Renowned policy analyst and vice president of IMANI Africa, Bright Simons, has strongly contested claims by the Attorney General that the state has recovered 60% of the financial liabilities owed by the collapsed Unibank. According to Simons, a closer inspection of the numbers shows that the actual recovery may be as low as 10.6% — far from what the AG asserts.
In a detailed public commentary, Simons addressed the AG’s July 22 announcement of a settlement with Unibank’s former owners, which includes a cash recovery and forfeiture of properties. The AG also indicated that the associated criminal case would be discontinued in light of the agreement — a decision that has sparked widespread skepticism due to the political and financial stakes involved.
The Numbers Don’t Add Up
Simons points to a major discrepancy: while the AG says GHS 3.3 billion is the revised liability (down from GHS 5.7 billion), only GHS 800 million is being recovered through property forfeiture and GHS 1.2 billion through debt recovery — some of which has already occurred.
Citing a 2018 letter from Unibank’s own shareholders, Simons argues that the former owners themselves acknowledged a minimum liability of GHS 4.9 billion, and even offered asset liquidation worth GHS 3.52 billion at the time. The new deal, according to Simons, does not even meet that threshold.
He calculates that the state has, in effect, recovered only $160 million (roughly GHS 2 billion), which is just 10.6% of the total loss of up to $1.5 billion (including depositor funds, BoG liquidity support, and other debts), as validated by KPMG in 2018.
Capital Hole and Public Losses
Unibank, once a major financial institution with over 400,000 depositors, was found in 2017–2018 to have deep financial shortfalls. KPMG reports indicated that hundreds of millions of dollars in loans — especially to companies linked to the bank’s owners — were non-performing or unrecoverable. This created what Simons calls a “capital hole” of up to $1.8 billion.
He further notes that the state, through Consolidated Bank Ghana (CBG) and the BoG, absorbed most of these losses — effectively transferring the burden to taxpayers.
Where Are the Other Key Players?
Simons also questioned the silence of the Bank of Ghana and the appointed receiver of Unibank. Both, he said, have fiduciary duties to protect the public interest and should weigh in on whether the settlement truly represents a fair deal for the nation.
“The AG’s claim of pragmatism isn’t enough,” Simons asserted. “The financial logic behind the deal is totally misconceived. Ghana deserves full transparency and accountability when billions in public funds are at stake.”
A Bigger Question for Ghana
Simons concludes that in a more accountable society, the AG’s announcement would have triggered a national conversation — not concluded it.
“Even the amount Unibank’s own owners admitted they owed is not covered by this settlement,” he wrote. “In any serious country, this would be the beginning of real public scrutiny. The question is — is Ghana a serious country?”
