International offshore law firm Appleby has ranked Ibrahim Mahama's Engineers and Planners company a high-risk business as it attempted to open two off-shore accounts in 2013.
This was revealed in the release of the latest leaked documents by the International Consortium of Investigative Journalists dubbed 'Paradise papers'.
"In 2013, representatives of Mahama and his contracting company Engineers and Planners Company limited contacted Appleby about creating two offshore companies in the Isle of Man but ended up creating only one. That company, Red Sky Aviation limited, was used to hold a $7 million Bombardier Challenger jet.Â
The second company was intended for "consulting services in the oil and gas mining infrastructure development and real estate sectors of the Ghanaian economy."Â
The company was ranked as high risk due to his relationship to former President Mahama and local media allegations that government funds were being used to repay the company's multimillion-dollar bank loan.
A representative of the E&P company declined to respond to specific questions and told ICIJ that there was nothing illegal in the use of offshore companies", the report stated.
The International Consortium of Investigative Journalists published the latest of its investigations into the financial affairs of the rich and famous, detailing how some of the world's wealthiest and most powerful people legally hide their cash offshore.
The most striking name in the latest leak is that of Her Majesty The Queen. The Duchy of Lancaster, which provides the Queen with an income and deals with the investments for her £500 million private estates, is shown to have invested as much as £10 million offshore in funds based in the Cayman Islands and Bermuda.