Cal bank has threatened to drag the University of Ghana to court because the University has defaulted in paying an amount of money owed the bank according to report by Pulse.com.gh. The loan was acquired in 2011, during the first term of the current vice chancellor, Prof Ernest Aryeetey as part of efforts to decongest the halls of residence.
The loan was acquired from six banks including CAL Bank and was used to provide the Jean Nelson, Elizabeth Sey, Dr. Hilla Liman and Alex Kwarpong halls which jointly have a capacity of 7000 beds. The university is still yet to settle the outstanding amount.
According to the Managing Director of the bank, Frank Adu, who received an honorary doctorate degree from the University in 2014, the university has shown little commitment to paying back the amount and so they drew the government’s attention to the issue but that too has proven futile. In view of this CAL Bank is going to court to take over 12,500 beds.
Efforts to contact CAL Bank for an official statement have proved futile.