KPMG, the audit firm appointed by the Bank of Ghana (BoG) to restructure the affairs of uniBank will submit its first report on the troubled bank to the central bank this week.
The report, according to industry sources will give a true situation of the bank to bring clarity on the work done so far to enable the central bank decide on the way forward for Unibank.
Dr Ernest Addison, the BoG governor, had earlier hinted that the report would be ready by end of May 2018.
“KPMG unfortunately has not yet submitted any report. We have had some preliminary discussions with them, we expect that the report would come in hopefully at the end of this month and depending on the information that they give us, we would let the public know.”
BoG in March appointed KPMG as administrator for uniBank, at a time Dr. Ernest Addison said KPMG was stepping in due to challenges facing the bank.
The central bank accused UniBank of providing inaccurate data to it and therefore ordered the management to step aside for KPMG assume the management of the bank.
It cited sections 107 and 108 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930) for its actions. The law also empowers the regulator to appoint an official administrator to take control when its capital adequacy ratio (CAR) falls below 50% of the required minimum of 10% (i.e. below 5%) The law also allows the administrator to exercise a variety of powers to rehabilitate and return the bank to regulatory compliance within a period of six months, at the end of which the bank will be returned to private ownership and management.
By Adu Koranteng