Prince Kofi Amoabeng, the defunct UT Bank’s Chief Executive Officer, has stated that UT bank could have survived if he had ties to the current leadership of the country.
Mr. Amoabeng believes that the bank would still have existed if he had not been so uninterested in politics. He said that, despite the bank’s poor performance at the time of its dissolution, the government had the alternative of bailing it out instead of compelling it to close.
Mr. Amoabeng asserted that his decision not to align himself with any political party was misinterpreted as being anti-government.
“I don’t belong to any party… The interesting thing is that depending on who is speaking, they push you to the other side. Throughout the whole UT thing depending on who is in power, I am [considered as being] on the other side.”
Mr. Amoabeng
When asked if he believes his bank’s failure had any political ties, he said “partly”, emphasizing that while his bank got government help to stay heads above water under the National Democratic Congress (NDC) government, the New Patriotic Party (NPP) government decided it was better to shut it down.
The former banker expressed his disappointment that the current regime favored some banks by preserving them despite their bad financial standing while closing others.
“The bank wasn’t doing that well at the time but the way the government acted, some banks were helped, some banks were closed. That is what irritates me.”
Mr. Amoabeng
Mr. Amoabeng contended that the government should have given the bank a bailout because of the unique job it had done, as well as some of its successes and global image.
“At UT, we created a Ghanaian brand which was respected internationally so to come to power to kill a local brand which is admired and used internationally [wasn’t the best] … You can bail it out and that is common [practice]. Initially, that was what was happening but that was the NDC time… For me, not because of my personal interest but I think for the country, we should have bailed it out.”
Mr. Amoabeng
On August 14, 2017, the Bank of Ghana announced that it had revoked UT Bank’s license and ordered GCB Bank to take over its operations due to substantial capital impairment.
According to official numbers given by the central bank, UT Bank’s entire liabilities were GH850 million, while its total asset was GH112 million.
Mr. Amoabeng insisted that he did not waste any of the bank’s funds, but non-performing loans were a major contributor to the bank’s problems.
Recounting his youthful days
Prince also recounted his childhood, revealing that his peers did not believe he would be successful in life.
According to him, his overly ‘chilling’ behavior caused people to question his ability to succeed in life, but his enrollment into the military changed everything.
“When I was going to school, a lot of people didn’t think I could make it in life because the chilling was too much.
“I took that (free-living) notion to St. Peters and they found me so weird. That, who is this guy who is not serious? To the point that some of my mates came to tell me that if I can’t do the course, they will help me, to pass.”
Mr. Amoabeng
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