CSO Demands Public Inquiry into UniBank Collapse, Slams State’s Exit from Prosecution

A Civil Society Organization known as Revenue Mobilisation Africa (RMA) is demanding a full-scale public inquiry into the collapse of UniBank, sharply criticising the Attorney General’s decision to discontinue criminal charges against the bank’s former directors.

At a press conference in Accra on Friday, August 1, RMA Executive Director Geoffrey Ocansey said while the group welcomed ongoing asset recovery efforts, the government must not sacrifice transparency, accountability, and justice for expediency.

“We welcome the recovery of assets and any effort aimed at safeguarding public resources. But we are deeply concerned about the long-term implications of how this clean-up exercise was handled and the lack of clarity surrounding the process.” Mr Ocansey noted.

Financial Inconsistencies Undermine Sector Credibility

RMA raised serious doubts about the accuracy of the financial data used to justify UniBank’s licence revocation, saying figures quoted by the former Attorney General, Godfred Dame, were inconsistent with later reconciliations.

“The figure of GHC5.7 billion, which was widely circulated and may have informed major decisions such as asset seizures, was not supported by the actual records,” the group stated.

According to RMA, subsequent validations halved UniBank’s actual liabilities to GH₵2.8 billion, and this was further reconciled to GH₵2 billion in early 2025.

More damning, RMA claims the government owed UniBank nearly GH₵2.9 billion at the time of the collapse an amount which, if paid, could have sustained the bank’s solvency. “Costly exercise with limited transparency”

The group estimates that Ghana’s financial sector clean-up has cost taxpayers over GH₵25 billion, possibly rising to GH₵30.3 billion when broader fiscal impacts are considered. This, it says, has largely been financed through domestic borrowing, with taxpayers left to shoulder the burden.

RMA acknowledged the state’s recovery of GHC824 million in properties and a projected US$1.2 billion in loan recoveries, but cautioned that this does not absolve state actors from accountability.

Six Demands For Justice And Reform

RMA laid out a six-point action plan calling on government and regulators to deliver full accountability and redress:

 An independent public inquiry into the roles of the Bank of Ghana, the Receiver, and both past and current Attorneys General.

Prosecution of public officials who misrepresented financial data or mismanaged asset recoveries.

Reversal of suspect asset transfers, particularly those involving politically exposed persons.

A forensic audit of the Receiver’s asset valuation and liquidation decisions.

Amendment of Act 930 to require parliamentary oversight in future bank resolution processes.

Creation of a Financial Sector Ombudsman, modelled on South Africa and the UK, to enhance oversight and protect public interest.

Call To Civic Duty And Institutional Trust

Mr Ocansey urged civil society, the private sector, and organised labour to speak up and demand answers.

“To private sector players, your silence is dangerous. You must demand a system that protects investments and respects due process,” he said. “To workers and unions, stand in solidarity with the hundreds who lost jobs. This is about fairness, justice, and national development.”

RMA warned that the lack of accountability in the UniBank saga risks eroding public trust in Ghana’s legal and financial systems.

“The actions and inactions of key state actors, including the Attorney General and the Receiver, have led to significant financial loss to the state and individuals,” said Mr Ocansey. “If Ghana is to restore investor confidence and build a fairer economy, this matter must not be swept under the carpet.”

Broader Implications

With the Attorney General quietly dropping all charges against UniBank’s former directors, critics fear a precedent of impunity could be set unless the full story is told—and the right lessons learned.

As the fallout from Ghana’s banking sector reforms continues to reverberate, RMA’s intervention could reignite pressure for parliamentary hearings, regulatory reforms, and greater transparency in future bank resolutions.

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