Ken Ofori-Atta didn't collapse UT Bank, Ghanaians did - Kofi Amoabeng explains

Former Chief Executive Officer of the defunct UT Bank, Prince Kofi Amoabeng has spoken about what led to the collapse of his bank; the UT Banks, some 6 years after its collapse.

The UT Bank was one of many affected during the New Patriotic Party (NPP)’s banking sector cleanup, leading to the collapse of the bank.

Many blamed the Finance Minister, Ken Ofori-Atta for spearheading the cleanup exercise, leading to the loss of jobs by many.

Speaking in an interview on GTV’s Breakfast Daily however, Mr. Amoabeng said that Ken Ofori-Atta cannot be blamed for the banking sector cleanup that led to the collapse of his company.

According to him, Ghanaians were the ones who voted for the then government, and the decision was a collective one on the part of government therefore Ghanaians should be the ones to blame.

“When the UT bank went down, or the government collapsed the bank, people came to me and said, [so, your friend is Ken Ofori-Atta and he took your bank] and I said ‘no’.

He was presented with facts and documents and arguments for him to make a decision and that decision I hope, he did in the best interest of Ghanaians even though I doubt it, but because of what information they had given to him.

“I said listen, it is not Ken Ofori-Atta who I refer to as my brother who collapsed the bank, it is Ghanaians who collapsed that bank, because Ghanaians chose the government. Ghanaians chose the government that collapsed the bank and I cannot hate all Ghanaians because I’m a Ghanaian myself. We voted for government, the government came and made a decision,” he added.

He said this while explaining his ideals in life that push him to forgive and pray for persons who may hate him. Mr. Amoabeng noted that he on the contrary hates no one because he is not necessarily privy to the reasons they take actions that they do and what informs certain decisions.

“I don’t even think about it because I don’t know what is behind whatever actions they take,” he stated.

In the late 1990s, UT Bank was known as UT Financial Services, a non-bank financial services provider (NBFI). It became UT Bank in 2010 and had its license revoked by the Central Bank in 2017, essentially collapsing it.



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