Renowned businessman and Executive Chairman of Jonah Capital, Sir Sam Jonah, has vehemently condemned the collapse of the UT Bank, describing it as an economic injustice which has affected the growth of the private sector.
He said government’s decision to close down some six banks years ago has had far-reaching consequences, discouraging entrepreneurs from venturing into initiatives to transform Ghana’s economy.
Speaking at the launch of The UT Story: Volume 3 by Prince Kofi Amoabeng, Sir Sam Jonah emphasized the need to at all means protect businesses from political influence.
He warned that too much government intervention undermines investor trust and impedes long-term economic growth, and he urged authorities to create a stable and predictable business environment.
Reflecting on the closure of UT Bank, he said it is a painful chapter in Mr Amoabeng’s journey, highlighting the betrayal and harsh realities that businesses witness when it’s entangled with power and politics.
“The seizure of his bank was one of the most egregious act of Economic Injustice perpetuated by the state ; a move driven by malice, deceit ,envy and jealousy,” he bemoaned.
“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,” he added.
He stressed that the collapse of the banks conveyed a chilling message to business owners and innovators—that no matter how diligent, rule-abiding, and hardworking they may be, their success could be undone at any moment by those in authority.
He urged policymakers to learn from such events and prioritise the creation of a business-friendly environment that fosters growth rather than suppressing ambition.
For his part, the founder of UT Bank and the author of the book Prince Kofi Amoabeng was optimistic of bouncing back stronger not just to establish a bank but to nurture the younger generation to become transformational leaders.
“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 indicated.
Source:
3news.com
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