Kwabena Duffour sues BoG over revocation of uniBank license

Major shareholder of the defunct

The former Bank of Ghana (BoG) Governor is also seeking a court order to restrain the Central Bank from taking over the assets and liabilities of uniBank.

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UniBank, together with four other indigenous banks – Soverign, BEIGE, Construction and Royal Banks – have been merged to form the Consolidated Bank of Ghana Limited.

The Central Bank explained that the merger became necessary after some of the banks fell below the indigenous bank's Capital Adequacy Ratio (CAR) and others breached regulations.

However, Dr. Duffour believes the licence purportedly granted the Consolidated Bank "was not granted in accordance with Act 930 and is null and void."

He is, therefore, seeking an injunction from the High Court to restrain the Bank of Ghana “from expropriating uniBank by its purported vesting of 'good assets and liabilities' of uniBank in Consolidated Bank Ghana Limited and the revocation of the licence of uniBank."

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In a statement, Dr. Duffour wants the High Court to declare the Central Bank’s revocation of uniBank’s operating license as "being in breach of Articles 23 and 296 of the1992 Constitution of the Republic of Ghana."

Read Dr. Duffour’s full statement of claim below: