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Black Stars to lose headline sponsor …as uniBank is declared insolvent

botchway March 22, 2018

Unibank’s sponsorship deal with Black Stars hangs by a thread, after the bank was declared insolvent by the Bank of Ghana on Tuesday.
In November 2016, Unibank renewed its partnership with the Ghana FA by signing a three-year-deal worth US$ 1.2m.
The Bank of Ghana has appointed audit firm KPMG as Official Administrator, aimed at saving UniBank from imminent collapse.
They persistently suffered liquidity shortfalls and consistently breached its cash reserve requirement.
As a result, UniBank has relied extensively on liquidity support (over GHS 2.2 billion) from the Bank of Ghana over the past two years to meet its recurring liabilities.
The Bank of Ghana’s exposure to the bank was, therefore, underestimated by nearly GHS 400 million, as this amount was not reflected in its books.
Credit: ghanasoccernet.com

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