Bank of Ghana has announced that it has appointed audit firm, KPMG as administrator for uniBank.

This means that the central bank has taken over the assets and management of uniBank.

According to the Governor of the Bank of Ghana, Dr. Ernest Addison uniBank is currently insolvent.

Dr. Ernest Addison at a press conference stated KPMG has been appointed to manage the bank to save it from collapse.

"In exercise of its powers under Sections 107 and 108 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) the Bank of Ghana has, effective today 20th March 2018, appointed KPMG as Official Administrator for UniBank Ghana Limited (UniBank).

"Section 107 of Act 930 empowers the Bank of Ghana to appoint an Official Administrator to take official control of a bank when its capital adequacy ratio (CAR) has fallen below 50% of the required minimum of 10% (i.e. below 5%). Under section 108 of Act 930, the Official Administrator is authorized to exercise a variety of powers to rehabilitate and return the bank to regulatory compliance within a period of six months, at the end of which the bank will be returned to private ownership and management.

"The appointment by the Bank of Ghana of the official administrator is aimed at saving UniBank from imminent collapse. It will prevent potential losses to depositors and other creditors, and ensure that the financial condition of the bank does not create further risks for the entire financial system" portions of a statement from BoG read.