Unibank’s sponsorship deal with Black Stars hangs by a thread after the indigenous bank was declared insolvent by the Bank of Ghana on Tuesday.
In November 2016, Unibank renewed its partnership with the Ghana FA by signing a three-year deal worth US$ 1.2m.
The Bank of Ghana has appointed an audit firm KPMG as Official Administrator aimed at saving UniBank from imminent collapse.
Unibank among other things persistently maintained a capital adequacy ratio (CAR) below zero (currently negative 24%), making it technically insolvent.
It contravenes section 29 of Act 930 which requires a minimum CAR of 10% to be maintained at all times.
Also, they persistently suffered liquidity shortfalls and consistently breached its cash reserve requirement.
As…
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