It has emerged that the brother of ex-president John Mahama, Ibrahim Mahama, was among those who heavily owed
His failure to pay the money left the bank in a dire financial situation.
Following that, the bank board called for an emergency meeting to discuss how best to get Mr Ibrahim Mahama to pay his debt.
Minutes of the board meeting noted: "[Ibrahim Mahama] had made no effort to honour any of the assurances he gave when he met them on 29th March 2016."
Subsequently, the board decided to "exert external pressure" on Mr Ibrahim by meeting his brother, Mr Mahama, who was the then president.
The board held another meeting in which they invited Mr Ibrahim but he failed to show up.
The Board "felt slighted and disrespected by his actions" and "questioned his credibility as a businessman," according to the report.
At another board meeting in which Mr Ibrahim finally attended, he assured the board that he was "making every effort to pay the amounts outstanding from related companies."
In August 2018, the Bank of Ghana revoked the license of the Bank over its inability to turn around the negative capital adequacy position of the bank.