UT Bank license restoration: I am waiting for what government will present – Capt. Kofi Amoabeng

Captain Kofi Amoabeng, CEO of defunct UT Bank, has expressed his willingness to await directives from the John Mahama administration regarding the restoration of licenses for banks collapsed during the tenure of the Nana Akufo-Addo government.

Mr. Amoabeng, speaking on PM EXPRESS Business Edition on January 16, 2025, stated that the future of UT Bank will depend on what the Mahama government proposes and that he is not interested in leading the bank again due to his age and his past contributions to the banking and financial sectors.

He expressed hope that the restoration of UT Bank's license would involve shareholders and partners, especially since he no longer seeks to manage the bank.

Amoabeng reflected on the discontinuation of UT Bank's signature service of providing loans within 24 hours, which he said had made it difficult for entrepreneurs and startups to access short-term funding.

Amoabeng also questioned the manner in which UT Bank was shut down, suggesting that the bank could have been saved. He refuted claims made by Bank of Ghana Governor Dr. Ernest Addison, who stated that the closure was required by the IMF for Ghana to access funding.

He emphasized that the closure led to significant job losses, affecting over 2,000 employees, including 2,500 people paid directly by the bank.