UBA Ghana dismisses false reports of refusing to honour business obligations

The United Bank of Africa [Ghana] has dismissed reports indicating that it had refused to pay an amount of $4.33 million in pledged cocoa purchases for 2022.

This comes after the Vice President of IMANI Africa, Bright Simons made the assertion via the X platform on December 12, 2023 and sighted by GhanaWeb Business.

The Bank in a rejoinder to GhanaWeb however described the report as misleading and made further clarifications on the matter.

"UBA Ghana categorically denies the assertion that it does not honor its business obligations. In fact, the bank maintains a robust and amicable relationship with COCOBOD. UBA Ghana consistently supports COCOBOD, as well as its value chain businesses, including vendors and suppliers, to provide critical services to COCOBOD," the Bank said.

It continued, "UBA Ghana wishes to clarify that it has not participated in any of COCOBOD's cocoa syndication projects, as insinuated in the publication. Therefore, any suggestion that the bank made a promise it does not intend to honor in relation to a cocoa syndication project is categorically false. Besides, since when did a promissory note become a contract for loan if that is the assertion?

Read the full clarification below:

It has come to our attention that a recent GhanaWeb publication, headlined "COCOBOD 'chases' UBA Ghana for refusing to pay $4.33m in pledged 2020 cocoa purchases," has raised concerns. This publication, allegedly attributed to the Vice President of Imani Africa [Bright Simons], contains misleading information that warrants clarification.

Clarification Points:

1. Cordial Relationship with COCOBOD: UBA Ghana categorically denies the assertion that it does not honor its business obligations. In fact, the bank maintains a robust and amicable relationship with COCOBOD. UBA Ghana consistently supports COCOBOD, as well as its value chain businesses, including vendors and suppliers, to provide critical services to COCOBOD.

2. Non-Participation in Cocoa Syndication Project: UBA Ghana wishes to clarify that it has not participated in any of COCOBOD's cocoa syndication projects, as insinuated in the publication. Therefore, any suggestion that the bank made a promise it does not intend to honor in relation to a cocoa syndication project is categorically false. Besides, since when did a promissory note become a contract for loan if that is the assertion?

3. Lack of Contact for Response: The publication states that the management of UBA is tight-lipped about the matter. For the records, neither Bright Simons nor Ghanaweb contacted UBA for a response. UBA Ghana confirms that it did not receive any communication or inquiry from either party regarding the matter. This omission raises concerns about the accuracy and fairness of the reportage.

In adherence to the principles of responsible journalism, it is imperative for journalists to seek and include responses from all relevant parties in their reporting. Unfortunately, this publication has omitted UBA Ghana's perspective, leading to a one-sided narrative.

We appeal to the discerning public to treat the GhanaWeb publication as false and devoid of any truth. UBA Ghana remains committed to transparency, ethical business practices, and maintaining the trust of its valued stakeholders.

NOTE: Lawyers of Bright Simons wrote to exercise their "right of reply". They stated that the statement by Bright Simons is not false, and is attributable to official Cocobod documents. Please see here: [https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Bright-Simons-responds-to-UBA-Ghana-over-4-33-million-for-cocoa-purchase-assertion-1898087]