Kwame Boafo Akufo, a noted legal practitioner, has criticised the revocation of UniBank’s operating licence, asserting that the Bank of Ghana’s decision was based on irregularities and lacked proper legal foundation.

Speaking on JoyNews’ Newsfile programme on Saturday, August 2, he challenged the legitimacy of the figures and procedures used in the bank's closure.

“I contend that the process of revoking UniBank’s licence was not exercised properly, and the liability figures quoted were inaccurate and unaudited,” Mr Akufo stated, referring to the widely publicised GH¢5.7 billion liability that led to the bank’s downfall.

He called into question the transparency and fairness of the decisions made during Ghana’s banking sector clean-up.

The collapse of UniBank was part of the larger Ghana banking crisis between 2017 and 2020, during which five indigenous banks were consolidated into the Consolidated Bank Ghana Limited.

UniBank’s takeover was justified by the Bank of Ghana on grounds of insolvency, negative capital adequacy, and illicit related-party transactions.

However, Akufo’s critique echoed similar concerns raised by others who believed that the revocation may have been politically motivated, aimed at weakening opposition-linked institutions.

Mr Akufo and other observers have urged for a comprehensive public inquiry into the UniBank case, calling for greater transparency in the management of its collapse and the subsequent asset transfers.

They argue that legislative reforms are needed to rein in unchecked regulatory discretion and ensure future accountability in the sector.