uniBank takeover: BoG stepped in at the right time – Finance Minister

Business News of Monday, 26 March 2018

Source: Myjoyonline.com

2018-03-26

Finance Minister, Ken Ofori Atta

Finance Minister Ken Ofori-Atta says he fully supports Bank of Ghana’s (BoG) decision to take over the management of the indigenous private bank, uniBank.

The Central Bank last week appointed accounting firm KPMG to manage Unibank after it emerged that the bank was on the verge of collapsing and has breached many regulatory requirements.

The Finance Minister tells Joy Business any action that is aimed at strengthening the banking sector should be welcomed.

“The Bank of Ghana has stepped in at the right time to make sure that depositors’ monies are safe. And that is fundamental to any economy to strengthen it,” he said.

Unibank becomes the third indigenous bank to face the wrath of the regulator after Capital Bank and UT Bank went under in a shocking takeover announced by the BoG late last year.

The state-owned bank, Ghana Commercial Bank was announced as the new owners of UT and Capital Banks, a measure the central bank believed will save the banking industry from collapse.

Speaking to Joy Business, Ken Ofori-Atta said: “the Bank of Ghana will continue to show prudence and make sure that the banking system is strengthened.”

He adds, “for us as a government there is also the need to ensure that we have a strong indigenous banking sector and so we are thinking through ways to ensure that the representation in the banking landscape has strong Ghanaian representation.”

The Finance Minister also added that he supports moves to go after the directors of the defunct banks UT and Capital.

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