Audio By Carbonatix
The Bank of Ghana (BoG) announced it has taken over the management of a private bank, Unibank which will now be managed by KPMG.
The Governor of the Central Bank explained at a press conference Tuesday that the takeover is due to challenges facing the bank.
He mentioned weak supervisory standards and weak operations as the cause of the challenges.
The Central Bank said Unibank "persistently suffered liquidity shortfalls and consistently breached its cash reserve requirement."
It said the bank has had to fall on the central bank for money to the tune of GH¢2.2 billion since 2016 to enable it to operate.
Below is the chronology of events:
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