TIG Post

Tag: Prince Kofi Amoabeng

  • It’s a 419 – Kofi Amoabeng reacts to National Cathedral construction

    It’s a 419 – Kofi Amoabeng reacts to National Cathedral construction

    Founder of the defunct UT Bank and UT Holdings, Capt. Rtd. Prince Kofi Amoabeng, has stated that the initiation of the National Cathedral project is a camouflage scheme set up by government.


    Speaking to Joy News he explained that the initiative has been put forth by the Akufo-Addo-led administration as a way to rip Ghanaians off their labour.


    He raised concerns regarding the government’s failure to prioritize effectively.

    To him, the significant investment in the National Cathedral, a project he deemed non-urgent, could have instead been directed towards other paramount stalled projects across the nation.

    “Is a 419 really? Of course. How can they put state money and whatever funding that they said they had into putting that pit there? But you want me to have enemies in the government. I’m not trying to be enemies for you.That’s why I’m saying 419. 419 is when they dupe you of your money, you don’t get anything out of it. So let’s leave it at 419. But do you think there’s a use we could put that to in the future? I don’t. I think we have to consult architects and things like that. Maybe they could put up some edifice and use the whatever there as a basement or.”

    Controversies and opposition have surrounded the National Cathedral project, with questions raised about its relevance given Ghana’s economic challenges.

    Despite public resistance, President Akufo-Addo remains steadfast in his commitment to proceed with the construction.

    To address recent concerns, the Board of Trustees opted for a “normal statutory audit” in January.

    A proposal from the Minority caucus suggested a comprehensive investigation into the project and related matters.

    In response, the audit firm Deloitte, which handled the registration of the National Cathedral, was tasked with conducting the audit.

    The committee overseeing the process aims to provide suitable recommendations for Parliament’s consideration.

    Apostle Prof. Opoku Onyinah, Chairman of the Board, stated, “The Board is already in discussions to engage Deloitte, which accepted to be the auditors when the National Cathedral was registered, to commence the normal statutory audit”.

    Amidst these developments, accusations have arisen against Rev. Kusi Boateng, Secretary of the Board of Trustees, alleging multiple identities and receiving 2.6 million cedis without rendering any services, as claimed by Okudzeto Ablakwa.

  • I have problems with appointing a failed NPP candidate as NIB Boss – Kofi Amoabeng

    I have problems with appointing a failed NPP candidate as NIB Boss – Kofi Amoabeng

    Businessman Prince Kofi Amoabeng has spoken out against the current state of political leadership, claiming that it is marred by nepotism and mediocrity.

    He argues that President Akufo-Addo‘s method of appointment is flawed, as it prioritizes loyalty over meritocracy.
    Amoabeng pointed out that appointments in the country are often based on personal connections rather than qualifications or experience.

    He highlighted that the president ought not to be granted the opportunity to appoint 6000 individuals, suggesting that these appointments were made based on loyalty rather than competence.

    “For example the appointments president appoints 6000 people. So the way of awarding this people is about who has served me or who have been with me. People get appointed not because they have the experience, its not about merits but about mediocracy. I have a problems with appointments. I have problems with all Akufo-Addo’s appointment, they are not qualified but rather appointed based on loyalty.”

    In his critique, Amoabeng emphasized the need for a system that rewards merit and competence rather than favoritism.

    He stressed that true leadership should be based on credibility and the ability to make decisions that benefit the nation as a whole.

    Watch video below:

  • I have worn the same watch and shoe for over 20 years – Prince Kofi Amoabeng

    I have worn the same watch and shoe for over 20 years – Prince Kofi Amoabeng

    Renowned business magnate Prince Kofi Amoabeng recently shared revealing details about his unique lifestyle, bragging that he had worn the same watch and shoe for more than 20 years.

    In an exclusive Starr Chat conversation, Amoabeng revealed the fascinating backstory behind his timeless style choices with well-known radio host Bola Ray.

    The former UT Bank CEO stunned listeners as he recounted his commitment to a single watch and shoe until a recent turn of events.

    Amoabeng, now the brand ambassador for Caveman, explained how this new role prompted him to finally make a change in his long-standing accessories.

    “I have been wearing the same watch and shoe for 20 years, but now I am the brand ambassador for Caveman, so I have changed it,” Amoabeng disclosed during the interview.

    Delving into his financial journey, Amoabeng revealed a surprising decision he made during challenging times.

    Struggling with the perception of success and wealth, he shared, “When things got tough, I sold my 8-bedroom house, which I felt I built by mistake. I had the money, so I felt I needed these things. When I was selling it, my friends were saying, ‘But Kofi, people will say you are broke,’ and I said exactly, I am broke.”

    During the insightful conversation, Amoabeng also shed light on the complexities of wealth, expressing the challenges of identifying genuine friendships amid financial success. “When you have money, a lot of people gravitate towards you. It’s hard to tell who your real friends are, and that’s confusing,” he remarked, providing a unique perspective on the nuances of navigating prosperity and relationships.

    Prince Kofi Amoabeng is a Ghanaian businessman and a former military officer of the Ghana Armed Forces.

    He was a co-founder of UT Bank which collapsed in 2017 during Ghana’s banking crisis amid allegations that he had misappropriated funds from the bank.

  • I believe in having a girlfriend rather than getting married – Prince Kofi Amoabeng

    I believe in having a girlfriend rather than getting married – Prince Kofi Amoabeng

    The former Chief Executive Officer (CEO)  of the collapsed UT Bank, Prince Kofi Amoabeng, reflects on his turbulent love and marriage experiences in an exclusive conversation with Starr FM.

    He discloses two divorces and his promise to remain unmarried.

    The 71-year-old entrepreneur likens his current stance on marriage to the United Nations, emphasising a desire to avoid a “third world war” in relationships.

    Despite undisclosed details about his past unions and estranged relationships with his children, Amoabeng, who turns 72 in February, candidly shares that he currently has a girlfriend.

    He disclosed this in an interview on Accra-based Starr FM, stating he is now like the United Nations.

    “As for marriage, I am like the United Nations, after two world wars, we are doing everything possible to avoid the third,” he said.

    It is not clear how many children the two marriages were blessed with but Mr Amoabeng in November 2021 disclosed he did not know the whereabouts of one of his sons.

    According to him, they did not turn out the way he had anticipated, resulting in a severed rapport.
    However, the businessman who turns 72 in February says he has a girlfriend.

    Prince Kofi Amoabeng is a Ghanaian businessman and a former military officer of the Ghanaian Armed Forces.

    He was a co-founder of UT Bank which collapsed in 2017 during Ghana’s banking crisis amid allegations that he had misappropriated funds from the bank.

  • They said govt has blocked my visa – Kofi Amoabeng narrates how he was prevented from entering USA

    They said govt has blocked my visa – Kofi Amoabeng narrates how he was prevented from entering USA

    Founder of the now-defunct UT Bank, Capt. (rtd) Prince Kofi Amoabeng, shared some of the challenges he claims to have faced even before the closure of his bank.

    During an interview on TV3’s The Day Show on November 2, 2023, Kofi Amoabeng mentioned that certain influential individuals within the Akufo-Addo administration, whom he referred to as ‘cockroaches’ driven by jealousy, used state institutions to target him and inflict harm.

    He explained that while he was facing legal proceedings for alleged financial misconduct by the government, the court granted him permission to travel to the United States of America (US) for a medical examination.

    However, according to him, powerful figures within the government manipulated state institutions to inform the US embassy that he posed a security risk, resulting in his prohibition from travelling for the medical check-up.

    “I left the bank about 18 months before the bank closed. I’m in court now as we speak. I mean, 18 months, if there had been anything, it would have come out. Because there was a new MD (managing director) and the board was also functioning.

    “I wanted to go for a medical check-up, and we went to court for them to release my passport to me. After up and down, up and down, the judge said, ‘I don’t see how I would keep his passport; let him go and check himself and come back because, after all, if he dies, the case would die’.

    “I went to the American Embassy, and since I have been going to America since the 1980s, the embassy refused me an entry visa.

    When I checked through the back doors, there was a letter from some government department saying I was a security risk,” he narrated.

  • “Bullsh*t!” – The moment ‘angry’ Kofi Amoabeng ‘fought’ a bank which approved GHC50m out of the GHC100m loan he requested

    “Bullsh*t!” – The moment ‘angry’ Kofi Amoabeng ‘fought’ a bank which approved GHC50m out of the GHC100m loan he requested

    Founder of the now-defunct UT Bank, Prince Kofi Amoabeng, has unveiled intriguing insights into his entrepreneurial journey and career development.

    He recounted instances where he found himself in a battle for what he rightfully deserved when certain financial institutions, from which he aimed to secure loans, made irrational demands.

    As disclosed in excerpts from his book titled “The UT Story – Humble Beginnings,” Amoabeng revealed that at a certain juncture, an undisclosed bank requested an investment in Treasury Bills of a specific value as collateral for him to obtain the desired loan amount.

    Although he had initially proposed his property as collateral, the bank initially declined. Later, they approved only half of the requested amount, offering GHC 50 million instead of the GHC 100 million he sought. In addition, they demanded his house as extra collateral.

    Frustration mounted, leading him to take an unexpected action: he leapt over the counter and demanded the closure of his account with the bank, insisting on retrieving all his funds.

    “I rushed to the bank in very high hopes only to be informed that they had approved GHC 50 million instead of the GHC 100 million I had applied for. And in addition to the GHC 100 million Treasury Bills, they wanted me to add my house as collateral. I became apoplectic!

    “They declined my house as collateral and demanded a liquid investment. I struggled to procure the Treasury Bills at a cost. And after three months, they want to grant me half of the amount I had requested. On top of that, they were now demanding my house as additional collateral!

    “What do you people take me for? I yelled. [Calm down, Adjei Ansah said]. GHC 100 million Treasury Bills is equivalent to cash!] I yelled ignoring him. So why do you want my house in addition? [So we’ll feel more comfortable, he replied.] If you don’t feel comfortable with the Treasury Bills, then why did you ask for it?” he continued.

    Amoabeng continued to recount, “I didn’t wait for them to process my request. I vaulted over the counter and confronted the staff, demanding my documents immediately. ‘Sir, please remain calm,’ they attempted to placate me. ‘No! No! No! Don’t feed me that nonsense!’ I created a scene and closed my account. I was even more furious because I had intended to utilize my house as collateral to secure additional funds from elsewhere.”

    Ultimately, he returned the Treasury Bill documents he had obtained from a friend and sold his house to fund his business endeavors.

    Below is a snippet of the page with the narration:

  • Chieftaincy titles will drain your money and time – Amoabeng to business owners

    Chieftaincy titles will drain your money and time – Amoabeng to business owners

    Former defunct UT Bank CEO, Prince Kofi Amoabeng, has issued a warning to business owners regarding accepting chieftaincy titles.

    Speaking at the 25th-anniversary launch of Fairgreen Limited in Accra, Amoabeng cautioned that such titles can prove financially and time-wise draining.

    He highlighted that chieftaincy titles come with significant responsibilities, including the funding of durbars and providing financial support to the community.

    “Don’t accept chieftaincy titles. They will drain your finances and time,” he said. “You will be responsible for the expenses of durbars, and you will have to provide financial support to the community. These are the things that have set this country back, make sure you don’t fall prey.”

    Hence, he advised against accepting such titles to avoid being burdened with these obligations that could hinder business and personal finances.

    Furthermore, Amoabeng advised business owners to be cautious when dealing with family members, politicians, and church leaders concerning employment practices.

    While acknowledging that politicians and pastors could provide beneficial connections, he also warned that they might seek to exploit the business owner.

    He urged caution in handling such relationships to avoid being taken advantage of.

    Amoabeng emphasized the importance of making employment decisions based on qualifications and merit, rather than allowing personal relationships to influence hiring.

    He discouraged the practice of employing unqualified family members solely because of their relation to the business owner, which could negatively impact the company’s performance and growth.

    “Politicians and pastors are necessary evils because they can give you the right connections. However, they also need to milk you, and they can raise your company to a high status if you have the right relationships but be careful.”

    “When you start a business, you are under the radar and can be a bit protective. But as you grow, you come under pressure. I call this pressure ‘dealing with the devil.’ You must deal with them. You can’t avoid them. Family, friends, and relatives will ask why you are always employing strangers when your family members are available. They want to kill the company. You need to be strong enough to fire them when they do something wrong. If you don’t have the will to fire them, don’t appoint them.”

    As businesses expand and face increased pressure, Amoabeng referred to it as “dealing with the devil.” He stressed the need to handle these pressures and external influences wisely and assertively, even if it means making tough decisions like firing employees who are not performing adequately, regardless of their familial ties.

    In conclusion, Amoabeng expressed his hope that Fairgreen Limited, which has grown significantly from its garage origins to securing international contracts, will endure for a long time to come and be one of the few Ghanaian companies with a lasting legacy.

    “We all pray that this company, which started from a garage and has now taken international contracts, will be one of the very few Ghanaian companies that will live for 100 years,” he said.

  • McDan, Kofi Amoabeng, others to speak at WIWIK 2023

    McDan, Kofi Amoabeng, others to speak at WIWIK 2023

    The 9th edition of the ‘What I Wish I Knew’ (WIWIK) Conference is set to take place on Friday, July 21, 2023, at the R.S. Amegashie Auditorium in the University of Ghana Business School, Accra.

    The conference will feature notable speakers, including Daniel Mckorley, CEO of McDan Group of Companies, and Capt Rtd. Prince Kofi Amoabeng, President of UT Holdings.

    Under the theme “Thriving in Uncertainty: A conversation on intrapreneurship and entrepreneurship,” the conference aims to equip participants with practical techniques to navigate their intrapreneurship or entrepreneurship journey amidst challenging times. As an annual event, WIWIK has grown into one of the largest personal development conferences on university campuses.

    The conference primarily targets final year undergraduate students, seeking to educate, advise, and inspire them. Esteemed panelists for this edition include John Dumelo, a Farmer and Politician, Dr. Dennis Oteng, CEO of Ravens Consulting Gh, Prof. Carol Javis, a Professor in Knowledge Exchange and Innovation at Bristol Business School in the UK, and Doris Ahiati, CEO of Crescendo Consult.

    Prince Kofi Amoabeng

    In addition to panel discussions, there will be a fireside chat featuring Daniel Mckorley, moderated by Kafui Dey, during which they will share insights from their entrepreneurial journeys in line with the conference theme.

    Dr. Bernard Tawiah, the convener, highlighted that this year’s focus is on cultivating an intrapreneurial mindset among soon-to-be graduates, emphasizing curiosity, a passion for learning, and a willingness to take risks and innovate.

    The conference will also showcase accomplished and emerging entrepreneurs, sharing their personal journeys and strategies for scaling businesses amidst uncertainties. Attendees will receive actionable recommendations on launching their business ideas.

    The keynote address will be delivered by Hannah Ashiokai Akrong, the Human Resources Director. Moreover, the conference offers networking opportunities and encourages self-reflection.

    The WIWIK Conference is organized by the WIWIK Foundation, a non-profit organization, in collaboration with the University of Ghana Business School, the Graduate Students Association of Ghana (GRASAG), and Crescendo Consult.

  • Abeiku Santana praises Kofi Amoabeng

    Abeiku Santana praises Kofi Amoabeng

    Ace broadcaster, Abeiku Santana, has expressed his admiration for Captain Prince Kofi Amoabeng in a heartfelt birthday message on social media.

    In a post Abeiku shared on Instagram, he described Kofi Amoabeng as “eccentrically distinctive” and said that his character was like a sword, making life tasty.

    Santana went on to express his gratitude to Amoabeng, saying that he had taught him a lot in life, from leadership and friendship to networking and more.

    “I have met several wonderful people in my life but this man is eccentrically distinctive. His character is like a sword. He makes life tasty.

    “Happy birthday to you Captain Prince Kofi Amoabeng @kofi_amoabeng_ You’ve taught me a lot in life; leadership, friendship, networking and many more,” he said.

    He then wished Amoabeng God’s blessings, long life, and wisdom on the occasion of his 71st birthday, and encouraged him to continue being a great leader.

    The message, which was posted on Santana’s social media accounts, was accompanied by the hashtag #keepwalking and a toast emoji, signaling his admiration and appreciation for Amoabeng’s leadership and contributions to society.

    “On the occasion of your 71st birthday, I wish you God’s blessings, long life and wisdom. Above all, continue to be a great leader! #Keep walking. From Abeiku Santana,” he added.

    Captain Prince Kofi Amoabeng is a renowned Ghanaian businessman and entrepreneur, who was best known as the founder of UT Bank and UT Holdings.

    He has received numerous awards for his contributions to business and social development and is widely respected for his leadership and philanthropic work.

  • UG students detained over violence granted GH¢50k bail

    UG students detained over violence granted GH¢50k bail

    The University of Ghana has granted bail in the sum of GH $50,000 for the 18 students who were detained for allegedly causing disturbances on campus.

    The students were picked up last week by the Ghana Police Service following a clash on the University of Ghana campus on Tuesday, February 14, 2023.

    The 18 were among aggrieved past and continuing students who stormed the University premises to protest Management’s new residential policy restricting continuing students from occupying the Commonwealth and Mensah Sarbah residential Halls to make way for level 100 and graduate students.

    Subsequently, the students were put before an Accra Circuit Court and remanded into custody for unlawful conduct.

    Appearing before Circuit Court 4 on February 20, the students were granted bail with two common sureties without justification.

    Counsel for 16 of the 18 students, Albert Quashigah speaking after the court proceedings said the defense was only in court today to seek bail for the students which was granted.

    “Our business today was only to apply for bail and the judge was generous and granted us the bail, and we are now taking steps to execute the bail that has been granted to us”.

    Though he was optimistic, he feared the processes of the court may delay the bail execution and have the students released by the end of day today.

    “This administrative process of the court can be a bit delayed, and we are hoping to execute the bail and have the students freed by the close of the day. It can take some time, but I am only hoping that we will be able to execute the bail to free these students, so they can return back to their studies,” Mr. Quashigah added.

  • I’m broke – Kofi Amoabeng bemoans

    I’m broke – Kofi Amoabeng bemoans

    Founder of defunct UT Bank, Prince Kofi Amoabeng, had his licence to operate a financial institution in Ghana revoked by the Bank of Ghana in 2017.

    This led to the collapse of his bank which subsequently had dire consequences on his finances.

    In an interview on GTV, the once-vibrant businessman noted that he was no longer wealthy.

    He declared his financial status as broke while speaking to Kafui Dey on GTV.

    Mr Amoabeng noted that he currently has in possession a watch and a pair of shoes.

    “I don’t have wealth, I’m broke and Ghanaians (those who don’t like people who progress) should be happy [about that],” Mr Amoabeng said.

    “But Ghanaians…tend to think I’ve got some wealth stashed somewhere because they are putting themselves in my shoes: they think if they were like me, if they had owned a bank then they would have a lot of money outside but my wealth was in the bank and in the company, so, while the company and the bank were doing very well, I was worth a lot of money but the bank went through losses and so on and so forth, therefore, my capital went with the bank. I think it’s not difficult to understand,” he added.

    But Mr Amoabeng had in an earlier interview on TV3 on October 4, 2022, said he had to sell his mansion to prevent himself from getting broke.

    Background

    The BoG revoked licences of UT Bank Ltd and Capital Bank Ltd and approved a Purchase and Assumption (P&A) transaction with GCB Bank Ltd that transferred all deposits and selected assets of the two banks after they were found to be deeply insolvent.

    The Central Bank subsequently revoked the universal banking licences of five banks including UniBank Ghana Limited, Construction Bank, Sovereign Bank, Royal Bank and Beige Bank and issued a licence to a newly created bank – Consolidated Bank Ghana Limited – which is wholly owned by the Government of Ghana.

    BoG further revoked the licenses of 23 insolvent savings and loans and finance house companies.

    The companies are GN Savings and Loans Ltd., Ideal Finance Ltd., IFS Financial Services Ltd., Legacy Capital Savings and Loans Ltd., Midland Savings and Loans Company Ltd., Sterling Financial Services Ltd., uniCredit Savings and Loans Ltd., Women’s World Banking Savings and Loans Co. Ltd., Accent Financial Services Ltd. and Adom Savings and Loans Ltd.

    Others are AllTime Finance Ltd., Alpha Capital Savings and Loans Ltd., ASN Financial Services Ltd., CDH Savings and Loans Ltd., Commerz Savings and Loans Ltd., Crest Finance House Ltd., Dream Finance Company Ltd., Express Savings and Loans Company Ltd., the First African Savings and Loans Company Ltd., First Allied Savings and Loans Co. Ltd., First Ghana Savings and Loans Co. Ltd., First Trust Savings and Loans Ltd. and Global Access Savings and Loans Company Ltd.

  • Let’s stop corruption by allowing systems to work – Kofi Amoabeng

    Let’s stop corruption by allowing systems to work – Kofi Amoabeng

    Captain Prince Kofi Amoabeng (Rtd) a Ghanaian businessman, has advised political leaders not to interfere with systems put in place to check corruption.  

    He asked them to rather empower those who managed the systems and hold them accountable where necessary. 

    “We can only address corruption when we put systems in place and make sure these systems work to a fault. Political leadership must set the example and sanction anybody who goes foul to them whether it’s their relative or party mate but unfortunately, no leader in politics has the guts to do it,” he noted. 

    Captain Amoabeng (Rtd) said this at the 6th Edition of the “Timekeeping Dialogue Series”, in Accra. 

    The event created the platform for discussions around businesses, Government officials, and how individuals can become better at utilising time. 

    He said the African had the potential to do the right thing and even better than the Western world, however, the huge drop in respect and appreciation for core African values had caused retarded growth of African nations. 

    “The African has got the potential to do what is right and even do it better than the Western world but in our own setting, you won’t get that chance. And the fear for me is that the trend doesn’t look good at all.

    “We are losing our values by the day; there is no respect in our homes, and likewise in the schools, you have people buying questions and people are becoming more corrupt in every aspect. So, we are getting worse and not even trying to get better. 

    “It has gotten so bad that all institutions have become politicised. When I was in the Army, you could not discuss politics or religion but now one’s promotion is based on his or her political affiliation. Policemen are paying to enter the Police Service, among other corrupt acts.” 

    Captain Amoabeng (Rtd) also the Co-Founder of UT Bank, said political leaders knew the ways to curb corruption, yet “no democratically elected leader would go for it”.  

    He, however, discarded the option of a coup d’état because they had also failed to provide viable solutions over the years. 

    He advised businesses to love their clients, serve them to the best of their abilities and not exploit them. 

    They should also love and respect every member of their staff without discrimination to ensure the success of their businesses. 

    Captain Amoabeng (Rtd) said just like political leaders, business owners must put systems in place to check their staff and be the first to abide by the rules. 

  • Prince Amoabeng blames cedi decline on Politicians

    Prince Amoabeng blames cedi decline on Politicians

    The persistent devaluation of the cedi has been attributed to political and unscrupulous practices by former UT Bank Chief Executive Officer Prince Kofi Amoabeng.

    Politicians, he claimed, are to blame for the cedi’s rapid devaluation since they are said to be hoarding dollars for their own gain.

    Prior to strengthening a bit in December 2022, the Ghana cedi lost approximately 60% of its value.

    On January 10, 2023, it is, nevertheless, being sold for GH 12.20.

    “One thing that causes big demand for dollars is corruption. All the money they are making and stealing is not in cedis but in dollars. They must change dollars. So, they hide it under their beds, and when they get the opportunity, they put it outside,” he is quoted by myjoyonline.com.

    Prince Amoabeng also added that corruption is a contributor to Ghana’s depreciation while poking holes in Ghana’s taste for foreign goods and increasing inflation.

    “Ghana’s exchange rate regime is a pathetic one. The so-called politicians are the ones hoarding the dollars, but it’s seen out there as if they are not the cause of all this. Corruption is part of our problem, and we need to work on it.”

    “The importation of goods is too much. So, we need to make bold decisions that stop all of this. We owe so if that’s the case then it’s fine, but we have to work on some areas of the economy for sustainable growth,” he added.

  • Explain your stance on the debt exchange program allegations – former UT boss

    Explain your stance on the debt exchange program allegations – former UT boss

    Prince Kofi Amoabeng, the founder and former CEO of the now-defunct Unique Trust Bank, has urged the government to be transparent about its position on the proposed Domestic Debt Exchange Program.

    He claims that the government’s present stance on the program is just causing more economic uncertainty and that it should therefore publicly acknowledge its responsibility for the poor judgments made in the face of the current economic difficulties.

    “The government should come out after he [Finance Minister – Ken Ofori-Atta] is done with all needed research and say this is the way we’re going, but not to be changing its position. Because pensioners are talking or complaining, then you say this is not part of it…why?” he said this in interaction with Joy Business.

    “Get a grasp of the full facts and come out one time and explain to the people that this is what we are doing. You cannot just throw information at the people. We know you can make mistakes but the information should be backed by some facts, and then you apologise to Ghanaians for any error made rather than just be telling us stories…really?” Prince Amoabeng is quoted by myjoyonline.com

    Meanwhile, a number of investors who will be affected by the debt exchange programme are being led by Private Legal Practitioner, Martin Kpebu to engage the government over the inclusion of individual bondholders in the debt exchange programme.

    Although individual investors were initially not part of the debt restructuring, the government decided to include individual bondholders in the debt exchange programme some days after the exemption of pension funds from the programme.

    The Domestic Debt Exchange Programme is a key requirement ahead of Ghana securing a Board-Level Agreement with the International Monetary Fund under an Extended Credit Facility for an amount of $3 billion to restore macro-economic stability.

  • Banking sector clean-up was necessary, not politically motivated – Financial analyst

    Dr. Micheal Dawson, a financial analyst, has stated once more that the central bank’s effort to clean up the banking system was a necessary one.

    He considers it sad that some claims the exercise had political undertones have been made.

    Despite the liquidity support that was being provided to some banks at the time, he noted that the clean-up operation was meant to save millions of depositors’ funds.

    “We don’t need to debate whether the exercise was politically driven any longer because millions of client funds were at jeopardy and banks were on the verge of failure.
    If the exercise had not been conducted, it would have had a huge impact on the entire banking industry.”

    “What the central bank did was rather commendable in raising the red flags of certain actions by directors of now insolvent banks who at times could not account for some of their depositors’ funds.”

    The economist said this in reaction to remarks made by former UT Bank boss, Prince Kofi Amoabeng, who suggested that the defunct Heritage Bank was politically targeted by the central bank.

    But according to the BoG, Heritage Bank among other things obtained its banking licence on October 4, 2016 on the basis of capital with questionable sources.

    Furthermore, the bank was unable to meet the new minimum capital requirement of GH¢400 million as of December 31, 2018.

    As part of its efforts to clean up the banking sector, the Bank of Ghana examined the affairs of a number of banks which included Heritage Bank Limited and discovered a number of anomalies relating to its licensing, the sources of its capital, and related party transactions.

    The central bank, however, determined, pursuant to sections 9 and 12 of Act 930, the majority shareholder of the bank, Mr. Seidu Agongo, does not meet the “fit and proper person” test.

    This led to the revocation of the bank’s operating license under section 16 (1) (a) (7) and (8) of Act 930 of the Central Bank.

  • Ofori-Atta’s Databank should not play a role in Ghana’s bond issuance – Amoabeng

    Prince Kofi Amoabeng, the former CEO of the defunct UT Bank, has criticised the involvement of Databank, a bank co-founded by the Finance Minister, in the issuance of government bonds.

    According to him, it is ethically wrong for Databank to be in such a position due to the conflict of interest the entity finds itself.

    It has been widely reported that Databank and Black Star Brokerage have been acting as Bond Market Specialists for government bond issuance.

    These two institutions are linked to the Finance Minister, Ken Ofoi-Atta and the Minister of State at the Finance Ministry, Charles Adu Boahen respectively.

    Reacting to this in a TV3 interview on Monday, Amoabeng wondered if the directors of Databank can sleep soundly after benefiting from the government bonds issuance.

    He noted that: “I think it is ethically wrong, certain things you don’t do, just because there is a conflict of interest.

    “As it is been reported that Databank and Black Stars have brokerage firms that are benefitting, really? If they can sleep in the night then they are tough people.”

  • Akufo-Addo, Finance Minister have failed, no two ways about that – Amoabeng

    Ken Ofori-Atta has been declared a failure in his position as the nation’s finance minister, according to Prince Kofi Amoabeng, the chief executive officer of the collapsed UT Bank.

    He pointed out that the President has also failed in his role because the finance minister has not received any punishment for his incapacity to run the economy.

    He claims that the administration has not developed a rescue strategy for addressing the nation’s current problems.

    Amoabeng according to 3news reports, intimated that the government must take the necessary steps to control the local factors that are causing the economic challenges the country currently faces.

    “You must do what you can locally, for the external factors you can’t do much, what are you doing locally to reduce the effect? We are not doing anything. The government hasn’t come out to say we coming down on certain things,” he is quoted by 3news.com.

    Adding on Amoabeng said, “of course if you fail with the planning and management of the Finances of the country you have failed.

    “So yes [the Finance Minister] has failed, there are no two ways about it.”

    However, he stated that the President must act responsibly in ensuring that his appointees work as expected.

    “The president has failed first, so if you ask me, it is the president who has failed, everything starts with leadership, he appoints everyone and so if you appoint the wrong people, you must take responsibility for it. You can delegate authority, not responsibility,” he added.

  • Ofori-Atta’s Databank should not play a role in Ghana’s bond issuance – Amoabeng

    The issuing of government bonds by Databank, a bank that Ken Ofori-Atta, the finance minister, co-founded, has drawn harsh criticism from Prince Kofi Amoabeng, the former CEO of the now-defunct UT Bank.

    Due to the conflict of interest the entity is in, he contends that it is unethical for Databank to be in this situation.

    Databank and Black Star Brokerage are said to have been chosen as Bond Market Specialists for the issuance of government bonds.

    These two institutions are linked to the Finance Minister and the Minister of State at the Finance Ministry, Charles Adu Boahen respectively.

    Reacting to this in a TV3 interview on Monday, Amoabeng wondered if the directors of Databank can have sound sleep after benefiting from the government bonds issuance.

    He noted that “personally, I don’t really care about Databank because of me and Ken and what happened. But I think it is ethically wrong, certain things you don’t do just because there is a conflict of interest.

    “As it is been reported that Databank and Black Stars have brokerage firms that are benefitting, really? If they can sleep in the night then they are tough people.”

  • I don’t drive Range Rover again but Lexus – Amoabeng on ‘Upgrade’

    Prince Kofi Amoabeng, founder of the now-defunct UT Bank, has revealed how he has been living since his bank went down during the Bank of Ghana’s (BoG) banking sector clean-up in 2017.

    Asked how he has been doing in an interview on Business Focus on TV3 with Paa Kwesi Asare on Monday, October 3, he answered: “I have seen it virtually all the way to the top and I have seen it all the way to down. So, if I say I want to impact people and give them some leadership skills it is a complete thing, it is not like I have read from book and I am telling you what to do.

    “I have experienced it from Kantamanto all the way to the most respected CEO and I have seen it go down. So it is a complete 360. So when I have to give or talk to people it is coming from my heart. I am quite passionate about it, I want them to avoid the potholes.”

    “You must be liquid then, selling all these businesses?” he was asked by the host, Paa Kwesi.

    In answer, he said: “No we didn’t sell the[businesses] they are running. They didn’t have much value, we sold to pay debt and even the debts are not fully paid .

    Asked whether he is a man of straw, Mr Amoabeng answered: “I can be a man of straw, I am 70, I have kids that I have educated. I am not saying I live off them but I am quite frugal with with my life. I have one watch, I have one shoe so I don’t need much money. I don’t have to have a lot of money to enjoy life.”

    “But you are comfortable?” host Paa Kwesi further probed.

    He replied: “I am very comfortable and I have been blessed big time.”

    “I don’t drive Range Rover anymore, I drive a Lexus.

    “It is an upgrade. I live in an apartment and I am quite comfortable.”

    “You sold your mansion for an apartment?” Paa Kwesi asked.

    “I had to sell it to organize myself not to get broke,” he said.

    Source:3news.com

  • Seidu Agongo was the only one who offered me money -Kofi Amoabeng

    UT Bank founder Prince Kofi Amoabeng has expressed gratitude to businessman and philanthropist Seidu Agongo for being the only Ghanaian who offered to help him after a selfie of him with a raggedy beard and a sad face went viral on social media, leading Ghanaians to believe he was now a pauper on the verge of death as a result of the bank’s collapse.

    Speaking to Nana Otu Darko on CTV’s breakfast show, Dwabre Mu, on Tuesday, 4 October 2022, Mr Amoabeng said the only reason he accepted an invitation to appear on the show was because the station belonged to Mr Agongo’s Class Media Group.

    “Actually, the reason why I couldn’t say no to your invitation was because of his [Seidu Agongo’s] personality”, Mr Amoabeng told Nana Otu Darko, adding: “I’ve never set eyes on him but at some point in time, after the COVID-19 pandemic hit, I started wearing this beard and I took a picture of myself and I posted it on [social media] and that set tongues wagging that ‘I was on the verge of death’, ‘I’m now a pauper’, but the boss of this place [CMG], Seidu Agongo, sent me a WhatsApp message that if I’m in difficulty, I should send him my account number for him to give me some money”.

    “Of course, I didn’t pursue it but I’m ever so grateful that, at least, one Ghanaian thought that instead of laughing at him, let me help”, he noted.

    Source:classfmonline.com