Businessman and Executive Chairman of Jonah Capital, Sir Sam Jonah, has delivered a scathing critique of the revocation of the license of UT Bank, describing it as “one of the most egregious acts of economic injustice perpetrated by the state.”
Speaking at the launch of The UT Story: Volume 3, authored by Prince Kofi Amoabeng, the founder of the defunct UT Bank, Sir Sam Jonah expressed his dismay over the government's decision to close the bank six years ago.
He argued that the move has had far-reaching consequences, discouraging ambitious entrepreneurs and sending a chilling message about the fragility of private enterprises in Ghana.
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Blow to entrepreneurship
Sir Sam Jonah lamented that UT Bank’s collapse was not merely a financial event but a symbolic setback for Ghanaian entrepreneurship.
He stressed that it illustrated the harsh reality that no matter how diligent or rule-abiding a business may be, political interference can swiftly undo years of hard work and success.
“It was not only a collapse of a bank, it was a blow to the very idea that Ghanaians could build something of their own and succeed at the highest level. It sent a chilled message to entrepreneurs and innovators that no matter how hard you try, no matter how well you play by the rules, your success can easily be undone by those in power,” he stated.
The businessman further reflected on Prince Kofi Amoabeng’s journey, describing it as a story of triumph and betrayal.
“This is perhaps the most profound and most painful chapter in Kofi’s journey, for it speaks not only of his success but also of betrayal, of the harsh realities of power and the fragile nature of businesses when entangled with politics,” he remarked.
Call for a business-friendly environment
Sir Sam Jonah used the occasion to advocate for a stable and predictable business environment, urging policymakers to shield businesses from undue political interference. He warned that excessive state involvement in the private sector erodes investor confidence and hampers economic growth.
“The seizure of his bank was one of the most egregious acts of economic injustice perpetrated by the state; a move driven by malice, deceit, envy, and jealousy,” he bemoaned.
He cautioned that Ghana’s economic progress hinges on leaders supporting and nurturing private enterprises rather than allowing political agendas to dictate the fate of thriving businesses.
Kofi Amoabeng’s resilience
Despite the challenges, Prince Kofi Amoabeng remains optimistic about the future. He urged young entrepreneurs and business leaders to make bold decisions that can transform the nation, asserting that his vision extends beyond reviving UT Bank.
“The vision should not necessarily be a bank coming back. The vision that I have now is bigger than the bank: it is about how we can groom and create leaders with the right values who can change the narratives,” he stated.
The event, attended by leading CEOs and business executives, saw the first copy of The UT Story: Volume 3 sold for GHS 50,000, reflecting the high level of interest in Amoabeng’s experiences and insights.