For not making the attempt to rescue the bank early enough,
the government must take responsibility for the collapse of
That’s the claim by the Minority Spokesperson on Finance
Casiel Ato Forson.
In an interview with Joy News Editor Evans Mensah on Top
Story hours after the Bank of Ghana announced a major
takeover of Unibank, Ato Forson said it is unacceptable that
within a period of eight months three locally owned banks had
Late last year, UT Bank and Capital Bank were the first on
the list of takeovers by the Bank of Ghana after it emerged
the indigenous banks had fallen below the minimum capital
In Parliament on Tuesday, both the Majority and Minority
members of the House agreed that government should pursue
managers of the two banks and collect the amount of money
it would cost the government to manage the collapse.
The government had early on hinted the cost of the
insolvency which was put around ¢2 billion was going to be
borne by the taxpayer, a decision the MPs kicked against.
Ato Forson in a relentless crusade had kicked against
government’s decision and charged managers of the state to
pursue the owners of UT Bank and Capital Bank.
However, when the MP was confronted by Evans Mensah on
what government had to do in the Unibank case, the Ajumako
Enyan Essiam MP said the government had failed. They
should have saved the bank, he averred.
“The Central Bank and the government have questions to
answer…” he said, adding, “We are ceding the financial
sector to foreigners.”
He was convinced Unibank had collapsed and demanded to
know who authorized the takeover.
He suspected the takeover was part of a grand IMF plan
which government has bought into.
The Bank of Ghana on Tuesday announced the takeover of
Unibank with KPMG as the new administrator for the bank.
Governor of the Central Bank Dr Ernest Addison cited a
number of challenges, including the concealment of liabilities
on the balance sheets of Unibank by managers of the bank.
“UniBank’s problems are part of the legacy issues in the
financial sector attributed to weak economic growth and poor
corporate governance and risk management practices.
“It will be recalled that UniBank was one of nine banks
identified after the asset quality review exercise undertaken
in 2016, to be significantly undercapitalized with a CAR
of 4.75%,” a statement from the Bank of Ghana said shortly
after the official announcement.
KPMG, announced as administrators of the Bank will have six
months to manage the bank after which it will revert to an
unnamed private organization, the statement said.
Interestingly, the takeover was announced barely a month
after Unibank had officially announced a ‘takeover’ of some
majority shares owned by GCB.
But Prof Peter Quartey with the University of Ghana believes
the decision taken by the Bank of Ghana is spot on.
He told Evans Mensah the decision by the Bank of Ghana was
a “good action” to ensure “stability and sanity” in the
He said the repercussions would have been dire if the Bank
of Ghana had not taken the action it did.