We have witnessed “panic banking” in recent past due to the take-over of some banks by the Bank of Ghana (BOG) because of their insolvency. These banks had appeared in the public eye as doing well and therefore, enjoying huge patronage by customers.
The UT Bank and the Capital Bank were last year liquidated by the Central Bank because of insolvency, and as if that was not enough the UniBank was also added to the list of non-performing banks that have to be rescued to avoid total collapse.
The BOG has placed the bank under the administration of KPMG, a private financial firm of high repute, to resuscitate the bank in the next six months, to avoid total collapse.
This was carried out in line with Section 107 of the Bankers and Special…
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