Kofi Amoabeng Reveals Why UT Bank Was Closed Down

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Kofi Amoabeng and UT bank

Kofi Amoabeng Reveals Why UT Bank Was Closed Down

CEO of defunct UT Bank, Captain Prince Kofi Amoabeng (Rtd), has disclosed the reasons behind the shut down of his  bank by the government of Ghana.

He said, the reason was as a result of certain problems the bank was facing at the time and the government thought it wise to shut the bank down since they thought it was impossible for the bank to redeem itself.

In an interview on Peace FM's Kokrokoo morning show, Mr. Amoabeng indicated some of the problems.

" The truth is if the bank was fully functional, meeting all the capital requirements from its regulators, the government would not have closed down the bank. But the bank was going through problems and every business goes through problems, it doesn't matter how big you are, it's the government that will decide to close it down because it is that bad or it should be bailed out because it is dear to the country and this is all government's discretion on behalf of the people "

Furthermore, he explained saying, the government used its discretion to decide the fate of the bank by agreeing to close it down since it was impossible to bail the bank out.

Mr. Amoabeng was at the show to advertise his new book which documents the successes and downfalls of his company. The book titled "The UT Story" is to teach the youth and all Ghanaians about the hidden  realities of UT financial services and some moral lessons for young entrepreneurs.

Source: Anita Addy