UT collapse: I’ll bounce back – Kofi Amoabeng


The head of UT Holdings, Mr Prince Kofi Amoabeng, has served notice he will bounce back after his financial empire UT Bank collapsed.

According to him, it has been a learning curve after the shocking episode, assuring he will be on his feet soon.

“I don’t feel too bad about it, I think it’s the state institutions that are working. There’s a bit about the process which I felt wasn’t necessary… A lot of lessons learned and in life you never stop learning,” the former UT Bank CEO stated.

Mr. Amoabeng said he took the decision of the Bank of Ghana in “good faith” and has since moved on.

“Anything which happens you take it in good faith and move on. I certainly will comeback… I’m a pensioner who keeps walking,” the former military officer told Accra-based Joy FM.

uniBank takeover “worrying”

Meanwhile, Mr. Amoabeng, has described the Bank of Ghana takeover of indigenous Ghanaian outfit uniBank as “worrying.”

He said the regulator could have weighed other options in the case of uniBank.

The Central Bank has handed over managerial powers of uniBank to KPMG, at least for the next six months, because the bank’s “capital adequacy ratio (CAR) has fallen below 50% of the required minimum of 10% (i.e. below 5%).”

“Under section 108 of Act 930, the Official Administrator is authorized to exercise a variety of powers to rehabilitate and return the bank to regulatory compliance within a period of six months, at the end of which the bank will be returned to private ownership and management,” a statement from the BoG said.

“The appointment by the Bank of Ghana of the official administrator is aimed at saving uniBank from imminent collapse. It will prevent potential losses to depositors and other creditors, and ensure that the financial condition of the bank does not create further risks for the entire financial system,” it added.

Reacting to the news, Mr. Amoabeng said: “I think it’s a bit worrying with uniBank coming on the heels of UT and Capital Bank. I believe it can be sorted out. I think it’s better sometimes to take positive action and air things out and solve it than keep things under the rug.”

The BoG has assured customers of uniBank that their deposits are safe and the bank is operating as normal.

Source: Ghana/Starrfmonline.com/103.5FM

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