Bright Simons, the Honorary Vice-President of IMANI Africa, voiced his strong objections to the Attorney General’s assertion that the government had successfully recovered 60% of Unibank’s liabilities.
In a detailed and incisive post shared on his social media on July 28, Simons contended that the real recovery rate stands at a meager 10.6%.
Labeling the government’s announced figures as “financially misconceived”, Simons took to the online platform to articulate his concerns and challenge the narrative being presented to the public. He argued that the figures cited by the government were misleading and did not reflect the true scale of financial loss resulting from the bank’s collapse.
According to Simons, the original figure reflecting Ghana’s direct exposure, estimated at GH¢5.7 billion, had controversially been revised down to GH¢3.3 billion. Out of this, he pointed out that GH¢800 million is expected to be reclaimed through the forfeiture of properties, while GH¢1.2 billion hinges on the debtors of Unibank. However, he emphasized that these amounts were grossly inadequate given the significant financial losses incurred.
“If we use market exchange rates,” Simons asserted, “the government has recovered only $160 million of a liability that may well exceed $1.5 billion.” He underscored the gravity of the situation, stating, “That is barely 10.6% of the total losses to Ghana’s welfare!” Simons also noted that even the amounts Unibank’s owners admitted as liability, exceeding $1 billion, had not been accounted for in the government’s reported figures.
As the debate intensified, Simons called on the Bank of Ghana and the appointed Receiver to be more transparent about their roles and decisions in this matter, pointing out their conspicuous silence despite being pivotal players in the situation.
“In any serious country,” he remarked, “the press conference of the AG today would be the beginning, not the end, of the national debate.” Simons’ insights have sparked discussions on accountability and the need for clarity in the management of national financial matters, as Ghanaians look for answers in the wake of the Unibank crisis.
Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen
