UT Bank revival: Amoabeng open to government talks

Prince Kofi Amoabeng, founder of UT Bank, has signaled his openness to discuss reopening the defunct bank if the government invites him.

UT Bank, once a key player in Ghana’s financial sector until its license was revoked in 2017 due to severe capital impairment, was taken over by GCB Bank.

At the launch of his book "The UT Bank Story Vol. 3: Fateful Decisions," Amoabeng highlighted the bank's unique model, including a 48-hour loan initiative, emphasizing the need for an indigenous bank in Ghana.

However, any revival would depend on government discussions and meeting regulatory requirements, such as a minimum capital of GHC 400 million.

Meanwhile, Jonah Capital’s Sam Jonah condemned the bank’s collapse as an act of economic injustice that stifled private sector growth.