Probe BoG, GSE for revoking UT, UniBank licenses – Owners petition Parliament

Owners of two defunct indigenous banks, Unique Trust Bank and UniBank Ghana Limited have petitioned Parliament over the revocation of their banking licenses and subsequent take-over by the Bank of Ghana, BoG.

The petition was contained in Parliament’s Business Statement of Friday, March 19, 2021.

Prince Kofi Amoabeng, former chief executive of UT Bank on his part wants Parliament to probe the conduct of the BoG and the Ghana Stock Exchange, GSE; for revocation of his bank’s license and delisting from the GSE respectively.

Mr Amoabeng's petition said the two entities dissolved his bank without due regard to the rules of Administrative Justice guaranteed under Article 23 of the 1992 Constitution.

He is therefore appealing to Parliament to direct a restoration of the bank’s license from the Bank of Ghana.

On his part, founder of UniBank Ghana Limited, Dr Kwabena Duffuor who also suffered the same fate of licence revocation wants the legislature to investigate the conduct of the BoG during the banking sector clean up exercise and take over of his bank.

The former finance minister also wants Parliament to probe into BoG’s appointment of the official administrator of Unibank Ghana which is now the Consolidated Bank Ghana, CBG.

As part of regulatory crackdown in the banking sector undertaken by the Bank of Ghana in 2018 to restore confidence and stability, the central bank revoked the licences of UT Bank and UniBank Ghana Limited. Their assets and liabilities were then handed over to the state-owned GCB Bank.

That very year, UniBank as well as four other defunct banks were placed on administration by the Bank of Ghana. They then merged into the Consolidate Bank Ghana (CBG).