BTA Admin In a significant legal development, the Attorney-General, Dominic Akurutinga Ayine, has officially withdrawn all charges against Dr. Johnson Asiama, former Deputy Governor of the Bank of Ghana, effective January 29, 2025. This decision brings an end to the legal battles Dr. Asiama faced concerning his alleged role in the collapse of UniBank and UT Bank.
Background of the Case
Since 2020, Dr. Asiama, along with several others, had been facing serious charges, including fraudulent breach of trust, money laundering, conspiracy to commit crime, and violations of the Bank of Ghana (BoG) Act. His charges stemmed from the financial distress that led to the revocation of banking licenses for UniBank and UT Bank.
Why Dr. Asiama’s Charges Were Dropped
Dr. Asiama was accused in both the UniBank and UT Bank cases, despite his role being aligned with standard BoG procedures. In the UT Bank collapse case, he was charged alongside notable individuals, including the bank’s founder, Prince Kofi Amoabeng, and key executives from UT Holdings Ltd.
For the UniBank case, Dr. Asiama maintained his innocence, arguing that all liquidity support approvals were conducted through formal channels within the Bank of Ghana. These approvals were part of his assigned duties as Second Deputy Governor and were aligned with BoG’s internal governance structure.
- The liquidity support to UniBank was sanctioned by BoG management and did not violate any financial regulations.
- The Bank of Ghana Board had granted management the authority to approve emergency financial support under a resolution passed on September 19, 2016.
- Of the GH¢300 million liquidity facility provided to UniBank, GH¢150 million was repaid within 90 days, and the remaining amount was settled in mid-2024 by UMB, eliminating any financial loss.
- Similarly, the liquidity support granted to UT Bank followed proper procedural recommendations and was part of efforts to stabilize the banking sector.
Attorney-General’s Rationale for Case Withdrawal
Investigations conducted by the CID, coupled with Dr. Asiama’s robust defense, revealed a lack of substantive evidence to support the charges against him. Even former Attorney-General Godfred Dame had internally expressed concerns over the weak evidentiary basis for prosecution and had recommended discontinuing the case.
After reviewing the available documentation, including an internal memo from Mr. Dame, the current Attorney-General, Mr. Ayine, determined that continuing the trial would not serve the public interest. Citing his constitutional discretion, he officially withdrew all charges against Dr. Asiama, marking the end of a prolonged legal battle.
This decision underscores the importance of ensuring due process in financial sector prosecutions and reinforces the principle that legal action should be backed by clear, compelling evidence.
