Key Agencies To Help BoG Investigate Unibank

The Bank of Ghana (BOG) is to rope in key agencies to aid with investigations as it begins audit of Unibank following its takeover by KPMG.

The Second Deputy Governor of the Bank of Ghana Elsie Awadzi speaking on the Citi Breakfast Show said the central bank will go beyond the administration of Unibank to ensure it corrects the wrong committed by the bank.

” As part of the official administration of the bank we will get access to additional information, we will get access to facts and figures, we will get access to documents, we will get access to far more information than is available to us now. On the basis of any such information we obtain, we will see what the options are for addressing and correcting what has happened in the past. We will involve any other authorities that need to be involved in order to address this issue ”. She said.

Audit firm KPMG yesterday 20th March, 2018, stepped in to manage the bank after they were appointed by the central bank as the official administrator.

According to the Central bank Governor Dr Ernest Addison who made the announcement it was forced to take that decision because Unibank had become technically insolvent.

He stated during a press conference yesterday, that ”UniBank persistently maintained a capital adequacy ratio (CAR) below zero (currently negative 24%), making it technically insolvent.

This contravened the 10% minimum CAR required”.

Citi Business News understands KPMG’s responsibilities will include safeguarding the assets of the bank, securing depositors funds and saving the bank as well as contributing to the overall stability of the financial system.

Meanwhile top officials of the bank have been directed to step aside while KPMG manages the bank and auditing commences.

According to a statement from KPMG ‘ the powers , functions and responsibilities of the shareholders, directors and key mangement are suspended with the appointment of the official administrator”.

KPMG further stated that business operations of the bank will resume Wednesday 21st March 2018 at 12 noon at all branches will from Thursday 22nd March the bank will open for busiiness at the normal operating hours.