Yes, Akufo-Addo took loan from UT and paid back – Gabby replies Kofi Amoabeng

Cousin to President Nana Akufo-Addo, Gabby Asare Otchere Darko has questioned the motive behind Prince Kofi Amoabeng’s disclosure that he once funded the president and finance minister, Ken Ofori-Atta.

The former Chief Executive of the defunct UT Bank, Kofi Amoabeng had in an exclusive interview on TV3’s Business Focus program on Monday said UT bank once rescued Ken Ofori-Atta’s business from collapsing and also supported Nana Akufo-Addo with a loan facility.

Mr Amoabeng was making a strong case for local businesses and why they should be supported.

But Reacting to Mr Amoabeng on his facebook wall, Gabby Otchere-Darko confirmed Akufo-Addo took a loan and paid back.

“Is he saying if his financial institution advanced credit to Nana Akufo-Addo, which, by the way, was fully paid back under President Rawlings, then, for this reason, his bank should have been spared when it became manifestly insolvent under President Akufo-Addo?”

Below is the full response by Gabby

Yes, so Nana Akufo-Addo took a loan from Unique Trust decades ago, which was fully paid back by 2000 (not 2003); so what? After all, what are lenders for? Banks are there to lend and borrowers agree to pay back even if interest rates are prohibitive.

But, I’m struggling to make heads or tails out of this story. Did Prince Amoabeng say he gave a loan to Nana Akufo-Addo for Nana’s political campaign and is he also saying he does not fund political parties? As a person or as UT? I don’t understand.

Is he saying if his financial institution advanced credit to Nana Akufo-Addo, which, by the way, was fully paid back under President Rawlings, then, for this reason, his bank should have been spared when it became manifestly insolvent under President Akufo-Addo? I doubt that is what he is saying. He wouldn’t.

I think his story is rather a good one for money and politics. That there are politicians who will take decisions in the national interest first and not be primarily influenced necessarily by who funded their campaign, if that.

Prince Amoabeng is one person we have all admired for what he achieved as a business man. Discipline was his motto, as we saw it from afar. In fact, I featured him on my talk show, Gabby’s Airtime on TV3 in 2003 to tell his great story. Yes, at one time, I also took a loan from UT for my talk show. But, it wasn’t for free! He took a personal asset of mine as collateral because the Talk Show had no such asset. He would not have waived it if I had defaulted beyond redemption. That’s why I am wondering what the point of this disclosure that he once funded Nana Addo and Ken Ofori-Atta is all about.