RMA Demands Full Inquiry into UniBank Collapse and Financial Sector Clean-Up

Revenue Mobilisation Africa (RMA), a leading civil society organization advocating for transparency in public resource management, has called for an independent public inquiry into the collapse of UniBank and the broader banking sector clean-up that followed.

Speaking at a press conference held at the International Press Centre in Accra, the Executive Director of RMA, Mr. Geoffrey Kabutey Ocansey, expressed deep concerns over the way the state handled the resolution of UniBank, pointing to inconsistencies in financial data, a lack of transparency, and potential financial loss to the state.

According to Mr. Ocansey, the banking sector clean-up cost the state over GHS 25 billion, funds which were mobilised largely through domestic borrowing. He noted that this had significantly increased Ghana’s public debt burden.

Mr. Ocansey acknowledged that the Attorney General’s recent efforts to recover public funds lost through the collapse of UniBank were a step in the right direction.

He cited the transfer of assets valued at over GHS 824 million, with an additional GHS 1.2 billion expected from the former shareholders and directors of UniBank.

However, RMA stressed that these recoveries, while commendable, were not enough to restore public trust or address the underlying governance failures.

Mr. Ocansey revealed that prior to the revocation of UniBank license, the Government of Ghana owed the bank approximately GHS 2.9 billion in bonds, treasury bills, and other instruments. He argued that this debt, if paid, could have prevented the bank’s collapse.

He questioned why the Attorney General and the Receiver originally approved a debt figure of GHS 5.7 billion for UniBank, only for that figure to be revised to GHS 2.8 billion in 2024, and further validated at GHS 2 billion in 2025.

He said this raises questions about whether the initial figures were inflated to justify the bank’s closure and asset seizures.

RMA is concerned that the inflated debt figures may have led to unlawful actions, including the seizure or disposal of UniBank assets, and believes the state may be exposed to legal and financial liabilities.

The organisation called for full disclosure of the settlement terms between the state and UniBank former directors, including details of the assets recovered, their valuations, and timelines for restitution.

Mr. Ocansey also raised questions about what has happened to UniBank assets since the bank was placed under receivership. He asked whether the assets were sold or transferred at below-market prices, and who the beneficiaries were.

He demanded that the Receiver account for how the assets were managed, how liabilities were calculated, and whether the liquidation of UniBank was justifiable under Act 930, the law governing the regulation of banks and specialised deposit-taking institutions.

RMA called on Parliament to amend Act 930 to introduce greater checks on the Bank of Ghana’s powers to revoke licenses and require mandatory parliamentary oversight when major banks are being shut down.

The organisation further called for the establishment of an independent Financial Sector Ombudsman, modelled after institutions in the UK and South Africa, to handle future banking crises in a transparent and non-partisan manner.

Mr. Ocansey urged the government to hold public officials accountable, including the Attorney General and the Receiver, if they are found to have misrepresented facts, undervalued assets, or caused financial loss to the state through their actions.

RMA also called on the government to investigate and, if necessary, reverse any asset transfers made at below-market prices or for the benefit of politically connected individuals or companies.

In addition to demands directed at government and parliament, RMA issued a strong call to action to other key stakeholders.

The organisation urged the private sector to defend fair and transparent business practices and demand reforms that protect legitimate businesses from arbitrary state actions.

Civil society organisations were encouraged to mobilise public support, demand accountability, and push for institutional reform that upholds the rule of law and protects the public interest.

Organised labour and workers’ unions were called upon to stand with employees who lost their livelihoods during the banking crisis and to push for reforms that guarantee job security and protect workers from the consequences of flawed financial governance.

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 Mr. Ocansey stated that the collapse of UniBank, and the broader banking sector clean-up, should serve as a wake-up call to government and all Ghanaians.

He said the damage caused by misinformation, poor decision-making, and lack of transparency must not be allowed to recur.

“To restore public confidence and protect the public purse, the government must act with urgency. An independent inquiry, legal accountability, and institutional reform are necessary steps to rebuild trust in Ghana’s financial system,” Mr. Ocansey stated.

He warned that anything less would be a betrayal of justice and responsible governance.

Source: Isaac Kofi Dzokpo