Ernest Addison – Governor of BoG
Reports reaching DAILY GUIDE indicate that a number of government agencies which have accounts with Unibank are facing difficulties with respect to paying their suppliers due to Bank of Ghana’s (BoG) directives to the bank not to pay any government agency related investments over the past three weeks.
A source close to Unibank told DAILY GUIDE that there is pressure on those agencies whose credits with their suppliers are running out.
According to the source, the agencies, corporate bodies and some individuals are facing crisis since their funds are locked up with Unibank due to the directives of the BoG.
It would be recalled that in March, this year, the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, appointed KPMG to manage the affairs of Unibank in accordance with Sections 107 and 108 of the Banks and Specialized Deposit-Taking Institutions Act. 2016 (Act 930).
The move formed part of the Central Bank’s efforts to sanitize the banking industry and ensure the protection of customers’ deposits to help banks meet the GH¢400 million recapitalization requirement by December 31, 2018.
The challenges faced by Unibank currently, according to Dr. Addison, are as a result of several factors, notable among them being poor corporate governance and risk management practices.
BoG, however, is expected to allow the administrators of Unibank to authorize payments to the government agencies to enable them honour their obligations to their suppliers.