Former UT Bank founder and CEO, Captain (Rtd) Prince Kofi Amoabeng, has expressed strong reservations about how Ghana’s banking sector clean-up was conducted, describing it as “haphazardly done.”
Speaking on Joy News’ PM Express Business Edition, he said that despite his close relationships with key government figures, he believes political motives influenced the handling of the exercise.
“I was a friend in all aspects of the word, a very good friend to the Minister of Finance [Ken Ofori-Atta]. I was a friend to the President [Akufo-Addo], a friend to most of the people running finance,” he noted.
Despite these ties, he suggested that personal grievances and envy may have contributed to his bank’s collapse.
“Even though I was a friend, maybe they didn’t like me for whatever reason—maybe some jealousy, some envy. Therefore, when they had power, it’s like, okay, this guy thinks he knows everything, he’s achieved so much, so maybe we’ll bring him down.”
Kofi Amoabeng stated that he had moved on from the experience and remains focused on the greater good of the nation.
“I don’t know, and I don’t care. You know, I sailed through it, and I care about the country and the people of this country more than myself.”
However, he criticized how the clean-up was carried out, highlighting inconsistencies in the approach taken.
“Certainly, there was political influence in it, but it makes sense. The order in which they built some banks, allowed some new banks to collapse, and put some in court was very haphazardly done, to say the least.”
While acknowledging that the government had the authority to make such decisions, Kofi Amoabeng questioned the fairness and coherence of the process.
“But either way, they have the power, and they have to execute, and therefore, they decide whether to do it that way,” he remarked.
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