General News of 2026-09-02
Why Captain Kofi Amoabeng turned down becoming Rawlings’ Finance Minister
Retired military officer and founder of the defunct UT Bank, Captain Prince Kofi Amoabeng, has revealed why he declined an opportunity to become Finance Minister during the era of former President Jerry John Rawlings.
Captain Amoabeng said he was approached to serve as Finance Minister after returning to Ghana from the United Kingdom, where he had pursued a course at the Royal Army Pay Corps on a scholarship from the Ministry of Defence.
At the time, he said, he was the only Chartered Accountant in the Ghana military, making his professional background a key factor in the decision to approach him for the position.
Although Captain Amoabeng said he personally knew and admired Rawlings for his courage, he was fundamentally opposed to the coup that brought him to power because it conflicted with his belief in institutions, structure and constitutional order.
He said the political and military environment at the time was also highly uncertain, making it dangerous for individuals to be perceived as being either in support of or against the regime.
“After returning from the UK on a scholarship from the Ministry of Defence to pursue a course at the Royal Army Pay Corps, I came back to Ghana as, at that time, the only Chartered Accountant in the Ghana military.
“Flt. Lt. Jerry Rawlings had taken over the country. I knew Rawlings personally and admired his courage, but I was fundamentally opposed to the coup because it went against my belief in institutions, structure and constitutional order,” he said in a social media post on August 30, 2026.
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According to him, some junior military officers were taking advantage of the situation, while people could easily become targets simply because their political loyalties were questioned.
Faced with the situation, Captain Amoabeng said he decided to keep a low profile, resign from the military and keep his intentions to himself rather than accept the ministerial appointment.
“I was even approached to serve as Minister of Finance because I was the only Chattered Accountant in the Ghana Army then.
“But I understood the environment I was in. At that time, it was dangerous to be perceived as either for or against the regime. Some junior military officers were taking advantage of the situation, and people could easily become targets simply because their loyalties were questioned. So I chose to lay low, resign and keep my intentions to myself,” he added.
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