Accra: The Revenue Mobilisation Africa (RMA), a civil society organisation, along with its partners, has urged the government to set up an independent commission of enquiry to investigate the banking sector clean-up exercise. The RMA highlighted that the clean-up, intended to stabilise the financial sector, cost the State over GHS 25 billion, primarily mobilised through domestic borrowing, significantly increasing the national debt burden.
According to Ghana News Agency, the call for an enquiry was made during a press conference held in Accra, where Mr Geoffrey Kabutey Ocansey, Executive Director of RMA, read a statement supported by Mr Leonard Shang Quartey, Board Chair of RMA. The press conference aimed to raise concerns about the previous government's handling of the banking sector clean-up exercise and was themed 'Delving into the '60-40' State Resources Recovery Formula: A CSOs Perspective.'
The organisation raised issues regarding the lack of transparency and inadequate recovery of the funds injected into collapsed financial institutions. The statement pointed out that, aside from UniBank, there is no comprehensive national accounting of recovered assets, their management or disposal, and the outstanding amounts, posing a risk of financial loss to the State and taxpayers.
Furthermore, the statement mentioned that the Attorney-General had outlined a broad settlement with UniBank's former debtors, but the public remains uninformed about specific terms and timelines. RMA called on the Minister of Finance and the Bank of Ghana to publish detailed agreements and recovery status.
The statement also revealed that before the revocation of UniBank's license, the Government of Ghana owed the bank approximately GHS 2.9 billion in bonds, treasury bills, and other instruments. UniBank was placed under administration under Act 930, designed to rehabilitate banks and prevent their collapse, not dissolve them.
The statement noted discrepancies in the reported indebtedness of UniBank, with figures shifting from GHS 5.7 billion to GHS 2.8 billion, and later validated by the current Government to be GHS 2 billion in 2025. These inconsistencies have led to calls for an investigation into the roles of the Bank of Ghana, the Attorney General, and the Receiver in the revocation of UniBank's license and the shifting of figures.
The RMA and partners acknowledged a recent decision by the Attorney-General to enter a nolle prosequi in the criminal prosecution of former UniBank officials and welcomed efforts towards the recovery of lost public funds. They highlighted that the ongoing restitution arrangement, through which over GHS 824 million in property has been transferred by UniBank and an additional GHS 1.2 billion is expected, marks a positive step towards accountability and restoration of public resources.
