Private attorney Kwame Beaufo Akufo characterized the downfall of Unibank as a legal inconsistency, referring to it as “a significant and painful error.” This raises fresh doubts about the validity of the 2018 banking sector cleanup initiative.
His remarks were made in the context of criminal cases involving former Finance Minister Dr. Kwabena Duffuor and seven others, which follow the Attorney General’s directive from July 22, 2025.
The defendants are facing charges related to theft and money laundering tied to the bankruptcy of Unibank.
During an interview with Naa Dedei Tettey on July 31, Akufo pointed out the absence of forensic audits to substantiate the financial claims that led to Unibank’s failure.
“To my knowledge, there hasn’t been any forensic analysis conducted. KPMG itself has released a report stating that the figures they’re working with haven’t been verified. This is why the entire process felt so fraught with errors,” he noted.
He further insisted that the processes involved didn’t adhere to proper legal standards.
“What transpired was not in accordance with the law,” he stressed.
While he avoided speculating on individual motivations for the collapse, Akufo suggested that the lack of proper audits and reliance on unverified figures casts suspicion on the Bank of Ghana’s actions.
“The choice to revoke Unibank’s license was based on numbers that KPMG acknowledged were unauthorized and unverified. This alone shows how flawed the exercise was,” he remarked.
This case, Republic vs. Kwabena Duffuor & 7 et al. (CR/0248/2020), is part of a broader financial sector cleanup that resulted in the closure of multiple indigenous banks.
However, Deputy Attorney General Judge Srem-Sai has indicated that the state has paused the lawsuit, citing a “significant recovery” of public funds.
In the meantime, minority members of Congress have highly criticized the Attorney General’s decision to halt the lawsuit, calling it a betrayal of public trust. They are demanding a comprehensive explanation, contemplating legal action, and asserting that such a cancellation jeopardizes accountability and sets a concerning precedent.
