The collapse of UT Bank has left a lasting scar on Ghana’s economic landscape, with renowned businessman Sir Sam Jonah condemning the government’s decision to shut it down.
Speaking at the launch of Prince Kofi Amoabeng’s memoir, Jonah emphasized the need for policymakers to create a stable and predictable business environment.
“This is perhaps the most profound and most painful chapter in Kofi’s journey, for it speaks not only of his success but also of betrayal, of the harsh realities of power and the fragile nature of businesses when it’s entangled with politics,” Jonah said.
“The seizure of his bank was one of the most egregious acts of Economic Injustice perpetuated by the state; a move driven by malice, deceit, envy, and jealousy,” he added.
Jonah further emphasized, “It was not only a collapse of a bank, it was a blow to the very idea that Ghanaians could build something of their own and succeed at the highest level. It sent a chilled message to entrepreneurs and innovators that no matter how hard you try, no matter how hard you work, how well you play by the rules, your success can easily be undone by those in power.”
Prince Kofi Amoabeng, founder of UT Bank and author of the memoir, remains optimistic about the future. Rather than dwelling on the past, Amoabeng is focused on grooming leaders with the right values to transform Ghana’s economy.
“The vision should not necessarily be a bank coming back. The vision that I have now is bigger than the bank: it is about how we can groom and create leaders with the right values who can change the narratives,” he indicated.
The launch of Amoabeng’s book was attended by distinguished CEOs and business leaders, who pledged their support for his vision.
As Ghana continues to navigate its economic challenges, the UT Bank story serves as a reminder of the importance of creating a business-friendly environment that fosters innovation and growth.