uniBank takeover: Ghanaians express shock

Unibank Best The Bank of Ghana has taken over the management of uniBank

Tue, 20 Mar 2018 Source: www.ghanaweb.com

The conversation on government’s agreement with the US to allow the global superpower's military access to some strategic facilities in Ghana appears to have been put on hold after news of Bank of Ghana taking over uniBank broke.

The report seems to have taken many by surprise especially when news emerged recently that uniBank was taking over the management of the Agricultural Development Bank (ADB).

Dr. Ernest Addison, Governor of the Bank of Ghana announced that the central bank has appointed audit firm, KPMG as administrator for uniBank.

Reasons given for the takeover, as communicated on Tuesday evening included uniBank’s refusal to cooperate with the Bank of Ghana in the performance of its supervisory responsibilities, including deliberately concealing some liabilities from its balance sheet, and failing to submit documents and records for supervisory inspection.

“The bank has failed to submit its monthly returns to the Bank of Ghana for January and February 2018, and as a result Bank of Ghana has no evidence to suggest that its CAR has been restored to the regulatory minimum of 10%,” a statement from BoG read.

“Efforts made by Bank of Ghana’s supervisory teams who have visited the bank’s head office several times this month to obtain current information on the bank’s financial health, proved futile as the bank’s management failed to cooperate with the Bank of Ghana staff on site,” it added.

Many have taken to various social media platforms to express their thoughts over the issue.

Here are some of the reactions

Bank of Ghana takes over management of Unibank by GhanaWeb Editorial on Scribd

Source: www.ghanaweb.com
Related Articles: