Private legal practitioner, Kwame Boafo Akufo, has described the collapse of uniBank as a process marred by legal inconsistencies and what he termed a “remarkably painful error,” raising fresh concerns about the legitimacy of the 2018 banking sector clean-up exercise.

His comments follow the Attorney-General’s decision on July 22,2025, to file a nolle prosequi in the criminal case involving former Minister of Finance, Dr Kwabena Duffuor and seven others.

The accused had been standing trial for alleged offenses including theft and money laundering in connection with uniBank's insolvency.

Speaking in an interview on Morning Starr with Naa Dedei Tettey on Thursday, July 31, Akufo stated that no forensic audit had been conducted to verify the financial claims that led to uniBank’s collapse.

“So far as I’m concerned, the records do not disclose that a forensic audit was done. In fact, KPMG issued the report and said that the figures they relied on were not validated. That’s why the basis of the exercise itself was fraught with a remarkably painful error,” Akufo explained.

He further argued that the entire process was not aligned with proper legal standards.

“These matters that took place were not in alignment with the law,” he emphasized.

While refraining from speculating on individual motives behind the collapse, Akufo maintained that the absence of proper auditing and reliance on unverified figures rendered the Bank of Ghana’s actions questionable.

“The decision to revoke uniBank’s license was based on figures that were not only unaudited but, by KPMG’s own admission, not validated. That alone shows the exercise was deeply flawed,” he added.

The case, The Republic v. Kwabena Duffuor & 7 Others (CR/0248/2020), formed part of the broader financial sector clean-up that led to the closure of several indigenous banks.

However, Deputy Attorney-General Dr Justice Srem-Sai indicated that the state was discontinuing the case due to “significant recoveries” of public funds—reportedly covering at least 60% of the alleged losses.

Meanwhile, the Minority in Parliament has strongly criticized the Attorney-General’s decision to drop the case, labeling it a betrayal of public trust.

They have demanded a full explanation and are considering legal action, arguing that the discontinuation undermines accountability and sets a troubling precedent.