Duffuor shares painful story of uniBank collapse

Founder of now-defunct uniBank, Dr Kwabena Duffuor, has opened up about his struggles with the collapse of his financial institution.

According to him, it was a big blow, adding he and the family were greatly affected.

“It was a big blow and something that hurt me but I was lucky my family was supportive,” he said in an interview on Asempa FM’s Ekosii Sen.

The former Finance Minister and Governor of the Bank of Ghana indicated that although some of his businesses were affected by the revocation, others managed to survive.

The Bank of Ghana revoked the license of uniBank and five other banks to form the new Consolidated Bank Ghana in its bid to clean up the sector.

The Central Bank cited various reasons, including capital adequacy ratio crisis, poor corporate governance, and overexposure to related parties.

The bank shareholders, who are in court challenging the revocation of the licenses, recently petitioned Parliament on the matter.

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Parliament has since set up a committee chaired by First Deputy Speaker, Joseph Osei Owusu, to look into the petition and present a report to the House.