Sat, Aug

The KPMG audit report on the operations of the collapsed uniBank gives a chilling account of how a whopping sum of GHC3.7 billion of customers’ deposits was paid to shareholders of the bank “under unusual credit terms.”

As many Ghanaians begin to appreciate better, what is now largely seen as a well-orchestrated scam in the banking industry, perpetrated by managers and directors of the seven collapsed banks to satisfy their parochial and selfish financial gains, the question they are now asking is: how did those who were paid by the state to regulate and supervise the sector fail the nation that way?

Finance Minister Ken Ofori-Atta has said government will ensure persons responsible for the collapse of some local banks in the country will be made to face the law.

The name of Belstar Captial Limited has appeared in the audit report by the KPMG as one of the beneficiaries of loan facilities that were dispensed by the collapsed uniBank under dubious circumstances, with complete non-adherence to the credit policies of the bank.

President Nana Addo Dankwa Akufo-Addo has indicated that his administration is working hard to build a strong and resilient economy to avoid returning to the International Monetary Fund (IMF) for financial bailout after the exit of the current programme by the end of the year.

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