SuCasa refutes fraud allegations, affirms solvency and commitment to housing delivery

SuCasa Properties has strongly denied ongoing allegations of fraud and insolvency, asserting its financial stability and commitment to delivering quality and affordable housing to Ghanaians.

Speaking at a press conference in Accra, the company’s Public Relations Officer, Mr Daniel Kofi Awuku-Asare, said recent allegations were unfounded and aimed at tarnishing the reputation of a company that remains fully compliant with Ghana’s laws.

Mr Awuku-Asare noted that SuCasa was named the official private sector real estate partner of the Government of Ghana under the 2023 Diaspora Engagement Policy Framework Initiative, a role formalised through a signed Memorandum of Understanding. “SuCasa Properties is solvent. We deliver affordable but quality homes. We are compliant with the law. And we are committed to finishing what we started,” he said.

He addressed a range of issues, including ongoing investigations by the Criminal Investigations Department (CID) and the Economic and Organised Crime Office (EOCO). He stated that SuCasa and its directors have fully cooperated with all inquiries and submitted to every invitation from law enforcement agencies.

In one of the most high-profile cases involving the company’s CEO, charges of fraud were brought before the High Court. Mr Awuku-Asare emphasised that the court dismissed the case, ruling that there were no elements of fraud or false pretence. Copies of the judgment were shared with journalists present at the press conference. “The lesson is clear: SuCasa has nothing to hide and has always worked hand-in-hand with law enforcement authorities,” he added.

On EOCO’s ongoing investigations, SuCasa expressed confidence that it would be cleared of any wrongdoing. According to the company, the year-long investigation has, so far, yielded no evidence of criminal activity. Mr. Awuku-Asare described the allegations as part of a smear campaign to damage the company’s reputation and hinder its efforts to bring down the cost of housing in Ghana.

Responding to concerns about project delays, he clarified that while some construction timelines have indeed been affected, this should not be misconstrued as fraud. “Many of these delays are due to customer defaults. We understand the economic pressures — inflation, currency depreciation — but this is a two-way street. Just as customers expect delivery, we rely on timely payments to keep projects on track,” he explained.

Despite these challenges, SuCasa has recorded key successes. Phase 1 of the company’s flagship O’Grantson Communities project is fully occupied, Phase 2 is 50% occupied, and Phase 3 remains on track for delivery by December 2025. In some cases, the company has even allowed homeowners to take possession despite outstanding payments, in a show of good faith.

Touching on refund-related concerns, SuCasa clarified that all customer payments are directly invested into construction and not held idle. Refunds, the company said, are only processed once cancelled units are resold — a practice it described as standard across the Ghanaian real estate industry. This position has also been backed by the courts. In a recent class action involving 38 customers, only 11 were recognised as creditors. The court ordered the company to refund a total of approximately $480,000. SuCasa is currently appealing that ruling.

“We are not insolvent. Insolvency is the inability to pay, not the unwillingness. We will demonstrate that before the courts,” Mr Awuku-Asare stressed.

He also condemned what he called defamatory commentary from certain public figures and social media commentators. “There have been wild and malicious accusations of money laundering, fraud, and bankruptcy. These are not just false; they are dangerous,” he said. He singled out comments from Mr Kalmoni, whom he described as “reckless and irresponsible,” and warned that the company is considering its legal options in response to ongoing disinformation campaigns.

Mr Awuku-Asare further noted that despite all the noise, a new group of over 100 customers has expressed open support for SuCasa, rejecting false narratives and endorsing the progress being made. “Their voices matter. They reflect the true story — that SuCasa is delivering.”

He also clarified SuCasa’s stance regarding the Ghana Real Estate Developers Association (GREDA), stating that the association is not a regulator but an industry body. SuCasa has had its differences with past leadership, but the company supports the current GREDA administration and has engaged directly with its Vice President to discuss the industry’s future. He hinted that SuCasa is willing to take a more active leadership role within the association if needed to push for reforms.

Mr Awuku-Asare reaffirmed SuCasa’s mission and urged customers and the public to focus on facts, not misinformation.

“To our customers, we encourage you to stay the course. We are still building. We are still delivering. And we remain committed to supporting government efforts to address Ghana’s housing deficit of over 1.8 million units,” he said.