‎Revenue Mobilisation Africa Backs Legal Action on Unibank Collapse, Demands Transparency in Banking Sector Cleanup

Executive Director of RMA, Mr. Geoffrey Kabutey Ocansey

Revenue Mobilisation Africa (RMA), alongside partner civil society organisations, has lauded the Attorney General’s recent steps to prosecute former government officials linked to the collapse of Unibank, welcoming the move as part of a broader effort to recover public funds lost during the financial sector cleanup.

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‎At a press conference held in Accra, the Executive Director of RMA, Mr. Geoffrey Kabutey Ocansey, revealed that over GHC 824 million worth of property has already been recovered, with an additional GHC 1.2 billion expected. While describing this as a step in the right direction, he cautioned against overlooking the broader economic consequences of the cleanup, which cost the state more than GHC 25 billion and has contributed significantly to Ghana’s national debt.

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‎RMA and its partners are now calling on the Ministry of Finance and the Bank of Ghana to publicly disclose all restitution agreements and provide updates on the status of fund recovery. Ocansey also disclosed that prior to the revocation of Unibank’s license, the government had about GHC 2.9 billion invested in bonds, treasury bills, and other instruments with the bank — a figure that has yet to be fully addressed in ongoing recovery efforts.

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‎The press conference, which primarily focused on the government’s “60-40” state resource recovery formula and its implications on the energy sector, also highlighted serious concerns regarding transparency, asset recovery, and regulatory oversight in the financial sector.

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‎Ocansey advocated for the establishment of an independent commission of inquiry to investigate the role played by the Bank of Ghana and the former Attorney General in the revocation of Unibank’s license. He cited inconsistencies in the reported liabilities — initially pegged at GHC 5.7 billion and later revised to GHC 2 billion — and questioned the exclusion of GHC 2.9 billion owed to the bank.

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‎The CSOs are urging for:

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‎Legal action against officials who misrepresented financial data

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‎Reversal of suspicious asset transfers

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‎A forensic audit of the receiver’s operations

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‎Legislative reforms to enhance oversight of the central bank’s actions

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‎They also issued a broader call to action, encouraging stakeholders , especially within the private sector , to advocate for reforms that guarantee investor protection and a stable, predictable financial environment.

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‎The coalition stressed that without transparency and accountability, confidence in Ghana’s financial system will continue to erode.

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‎Reported by: Azaglo Michael

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