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Nana Kwame Bediako Responds to $14.9 Million Debt Case, Announces Appeal Against High Court Enforcement of UK Judgment

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Prominent Ghanaian businessman and political figure Nana Kwame Bediako, widely known as Cheddar, has firmly denied personal responsibility for a $14.9 million debt.

He is asserting that he never directly contracted any loan from Cola Holdings Limited or received funds from the company. In a detailed statement issued on January 23, 2026, Bediako described the ongoing legal battle as rooted in a corporate transaction involving a company he co-owned, while accusing the creditor of procedural irregularities, fraud, and attempts at unjust enrichment.

The controversy stems from a UK court judgment obtained by Cola Holdings Limited against Bediako personally, which Ghana’s High Court in Accra recently enforced through registration as a foreign judgment. According to earlier reports, the Accra High Court ordered Bediako to pay US$14,928,314.70 as principal, plus interest at eight percent per annum and associated costs, following what was described as a default judgment linked to an unpaid loan and guarantees.

Bediako clarified the facts in his statement to media houses: The underlying debt originates from a loan extended by the International Finance Corporation (IFC) to Kensington Residential Partners 1 Limited (KRP 1), a company whose shareholders include Bediako and Mr. Azad Cola, owner of Cola Holdings Limited. “I have not contracted any loan from Cola Holdings Ltd and Cola Holdings Ltd has not paid any money to me,” he emphasized.

He expressed surprise upon learning that Cola Holdings had pursued legal action against him personally in the United Kingdom to recover the corporate obligation. While attempting to engage in discussions, Bediako discovered that his instructed UK lawyers failed to file any defense, leading to the judgment. Upon notification of enforcement proceedings in Ghana, he directed his local counsel to challenge the registration on grounds of fraud and contravention of public policy.

Despite the High Court’s refusal to set aside the foreign judgment’s registration, Bediako confirmed that an appeal has been lodged against the decision. He has further instructed his lawyers to seek a stay of enforcement pending the exhaustion of all appellate remedies.

A key point raised by Bediako concerns alleged double recovery: Cola Holdings is simultaneously pursuing enforcement of the same US$14.9 million debt against KRP 1 in Ghanaian courts. “That is a clear case of unjust enrichment and an attempt to abuse the court process by seeking multiple recoveries of the same debt against different persons,” he stated. He also alleged that Cola Holdings failed to disclose these parallel Ghana proceedings to the UK court, constituting “fraudulent misrepresentation” that misled the foreign tribunal.

Bediako, President of the Kwarleyz Group—a conglomerate spanning real estate development (including Petronia City), construction, and civil society initiatives—reaffirmed his commitment to the rule of law. “I believe in the rule of law and the justice delivery system in Ghana,” he declared. “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.”

The case has garnered significant public attention given Bediako’s high-profile status as a former independent presidential candidate in 2024, founder of the New Force movement, and vocal advocate for economic transformation and African liberation. It underscores broader themes of corporate governance, cross-border debt enforcement, and the protection of business interests in international transactions.

Legal proceedings remain active, with the appeal and related applications set to test the robustness of Ghana’s framework for recognizing and enforcing foreign judgments. Observers will monitor developments closely as they unfold in the courts.

For background on the initial High Court ruling, see the report: High Court Orders Cheddar to Pay Over $14.9 Million in Debt.

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Ghana News

Ex-President Akufo-Addo and President Mahama Exchange Pleasantries on Easter

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Kwahu, Ghana – Former President Nana Akufo-Addo paid a courtesy call on President John Dramani Mahama on Holy Saturday, April 4, 2026, while both leaders were in the Kwahu enclave for the annual Easter celebrations.

The meeting took place as President Mahama participated in activities linked to the Kwahu Business Forum, a major event held alongside the Easter festivities.

Akufo-Addo, who has maintained a nearly two-decade tradition of spending Easter in Kwahu, described the visit as a cordial engagement during the sacred period.

In a Facebook post, the former president wrote: “On the Holy Saturday of Easter, while in Kwahu where for almost two decades I have consecutively visited during the sacred period of Easter, I called on the President of the Republic, H. E. John Dramani Mahama who is also in Kwahu.”

The encounter highlights a moment of peaceful political civility between the current and immediate past leaders of Ghana amid the festive season. No further details about the substance of their discussion were made public.

The visit comes at a time when both leaders are actively involved in national and regional development conversations, with Mahama using the Kwahu platform to engage stakeholders on economic matters.

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Mahama Calls Christ’s Birthplace an ‘Epicentre of War’, New Airport Concourse Planned and Other Big Stories in Ghana Today

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We have curated the most relevant and impactful stories from Ghana to keep you informed.

‘It’s Painful Christ’s Birthplace Now an Epicentre of War’ – President Mahama
President John Dramani Mahama has described the ongoing violence in the Middle East as a “painful irony,” noting that the birthplace of Christianity and the land where Christ preached love, forgiveness, and peace has become a major centre of conflict. In his Easter message delivered at Black Star Square on April 3, 2026, Mahama said the suffering in the Holy Land cannot be ignored during the season of Easter. He extended Ghana’s thoughts and prayers to the people of Israel, the United Arab Emirates, Qatar, Iran, and the wider Middle East region, urging world leaders to embrace restraint, dialogue, and respect for human dignity.
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Gov’t to Construct New Concourse at Accra International Airport to Ease Congestion
The Ghana Airports Company Limited will begin construction this month on an ultra-modern concourse linking Terminal 2 and Terminal 3 at Kotoka International Airport. The project aims to eliminate current operational bottlenecks, enable seamless passenger transfers, and significantly improve hub efficiency. Key features include five additional passenger boarding bridges, five passenger holding areas, bi-directional travelators, new escalators and elevators, a VIP lounge, four business lounges, and four retail and duty-free pods. The expansion forms part of a broader modernisation drive to provide world-class facilities and strengthen Ghana’s position as a competitive aviation hub in West Africa.
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Gov’t Procures Over 24,000 Medical Equipment to Support Free Primary Healthcare Rollout
The Ghanaian government has acquired 24,534 pieces of medical equipment to strengthen health facilities ahead of the nationwide rollout of its free primary healthcare policy. The consignment, inspected by Health Minister Kwabena Mintah Akandoh, includes baby incubators, radiant warmers, oxygen concentrators, X-ray machines, ultrasound devices, laboratory analysers, vital signs monitors, glucometers, patient monitors, infusion devices, delivery beds, and hospital beds. The equipment will be distributed across government hospitals to improve diagnostics, newborn care, and overall service delivery at the primary level.
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Ghana to Manufacture First Vaccine with Support from Indonesia
Ghana is set to begin local production of its first vaccine with technical and partnership support from the Indonesian government. Honorary Consul of Indonesia to Ghana, Paskal A B Rois, confirmed that a high-level delegation from Ghana’s National Vaccine Institute, Food and Drugs Authority, and GIZ visited Indonesia late last year to finalise arrangements. Once operational, Ghana will become the third African country — after Senegal and South Africa — to manufacture vaccines domestically. The initiative is expected to enhance the country’s health security and reduce dependence on imported vaccines.
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No Business Thrives Without Trust in Justice System — Chief Justice
Chief Justice Paul Baffoe-Bonnie has emphasised that trust in the judicial system is essential for business growth and investor confidence in Ghana. Speaking at the Kwahu Business Forum on April 4, 2026, he stated that contracts must be honoured, property protected, and disputes resolved fairly and predictably for any economy to flourish. The Chief Justice announced that the judiciary is repositioning itself to become an active partner in creating a business-friendly environment anchored in the rule of law. He warned that delays and uncertainty in the justice system carry real economic costs by discouraging investment.
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Ghana President Convenes Emergency Cabinet Meeting to Cushion Ghanaians from Soaring Fuel Prices

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President John Dramani Mahama has convened an emergency cabinet meeting to address the sharp rise in fuel prices caused by the ongoing conflict in the Middle East, particularly the escalation involving Iran.

Speaking on Saturday, April 4, 2026, during the second day of the Kwahu Business Forum, President Mahama stated that the meeting will focus on practical interventions to ease the burden on citizens.

He specifically mentioned the possibility of adjustments in fuel margins and other components of the price build-up to help keep prices relatively stable while hoping for de-escalation of the conflict.

“I have called for this emergency cabinet meeting to decide on specific measures we can take to cushion petroleum prices,” Mahama said. “There are adjustments we can make, particularly in the margins, to help maintain relatively stable prices as we pray for the war to cease.”

The President assured Ghanaians that the government remains committed to protecting the economy from external shocks and has taken steps to build resilience.

“I can confidently tell you that the economy will not collapse because of the war in Iran,” he stated.

Mahama also commended transport unions for showing restraint by not immediately increasing lorry fares despite the fuel price surge.

He urged them to continue exercising patience as the government works on relief measures. Fuel prices rose significantly effective April 1, 2026, with petrol increasing to approximately GH¢13.30 per liter (a 15% hike) and diesel to GH¢17.10 per liter (a 19% hike) for the first half of April.

The government is reviewing options including reductions in margins and levies to provide relief to consumers.

This latest development highlights the direct link between global geopolitical tensions and domestic living costs in Ghana, as the government balances immediate relief with longer-term economic stability.

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