Former founder and CEO of UT Bank, Kofi Amoabeng
Prince Kofi Amoabeng, the renowned Ghanaian businessman and former CEO of the defunct UT Bank, has shared his perspective on the bank’s closure and the broader systemic issues plaguing Ghana’s financial sector.
Speaking on Joy Prime’s PM Business with George Wiafe, as monitored by MyNewsGh, Mr. Amoabeng offered a candid account of the challenges UT Bank faced and the lessons he has drawn from its demise.
Reflecting on the closure, he criticized the financial logic behind the decision, arguing that the cost of shutting down the bank far exceeded the support it initially required.
“We had liquidity support, but the amount spent to close us down was much higher. Instead of recovering the funds owed, more money was lost in the process. It doesn’t make sense,” he lamented. Amoabeng attributed this outcome to a system that prioritizes affiliations over efficiency. “I don’t associate with politicians or lobby for favors. In Ghana, if you’re not connected to the powers that be, your business becomes vulnerable,” he explained.
Amoabeng’s commitment to ethical business practices, however, has been unyielding. He recounted how he upheld strict principles, even when it meant making difficult personal decisions. “I’ve sacked my own brothers, cousins, and friends when they broke the rules. I believe in doing what’s right, not lobbying for survival. But in this environment, that independence comes at a cost,” he said.
He described the unique pressures of running a successful business in Ghana, where growth often attracts unwelcome demands from politicians, chiefs, and even family members. “As soon as you’re seen as doing well, everyone wants a piece of you. If you don’t comply, you’re seen as an enemy,” he added.
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