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Business News of Friday, 26 March 2021

Source: Happy 98.9FM

Unibank should be re-admitted into the system in the spirit of banking – Economic Columnist

Economic Columnist, Isaac Boateng has appealed to government to re-admit Unibank which lost its operating license in 2018 back into the banking system.

According to him, the government of the day should consider the immense contribution of the indigenous private bank to the development of Ghana since its “incorporation in 1997 and re-admit it into the system in the spirit of banking”.

Coach Opeele admitted that around the world it is lawful for banks to be closed down for a myriad of issues but believes Unibank should be treated with an exception.

“It is normal for banks to be collapsed worldwide. Some 88 banks were collapsed in Nigeria sometime back because they wanted their banking sector to be strong. The capital of these banks couldn’t even sum up to that of a singular bank in South Africa. Even in Russia, some banks were closed down because they didn’t meet capital requirements. The NPP believes in the capitalist economy and also collapsing banks for not meeting some requirements”.

Speaking in an interview with Don Kwabena Prah on Happy98.9FM’s Epa Hoa Daben, the social commentator said he is quite passionate about the closure of Unibank and wishes they were given back the license to operate.

“Unibank has served Ghanaians since 1997 per the country’s records and they really worked hard till their closure. We hardly hear the other banks fighting to get back their license but Unibank and UT are fighting the revocation of their license because they feel something is wrong”.

He admitted that on the basis of the law, these banks cannot have their licenses given back to them but he reiterated, “Unibank cannot use the law to overcome the revocation of its license but in the spirit of banking, it should be re-admitted into the system”.

The Speaker of Parliament has directed the constitution of a seven-member parliamentary committee to consider a petition by the former Chief Executive Officer of the UT Bank, Mr Kofi Amoabeng, and the founder of the Unibank Ghana Limited, Dr Kwabena Duffour, over the collapse of the two banks in 2018.

Per the petition, the two personalities are appealing to Parliament to investigate the conduct of the Bank of Ghana (BoG) for the revocation of the licenses of the bank in 2018.

They claim that the central bank revoked the licenses of the two banks without due regard to the rules of Administrative Justice guaranteed under Article 23 of the Constitution.

They, therefore, want Parliament to direct the restoration of the banking licenses and remedying of the harm done to the shareholders’ property rights as a result of the conduct of the central bank, as well as give any other directive the House may deem appropriate.

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