We’ve recovered billions of Ghana cedis so far in the UniBank case – Ayine

Attorney-General and Minister for Justice, Dr. Dominic Akuritinga Ayine, has justified the state’s decision to drop charges against former UniBank owner Dr. Kwabena Duffuor and seven others. He explained that the move follows significant progress in the recovery of funds linked to the collapsed bank.

Addressing the media at the Government Accountability Series on Monday, July 28, 2025, Dr. Ayine revealed that the state has already recovered over GHC500 million from the accused persons, with further recoveries expected over 18 months.

This clarification follows the Office of the Attorney-General’s decision on July 22 to file a nolle prosequi in the criminal case involving the accused, effectively bringing the high-profile prosecution to an end. The move sparked public debate, with critics questioning the basis of the discontinuation and the broader implications for accountability.

Dr. Ayine explained that on May 7, his office received a comprehensive repayment proposal from the accused persons. The arrangement includes a GHC2.2 billion settlement offer against an initial GHC3.3 billion outstanding obligation.

As part of the structured agreement, the accused committed to transferring GHC800 million worth of assets directly to UniBank, which is under receivership by the Bank of Ghana. They also pledged active cooperation in recovering an additional GHC1.2 billion from direct beneficiaries linked to the collapsed bank.

“Out of the above arrangements, landed properties valued at GHC842 million have already been provided to UniBank,” Dr. Ayine disclosed. “So far, we have recovered GHC500 million, and we anticipate the remaining GHC700 million will be retrieved within 18 months.”

He added that the accused persons would be held accountable for any shortfalls should the valuation of the transferred assets fall below expectations.

While acknowledging that a cash settlement would have been ideal, the Attorney-General noted that negotiations revealed it was not a realistic option at this time.

The UniBank case was part of a broader financial sector clean-up initiated by the previous administration, which saw the closure of several financial institutions due to insolvency, regulatory breaches, and alleged mismanagement.

Among the affected institutions were UT Bank, Capital Bank, GN Bank, Royal Bank, and Heritage Bank.