FLASHBACK: Collapsed banks could have been bailed out - Kofi Amoabeng to government

The Chief Executive Officer of the defunct UT Bank, Prince Kofi Amoabeng, stated that the government could have bailed out financial institutions that collapsed during the financial sector clean-up.

He also declared that he did not belong to any political party.

“I don’t belong to any party, The interesting thing is that depending on who is speaking, they push you to the other side. Throughout the whole UT thing depending on who is in power, I am [considered as being] on the other side,” he said.

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Read the full story originally published on December 10, 2021, by Ebenezer Akandurugo/a>

The Chief Executive Officer of the defunct UT Bank, Prince Kofi Amoabeng has fired another shot at the government following the shutdown of several banks in the country.

Speaking on The Point of View on Citi TV on Wednesday, he said he had taken a decision not to align closely with any political party and that indirectly positioned him as being anti-government.

“I don’t belong to any party, The interesting thing is that depending on who is speaking, they push you to the other side. Throughout the whole UT thing depending on who is in power, I am [considered as being] on the other side,” he said.

Amoabeng was asked whether he felt the shutdown of his bank was a result of any political mindset and he partially believes it could play a part while alleging some banks were helped to stay firm.

“The bank wasn’t doing that well at the time but the way the government acted, some banks were helped, and some banks were closed. That is what irritates me,” he stated

It is at this point that he stressed the banks should have been helped by the government to stand firm rather than collapse it.

“At UT, we created a Ghanaian brand that was respected internationally so to come to power to kill a local brand that is admired and used internationally wasn’t the best. You can bail it out and that is common practice.

“Initially that was what was happening but that was the NDC time For me, not because of my interest but I think for the country, we should have bailed it out,” he said.