{"id":695419,"date":"2019-08-30T09:03:09","date_gmt":"2019-08-30T09:03:09","guid":{"rendered":" <br><div data-io-article-url=\"https:\/\/www.adomonline.com\/banking-sector-crisis-licenses-were-issued-anyhow-kofi-amoabeng\/\">\n            <div class=\"td-post-featured-image\"><img width=\"696\" height=\"399\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/www."},"modified":"2019-08-30T09:03:09","modified_gmt":"2019-08-30T09:03:09","slug":"banking-sector-crisis-licenses-were-issued-anyhow-kofi-amoabeng","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/30\/banking-sector-crisis-licenses-were-issued-anyhow-kofi-amoabeng\/","title":{"rendered":"Banking sector crisis: Licenses were issued anyhow \u2013 Kofi Amoabeng"},"content":{"rendered":"<p><\/p>\n<div data-io-article-url=\"https:\/\/www.adomonline.com\/banking-sector-crisis-licenses-were-issued-anyhow-kofi-amoabeng\/\">\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"399\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/08\/ut-bank-couldve-survived-if-bog-had-given-us-time-kofi-amoabeng.jpg\"   alt=\"\" title=\"UT Bank could\u2019ve survived if BoG had given us time \u2013 Kofi Amoabeng\"\/><\/div>\n<p>President of UT Holdings, Prince Kofi Amoabeng has blamed the challenges in the banking sector on the regulator\u2019s poor scrutiny of the sector.\u00a0\u00a0<\/p>\n<p>In an exclusive interview with JoyBusiness, Mr Amoabeng said banking licenses were issued anyhow and to all sort of people without proper checks causing the current crisis in the banking sector.<\/p>\n<p>He said, \u201cIn recent times, because of politics and the way we play politics, it\u2019s a matter of \u2018whom you know\u2019. So licenses were issued anyhow in so many numbers to all sort of people. That is what caused the problem. The people were not checked properly\u201d.<\/p>\n<p>Siting himself as an example, he explained that he went through a series of verification steps before being granted the license to start the then Unique Trust Financial Services.<\/p>\n<p>\u201cI am surprised at the number of institutions that were closed. What went into their licensing? Did they go through due process? The problem with Ghana is that we always throw away the process and institutions,\u201d he added.<\/p>\n<p>ALSO: <strong>Gender Minister cautions girls on kidnapping tactics<\/strong><\/p>\n<p>Two years after the revocation of its license Mr Amoabeng maintains that defunct UT Bank will bounce back despite the numerous challenges befalling it.<\/p>\n<p>Mr Amoabeng admitted that UT Bank was indeed in crisis in 2017 and needed help, justifying the bailout by the government.\u00a0<\/p>\n<p>Although he did not mention when the bank would come back, he explained that it is dependent on the investigation currently ongoing.<\/p>\n<p><strong>Series of investigations<\/strong><\/p>\n<p>\u201cI had to go through a series of investigations not even ended as at now which was normal and I accepted it because it has to be investigated. The only unfortunate part is that the investigation is never-ending so it\u2019s as if I am perpetually under investigation. And therefore when you are doing business and other people think you are under investigation they hold back a bit.\u201d<\/p>\n<p>\u201cPeople are suggesting we should rebrand and start afresh, but I don\u2019t want to do that. I want to pull out of the ongoing troubles.<\/p>\n<p><strong>ALSO: Nigerian women in Ghana exploited by smugglers, madams, \u2018priests\u2019<\/strong><\/p>\n<p>\u201cI haven\u2019t given up, I think I have a team that has also not given up. It is slow, but we will get thinks in shape soon. I hope the investigations will come out clean. Unfortunately, UT Bank is not the only institution under investigation, making the process quite lengthy and difficult.\u201d He added.<\/p>\n<p>After the revocation of the license of the bank, the regulator began investigations on directors of the bank for engaging in what it termed, \u2018willful deceit\u2019.<\/p>\n<p>The ongoing investigations Mr Amoabeng further revealed has also affected other businesses under UT Holdings, the parent company of UT Bank.<\/p>\n<p>\u201cFor whatever reasons, all UT subsidiary bank accounts have been frozen all this time and it doesn\u2019t help. It\u2019s tough to be we are slowly finding avenues to get back to the top.\u201d<\/p>\n<p>\u00a0He also bemoaned, that other businesses hesitate in dealing with his, with fears of the latter being corrupt.<\/p>\n<p>\u201cBecause of the investigation which is never-ending and the accounts that have been frozen, the brand has been tarnished. This used to be an iconic brand in Ghana and everybody liked it,\u201d he said.<\/p>\n<p>The Central Bank, in August 2017, revoked the licenses of UT and Capital Bank to operate as commercial banks due to their excessive liabilities and failure to improve their balance sheet.\u00a0<\/p>\n<p>The Governor of the Bank of Ghana, Dr Ernest Addison, blamed the lack of good corporate governance for the collapse of UT and Capital Bank.\u00a0<\/p>\n<p>According to Dr Addison, the defunct UT Bank could have survived the collapse if management minimized risks and improved loan performance.<\/p>\n<p><strong>Source:\u00a0<\/strong>JoyBusiness<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President of UT Holdings, Prince Kofi Amoabeng has blamed the challenges in the banking sector on the regulator\u2019s poor scrutiny of the sector.\u00a0\u00a0 In an exclusive interview with JoyBusiness, Mr Amoabeng said banking licenses were issued anyhow and to all sort of people without proper checks causing the current crisis in the banking sector. He [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":695420,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-695419","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banking sector crisis: Licenses were issued anyhow \u2013 Kofi Amoabeng - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/08\/30\/banking-sector-crisis-licenses-were-issued-anyhow-kofi-amoabeng\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Banking sector crisis: Licenses were issued anyhow \u2013 Kofi Amoabeng - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"President of UT Holdings, Prince Kofi Amoabeng has blamed the challenges in the banking sector on the regulator\u2019s poor scrutiny of the sector.\u00a0\u00a0 In an exclusive interview with JoyBusiness, Mr Amoabeng said banking licenses were issued anyhow and to all sort of people without proper checks causing the current crisis in the banking sector. He [&hellip;]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/08\/ut-bank-couldve-survived-if-bog-had-given-us-time-kofi-amoabeng.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/08\\\/30\\\/banking-sector-crisis-licenses-were-issued-anyhow-kofi-amoabeng\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/08\\\/30\\\/banking-sector-crisis-licenses-were-issued-anyhow-kofi-amoabeng\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\"},\"headline\":\"Banking sector crisis: Licenses were issued anyhow \u2013 Kofi Amoabeng\",\"datePublished\":\"2019-08-30T09:03:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/08\\\/30\\\/banking-sector-crisis-licenses-were-issued-anyhow-kofi-amoabeng\\\/\"},\"wordCount\":627,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/08\\\/30\\\/banking-sector-crisis-licenses-were-issued-anyhow-kofi-amoabeng\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/ut-bank-couldve-survived-if-bog-had-given-us-time-kofi-amoabeng.jpg\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/08\\\/30\\\/banking-sector-crisis-licenses-were-issued-anyhow-kofi-amoabeng\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/08\\\/30\\\/banking-sector-crisis-licenses-were-issued-anyhow-kofi-amoabeng\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/08\\\/30\\\/banking-sector-crisis-licenses-were-issued-anyhow-kofi-amoabeng\\\/\",\"name\":\"Banking sector crisis: Licenses were issued anyhow \u2013 Kofi Amoabeng - 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