Kwame Boafo Akufo, a noted legal practitioner, has criticised the revocation of UniBank’s operating licence, arguing that the Bank of Ghana’s decision was based on irregularities and lacked proper legal foundation.
Speaking on JoyNews’ Newsfile programme on Saturday, August 2, Akufo challenged the legitimacy of the figures and procedures used in the bank’s closure.
“I contend that the process of revoking UniBank’s licence was not exercised properly, and the liability figures quoted were inaccurate and unaudited,” he stated, referring to the widely publicised GH¢5.7 billion liability that led to the bank’s downfall.
He also raised concerns about the transparency and fairness of decisions made during Ghana’s banking sector clean-up.
UniBank’s collapse was part of the broader Ghana banking crisis between 2017 and 2020, during which five indigenous banks were consolidated into the Consolidated Bank Ghana Limited.
The Bank of Ghana justified the move on grounds of insolvency, negative capital adequacy, and related-party transactions deemed unlawful.
However, Akufo’s critique echoes sentiments shared by others who suspect the revocation may have been politically motivated—possibly aimed at weakening institutions perceived to be aligned with the opposition.
Mr Akufo and other observers are calling for a comprehensive public inquiry into the UniBank case and greater transparency surrounding its collapse and the transfer of assets.
They argue that legislative reforms are necessary to curb unchecked regulatory discretion and ensure accountability in future interventions.
Source: Myjoyonline
