KPMG on the instruction of the central bank, Bank of Ghana audited the books of Unibank which was facing solvency and liquidity problems. The deficit of Unibank run in to excess of 5Billion Ghana cedis.
An interim report issued by KPMG proposed several measures to deal with the banks woes, chief amongst them is the liquidation of the bank. They also suggested another bank takeover Unibanks assets just like the case of UT and Capital Bank which was taken over by the GCB Bank when they were facing liquidation.
On 20th March 2018, the Bank of Ghana appointed KPMG an audit firm as administrators for the uniBank .
Emmanuel Akrong, who is the author of Asset Quality Performance of Banks in Ghana, the book that predicted the collapse of at least eight banks, has claimed “Unibank was borrowing to finance its loans” before its takeover by Bank of Ghana.
UniBank was one of nine banks identified after the asset quality review exercise undertaken in 2016, to be significantly undercapitalized with a CAR of 4.75%.
The bank, in a statement released by the Governor of BoG, persistently suffered liquidity shortfalls and consistently breached its cash reserve requirement.
KPMG, announced as administrators of the Bank will have six months to manage the bank after which it will revert to an unnamed private organization