Policy analyst Bright Simons has criticised the government’s settlement deal with the former owners of uniBank, claiming it recovers just a fraction of the money lost in the bank’s failure.

In a post on social media platform X, he said the GH¢2 billion recovery announced by the Attorney General represents “barely 10.6%” of the over GH¢18 billion ($1.5 billion) in losses he estimates were incurred by the state, depositors, and other creditors.

He argued that the deal, made up of GH¢800 million in forfeited properties and GH¢1.2 billion from debt repayments, is “financially weak and poorly explained.”

He also questioned the decision to drop criminal charges against uniBank’s majority shareholders, suggesting the state has lost its leverage.

Simons pointed to a 2018 letter in which uniBank’s main shareholder admitted to liabilities of GH¢4.9 billion, far above the GH¢3.3 billion now being claimed by the government.

He also cited KPMG’s audit, which showed uniBank’s total obligations at nearly GH¢9.2 billion before it was shut down in August 2018.

“Even the liability that the former owners of uniBank themselves admit they are responsible for, over $1 billion, has not been covered in this ‘settlement’,” he said.

Simons criticised the lack of response from key institutions like the Bank of Ghana and the official Receiver, calling on them to speak publicly on the matter.

“In any serious country, the press conference of the AG today would be the BEGINNING, not the end, of the national debate about how Ghana tackles national financial losses involving the rich and powerful in society,” he stated.

The Attorney General announced the deal on Monday, July 28, 2025, ending years of legal battles following the collapse of uniBank during Ghana’s banking sector cleanup.

The AG has recovered 10.6% of the Unibank Liability NOT 60%

1. On 22nd July 2025, the Attorney General of Ghana (AG) announced that he had reached an agreement with the owners of the collapsed Unibank who were under prosecution commenced by the previous government for financial… pic.twitter.com/cRGvXwTwuL

— Bright Simons (@BBSimons) July 28, 2025