{"id":686477,"date":"2019-08-20T11:26:55","date_gmt":"2019-08-20T11:26:55","guid":{"rendered":"
\n\t\t\n

Dr. Kwabena Duffuor<\/strong><\/p>\n\n\n\n

THE\nBANK of Ghana (BoG) has said it revoked the operating\nlicence of uniCredit Ghana Limited because the institution\u2019s adjusted net worth\nof negative GH\u00a2221.32 million as of the end of May 20"},"modified":"2019-08-20T11:26:55","modified_gmt":"2019-08-20T11:26:55","slug":"unicredit-ghana-was-over-exposed-bog","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/20\/unicredit-ghana-was-over-exposed-bog\/","title":{"rendered":"uniCredit Ghana Was Over Exposed – BoG"},"content":{"rendered":"

<\/p>\n

\n

Dr. Kwabena Duffuor<\/strong><\/p>\n

THE
\nBANK of Ghana (BoG) has said it revoked the operating
\nlicence of uniCredit Ghana Limited because the institution\u2019s adjusted net worth
\nof negative GH\u00a2221.32 million as of the end of May 2019 revealed that its paid-up
\ncapital was impaired in violation of Section 28(1) Act 930. <\/p>\n

uniCredit
\nGhana Limited was a savings and loans company that belonged to former Finance
\nMinister and former BoG Governor, Dr. Kwabena Duffuor.<\/p>\n

The
\nBoG report also said uniCredit\u2019s adjusted capital adequacy ratio of negative
\n97.83% as of the end of May 2019 was in violation of Section 29(2) of Act 930.<\/p>\n

\u201cThis
\nwas mainly due to the non-performing related party exposures of GH\u00a2160.10
\nmillion to uniSecurities which is far in excess of its negative networth. <\/p>\n

\u201cThe
\ninstitution has been breaching the statutory cash reserve ratio requirement
\nsince April 2018 while also it was unable to meet the deposit withdrawals of
\ncustomers due to its severe liquidity challenges. The BoG received many
\ncomplaints from the institution\u2019s customers about their inability to access
\ntheir funds. And the institution had a high percentage of non-performing loans.\u201d<\/p>\n

Warning From Regulator<\/strong><\/p>\n

The
\nBoG said it directed the board and management of uniCredit to immediately
\ninject additional capital to address the capital deficiency but that was not
\nsuccessful. <\/p>\n

uniCredit
\nwas found to be insolvent with a negative capital adequacy ratio and negative
\nnet worth following the central bank\u2019s assessment as of December 2018. <\/p>\n

\u201cThe
\ninstitution is currently over exposed to a related party, uniSecurities
\nLimited, a sister company. The institution\u2019s inability to access its funds from
\nuniSecurities, even though overdue, has resulted in severe liquidity challenges
\nand its inability to meet withdrawal requests of customers.\u201d <\/p>\n

uniCredit \u2013 formerly Kantamanto Savings and Loans Company Limited \u2013 was given an operating licence in October 1995 and commenced operations on 1st<\/sup> November 1995.<\/p>\n

BY Samuel Boadi<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Dr. Kwabena Duffuor THE BANK of Ghana (BoG) has said it revoked the operating licence of uniCredit Ghana Limited because the institution\u2019s adjusted net worth of negative GH\u00a2221.32 million as of the end of May 2019 revealed that its paid-up capital was impaired in violation of Section 28(1) Act 930. uniCredit Ghana Limited was a […]<\/p>\n","protected":false},"author":1,"featured_media":686478,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-686477","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nuniCredit Ghana Was Over Exposed - BoG - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/08\/20\/unicredit-ghana-was-over-exposed-bog\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"uniCredit Ghana Was Over Exposed - 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