UT Bank collapse an ‘economic injustice’ – Sir Sam Jonah

Renowned businessman and Executive Chairman of Jonah Capital, Sir Sam Jonah, has condemned the collapse of UT Bank, calling it one of the most glaring acts of economic injustice against private sector growth.

According to him, the government’s decision to shut down the bank six years ago has had lasting consequences, discouraging entrepreneurs from pursuing bold initiatives that could transform Ghana’s economic landscape.

Speaking at the launch of The UT Story: Volume 3 by Prince Kofi Amoabeng, Sir Sam Jonah emphasized the need to shield businesses from political interference.

He urged policymakers to foster a stable and predictable business environment, cautioning that excessive state involvement erodes investor confidence and hinders long-term economic progress.

“This is perhaps the most profound and most painful chapter in Kofi’s journey, for it speaks not only of his success but also of betrayal, of the harsh realities of power and the fragile nature of businesses when it’s entangled with 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. It sent a chilled message to entrepreneurs and innovators that no matter how hard you try ,no matter how hard you work , how well you play by the rules , your success can easily be undone done by those in power,” he stressed.

For his part the founder of UT Bank and the author of the book Prince Kofi Amoabeng expressed optimism of bouncing back stronger as he urged the younger generation and businesses to make bold decisions that transforms the nation.

“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.

The first copy of the book was sold at GHS 50,000. The launch was graced by distinguished CEOs and business leaders from several sectors of the economy.