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BoG collapses BEIGE, UniBank and 3 other banks

The Bank of Ghana has on Wednesday, August 1, 2018 announced merging five banks namely BEIGE, Sovereign, Construction, UniBank and Royal into one bank, Consolidated Bank of Ghana Limited to help the government in its economic development agenda.

It follows the insolvency of the four banks after investigations by Bank

of Ghana.

The BoG Governor, Dr Ernest Addison announced this Wednesday afternoon at a press conference in Accra.

The government has also issued a bond totaling GHc5.6 billion to cater for bad assets of the four banks.

Just three days ago an auditing firm, KPMG who the Central Bank appointed in March this year to take over the management of uniBank is reported to have written to the government through the finance ministry to pay all debts owed the uniBank to save the bank from collapsing.

The letter dated June 22, 2018 written and signed by Simon Dornoo on behalf of KPMG, to the Finance Minister said the government must pay the debts at its earliest convenience.

As at May 31, 2018, government and its agencies are said to be indebted to Unibank to the tune of 868,973,599.10.

The debt was incurred over a period spanning both the NDC and NPP government.

The list of debtors named in the letter include COCOBOD, ¢137,499,785,98,  Ministry of Finance, ¢223,049,043.72, Road Fund, ¢229,434,743,62, GETFund, ¢2,023,961.10

Prof. John Gatsi, an economist and lecturer at the University of Cape Coast was reported to have said that the situation at uniBank is a serious one and that the decision of the Central Bank to appoint new managers of the Bank is “politically motivated”

This development is making many Ghanaians asking what happen to the newly upgraded BEIGE Bank to be hit by this tsunami as it did not show any sign of distress in the eye of the public.

Source: AwakeNewsOnline.com | Efo Korsi Senyo

About Efo Korsi Senyo | Executive Editor

Efo Korsi Senyo has over 5 years experience working as an investigative journalist with Awake Africa. He is the Executive Editor of Awake Newspaper and Head of Awake Investigates. Efo does not only investigate and publish based on the journalism profession ethics but he also brings legal and civil actions against personalities and institutions he investigated. He said fighting against injustice and corruption in society as the only way for him to avenge injustice and corrupt acts he and other vulnerable people faced and continue to face in society. Efo is also a private investigator, IT expert and entrepreneur. Connect with him via senyo@awakeafrica.com or WhatsApp: +233249155003

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