RMA Demands Independent Inquiry into Banking Sector Clean-Up, Questions GHS 25bn Public Cost
Revenue Mobilisation Africa (RMA) has issued a strongly worded call for a full-scale independent inquiry into Ghana’s controversial banking sector clean-up, citing serious concerns about transparency, public debt exposure, and potential financial misrepresentation by state officials.
Addressing journalists at the International Press Centre in Accra, RMA’s Executive Director, Jeffery Ocansey, expressed support for the restitution process currently underway with former uniBank directors, which has so far recovered GHS 824 million in assets, with an additional GHS 1.2 billion expected. However, the civil society organisation sharply criticised the government’s broader handling of the clean-up exercise, particularly under the previous administration, as opaque and potentially damaging to the national interest.
“While we welcome efforts to recover lost public funds, there remains a disturbing lack of clarity regarding the total costs, asset management processes, and final liabilities,” he remarked.
Gh₵25bn Question
At the heart of RMA’s critique is the estimated GHS 25 billion cost of the financial sector resolution programme, much of which was financed through domestic borrowing and has significantly added to the national debt burden. The organisation noted that despite this hefty expenditure, there has been no comprehensive public accounting of how these funds were deployed or what value has been recovered.
Of particular concern is the case of UniBank, whose total validated indebtedness was reportedly revised downward from an initial GHS 5.7 billion—widely publicised by the then-Auditor (later appointed Receiver)—to GHS 2.8 billion in 2024 and now GHS 2 billion in 2025 following further government validation. RMA contends that the inflated earlier figure may have unduly influenced legal decisions and asset seizures.
The group also revealed that prior to UniBank’s licence revocation, the Government of Ghana owed the bank some GHS 2.9 billion in bonds and other instruments—a liability it suggests was not properly honoured before the central bank placed the bank under administration under Act 930.
Demands for Accountability
RMA is now calling for:
An independent public inquiry into the roles played by the Bank of Ghana, the Attorney-General’s Office, and the Receiver.
Criminal and civil investigations against any public official who may have misrepresented facts or caused willful financial loss.
A reversal or audit of asset sales made at below-market prices, particularly where politically connected individuals may have benefitted.
Amendments to Act 930, including provisions for parliamentary oversight in bank resolution processes, and the establishment of a Financial Sector Ombudsman to independently adjudicate future crises.
A Broader Call to Action
Beyond government accountability, RMA urged private sector actors, civil society groups, and organised labour to actively engage in demanding reforms. The statement argued that the clean-up exercise, while intended to stabilise the banking sector, has raised fundamental questions about governance, justice, and institutional integrity.
“The collapse of UniBank was not just an economic event—it was a governance failure. Without decisive reform and accountability, public trust in financial regulation and the rule of law will remain dangerously eroded,” Mr Ocansey warned.
