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Banks in Ghana are losing local ownership as a third has been seized by government

Former Bank of Ghana has lost his bank to the Ghanaian government

This move will see the central bank take over the assets and management of uniBank.

Governor of the Bank of Ghana(BoG) Dr. Ernest Addison explains that the local bank; UniBank is currently bankrupt.

Already, two banks have been overtaken by the central bank this year.

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Speaking at a press conference in Accra, the governor stated that KPMG has been appointed to manage the bank to save it from collapse.

There are reports that the central bank has ordered the management of uniBank to step aside and allow the new entity, KPMG assume the management of the bank.

Also the central bank says the bank’s capital has been close to the 400 million cedis minimum requirement expected of commercial banks by December 2019.

The announcement comes two weeks after uniBank announced a purported takeover of adb after some shareholders of the latter, pledged their shares in the bank.

The BoG at the time, dismissed the reports explaining that it has not approved any such agreement.

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The CEO of uniBank, Dr, Kwabena Duffour Junior told Citi Business News that uniBank is set to assume a controlling interest in ADB after a consortium of shareholders pledged their shares, proceeds, entitlement and voting rights to Unibank.

The bank was founded in 1997 by Kwabena Duffour who later became Finance minister under the Mills administration.

But after 20 years of private management, Kwabena Duffour who is a former Governor of the Bank of Ghana loses control of unibank to his former employers.

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