Bright Simons, Honorary Vice-President of IMANI Africa, has sharply criticized the Attorney General’s handling of the Unibank settlement, questioning why the agreed liability is now significantly lower than what the bank’s owners previously acknowledged.
In a post on Monday, July 28, Simons wrote, “Claiming ‘pragmatism’ is not enough,” as he dissected the deal’s shortcomings.
He referenced a letter dated July 31, 2018—just before Unibank’s licence was revoked—in which the bank’s principal shareholders admitted to liabilities of GH¢4.9 billion and proposed asset liquidations worth GH¢3.52 billion.
“So how has the liability now been reduced to GH¢3.3 billion?” Simons questioned, arguing that the revised figure lacks transparency and analytical integrity.
He further criticized the Attorney General for discontinuing both civil and criminal proceedings, contending that criminal charges could have been used to maintain pressure during settlement talks.
“In fact, retaining the criminal case could have strengthened the government’s negotiating position,” he said.
Simons warned that abandoning both legal channels risks undermining public confidence in efforts to ensure accountability in major financial scandals.
He concluded that the Unibank case reflects a broader governance failure:
“There’s a major capital shortfall—nearly $1.8 billion—and the government’s agreement doesn’t come close to addressing it,” he asserted, urging authorities to deliver a full and honest assessment of the state’s financial exposure and to prioritize the public interest over political considerations.
