‘BoG intervention in uniBank timely’

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The President of the Ghana Association of Bankers (GAB), Mr Alhassan Andani, has backed the move by the Bank of Ghana (BoG) to hand over the management of uniBank to the auditing firm, KPMG, to restore uniBank to financial health.

The timing, Mr Andani, who is also the Managing Director of Stanbic Bank, said, was appropriate to protect the bank’s depositors until it was financially rehabilitated.

“The bank will be returned to its owners after the six-month period when it is fully restored to financial health. The owners of the bank have absolute liability of the bank when it is financially rehabilitated,” he said.

The BoG last Tuesday declared uniBank insolvent and placed it under an official administrator, KPMG, to take control of the bank.

The move is aimed at saving the bank from imminent collapse and prevent potential losses to depositors and other creditors.

It is also designed to ensure that the financial condition of the bank does not create further risk for the country’s financial system.

Return to owners

Many people have wondered if the uniBank will be returned to its owners after the restoration of financial health by the local chapter of the international auditing firm.

There are yet others who have criticised the timing of the takeover of uniBank, coming on the back of the liquidation of the UT and the Capital banks.

But Mr Andani, in an interview with the Daily Graphic, said the timing was appropriate and the action was a step in the right direction to protect depositors’ funds before the financial situation of the bank worsened.

A banking consultant, Nana Otuo Acheampong, agreed with Mr Andani, saying that but for the swift intervention of the central bank, the situation could have deteriorated further.

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