Renowned businessman and Executive Chairman of Jonah Capital, Sir Sam Jonah, has described the collapse of UT Bank as one of the most blatant acts of economic injustice, warning that it has discouraged entrepreneurship and stifled private sector growth in Ghana.
Speaking at the launch of The UT Story: Volume 3 by Prince Kofi Amoabeng, Sir Sam Jonah criticized the government’s decision to shut down the bank six years ago, stating that the move was politically motivated and had long-term consequences for business confidence.
“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 entangled with politics,” he said.
He went further to describe the bank’s closure as “one of the most egregious acts of economic injustice perpetuated by the state,” claiming it was driven by “malice, deceit, envy, and jealousy.”
According to him, the collapse of UT Bank sent a chilling message to Ghanaian entrepreneurs that even playing by the rules does not guarantee protection from political interference. He urged policymakers to foster a stable and predictable business environment to ensure long-term economic growth.
Prince Kofi Amoabeng, the founder of UT Bank and author of The UT Story: Volume 3, expressed optimism about rebuilding, emphasizing that his vision now extends beyond banking to grooming leaders with strong values to change the country’s business landscape.
“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 stated.
The book launch, attended by top CEOs and business leaders, saw the first copy sold for GHS 50,000.
