The founder of UT Bank, Captain Prince Kofi Amoabeng (Rtd) has repeated that the decision to collapse the financial institution by the Bank of Ghana was wrong.
Mr Amoabeng keeps up with that the cost of collapsing UT Bank and other banks in 2017 might have been diverted into saving the indigenous bank.
"I still maintain that it was a wrong decision for them to collapse it. I wasn't even the CEO at that point. Ghana is currently going for a bailout, and we were unable to rescue an successful company, yet I'm saying it relies upon the sort of reports that went to the authorities most likely it was mixed in with a wide range of negative things which were false.
"A bailout was essential since, in such a case that a bank owes the government about GH¢800 million and you use GH¢2.2 billion to collapse it then that money might have been given to the bank for it to rebuild under your watch and let them pay over a time of 5 years'.
"Every one of the banks in the US that were rescued in 2008 have all settled up and are now strong again," Mr Amoabeng said on the Citi Breakfast Show on Monday, February 20.
Mr Amoabeng, however, added that he isn't hurt by the decision of the Central Bank to collapse his bank adding that it isn't his intention to dwell not the past.
Mr Amoabeng is expecting to send off Volume 2 of his book, "The UT Story: Humble Beginning" at the Marriott Hotel on Wednesday, February 22, 2023.
Captain Amoabeng in part 2 of the book, digs into background details that led the establishment of UT Bank and furthermore gives knowledge into his leadership skills at the Finance institution.
SOURCE:CITI NEWS