Ghana’s bank saga has taken another turn as the directors of the defunct UniBank Ghana Limited offer the state a settlement offering of GH₵2 billion to settle a GH₵3.3 billion liability arising from the bank’s collapse.
This was revealed by Attorney General and Minister of Justice, Dr. Dominic Ayine, on Monday during the Government Accountability Series in Accra.
The offer, formally submitted on May 7, 2025, comes after months of behind-the-scenes negotiations and marks one of the largest private settlement attempts in Ghana’s financial history.
Breakdown of the Proposal
According to Dr. Ayine, the proposal includes GH₵800 million in direct asset transfers to uniBank’s estate and a commitment by the accused to actively support efforts to recover an additional GH₵1.2 billion from third-party beneficiaries.
“The accused persons offered to pay GH₵2 billion in full and final settlement of the outstanding obligation. This includes GH¢800 million in assets and their cooperation to help the Receiver retrieve another GH₵1.2 billion from direct beneficiaries,” Dr. Ayine disclosed.
While the settlement offer has been submitted, it is still pending judicial approval. The courts are yet to decide whether the proposal will be accepted as a comprehensive resolution to the civil claims.
Background: Collapse of UniBank
UniBank was one of several indigenous financial institutions that crumbled during the Bank of Ghana’s 2018 financial sector clean-up. The BoG revoked the bank’s license, citing severe insolvency, poor corporate governance, and related-party transactions that violated key banking regulations.
A receiver was appointed to oversee asset recovery and liabilities settlement. This led to criminal and civil proceedings against key directors and shareholders of the bank, including former Finance Minister and the bank’s founder, Dr. Kwabena Duffour.
The state alleged that the defendants engaged in financial misconduct, including fraudulent breaches of trust, dishonest appropriation, and money laundering. The Attorney General initially filed charges in 2020 involving over GH¢5 billion, but this figure was later revised to GH¢3.3 billion following reconciliations and asset revaluation.
Looking Ahead
If accepted by the court, the GH¢2 billion proposal could significantly ease the financial recovery process and bring closure to one of the most high-profile banking collapses in Ghana’s recent history. It also sets a potential precedent for out-of-court settlements in other unresolved cases linked to the financial sector reforms.
The Attorney General’s office said it has not ruled out further legal action should the settlement fall through or if additional misconduct is uncovered. For now, all eyes are on the judiciary as it considers the implications of the proposed resolution for public interest and financial accountability.
