The editor-In-Chief of the New Crusading guide newspaper, Abdul Malik Kweku Baako has expressed some misgivings about the Bank of Ghana’s decision to revoke the license of Ghana’s biggest indigenous bank, Unibank.
According to him, he has on numerous platforms expressed his opinion on the revocation of the bank’s licence.
He however noted, he is happy that the withdrawal of the bank’s license is being challenged in court.
“The truth is that I’m on record since this matter started, I have been making public discussions and I have drawn some lines. I was a bit uncomfortable, let me be honest with you, with how Unibank was handled and I publicly said so. And so I’m happy that some people have gone to court,” he said on Metro TV’s Good Morning Ghana, today, November 20, 2019.
Revocation of license
The Bank of Ghana on August 1, 2018 revoked the licenses of five banks including Unibank, and merged them into one entity called the Consolidated Bank Ghana Limited.
They are UniBank Ghana Limited, The Royal Bank Limited, Beige Bank Limited, Sovereign Bank Limited, and Construction Bank Limited.
The Central Bank appointed Mr. Nii Amanor Dodoo of KPMG as the Receiver for the five banks.
Governor of the Bank of Ghana, Dr Ernest Addison said the merger was crucial since the banks were in financial distress.
He explained that the decision was to strengthen the financial system of the economy and also protect the interest and savings of depositors.
“The Bank of Ghana has taken the above measures as part of its efforts to address legacy problems in the banking sector and to restore the stability and resilience of the financial system”, a statement by the Bank of Ghana explained.
Meanwhile shareholders of the defunct Unibank are challenging the revocation of the bank’s licence.