Former Chief Executive Officer of UT Bank and UT Holdings, Retired Captain Prince Kofi Amoabeng, has asserted that the government played a pivotal role in the collapse of UT Bank. Speaking on Starr Chat with Bola Ray on Thursday, January 25, 2024, Amoabeng outlined the circumstances surrounding the revocation of UT Bank’s license.
According to Amoabeng, at the time the government sought to revoke UT Bank’s license, he was actively in the process of bringing in investors. UT Bank, which was publicly listed on the Stock Exchange and boasted around 15,000 Ghanaian individual shareholders, faced a tumultuous period when the government decided to withdraw its license.
“UT was an iconic company for Ghanaians and we had an indigenous company that we could be proud of. We have won all kinds of awards including internal national awards,” he said.
He emphasized that the bank’s shares had value at the time the Bank of Ghana withdrew its license, and he believes the situation should have been addressed comprehensively. Amoabeng expressed his disappointment, stating.
“You killed it for what sake? So the issue is I don’t have the time to hate people and bear grudges, but as we sit here I am consumed by the passion to create leaders who are different. Leaders who will not look at the myopic thing but think about Ghana and Africa, that is what I am doing now.”
Highlighting the bank’s achievements, including national awards and a high ranking on the Ghana Club 100, Amoabeng argued that the decision to revoke the license was detrimental to the progress and reputation of the bank.
“We were number two at some point in time on Ghana Club 100, and a story I personally was invited to Oxford to share this idea, you don’t just kill it,” he asserted. “I am not talking about Kofi Amoabeng. I am talking about Ghana that we were able to build something that outside appreciate and will want to hear about, and you just killed it.”
Amoabeng concluded by expressing his dedication to nurturing leaders with a broader vision, ones who prioritize the well-being of Ghana and Africa. His comments shed light on the complexities surrounding the downfall of UT Bank and the broader implications for indigenous businesses in the country