transactions.
The court-appointed audit by Deloitte, conducted in 2015 as part of a post-judgment enforcement process, was expected to independently determine the financial exposure of Vihama to DramOil.
However, the audit’s final conclusion—delivered in 2019—found that Vihama owed DramOil nothing.
That conclusion, according to DramOil CEO Randolf Osae Koranteng, caused the company significant reputational and financial harm, wiping out nearly $188 million in expected receivables and triggering a crisis in investor confidence.
DramOil is now demanding compensation of $450 million, claiming the audit was riddled with factual inaccuracies, deliberate distortions, and misconduct on the part of Deloitte.
Background: A Decade-Old Dispute Escalates
The conflict between DramOil and Vihama Energy began more than a decade ago, rooted in a complex web of oil product exchanges, credit terms, and alleged breaches of contract.
After several rounds of litigation, the commercial court ordered a third-party audit to establish the final state of accounts between the two firms.
Deloitte Ghana, the local unit of the global accounting giant, was selected to carry out this task due to its reputation for independence and technical expertise.
But what was expected to be a conclusive process only deepened the controversy.
The final Deloitte audit report, released in 2019, stated that Vihama Energy did not owe any outstanding amounts to DramOil—a position that contradicts earlier interim findings and internal records presented by DramOil during court proceedings.
The report, now at the center of the lawsuit, has become a lightning rod for debate around audit transparency and professional accountability.
Allegations of Fabrication and Negligence
DramOil’s CEO, Randolf Osae Koranteng, has publicly accused Deloitte of “fabrication and falsification,” claiming that the report was not just flawed but actively misleading.
In a statement ahead of the court proceedings, he said the report was a result of “gross negligence,” asserting that Deloitte failed to properly assess transaction records, overlooked key payment receipts, and ultimately produced a document that favored one party unjustly.
“This audit has not only cost us money, but it has endangered our survival as a business. We have lost partners, we have lost trust, and we have been unjustly portrayed as making false claims. That is why we are seeking justice,” Koranteng stated.
Silence From Deloitte and Vihama Energy
Both Deloitte & Touche Ghana and Vihama Energy have declined to comment on the pending litigation. Bloomberg reporters attempted to reach both entities, but their representatives refused to speak, citing the ongoing legal process.
This silence, however, has done little to quell the speculation and scrutiny surrounding the case, particularly within Ghana’s business and financial services community
Legal experts say the outcome of this case could have major implications for the credibility of audit firms and the enforceability of post-judgment processes in commercial disputes.
