By: Deborah Pofara Luu
Renowned businessman Sir Sam Jonah has criticized the closure of UT Bank, labeling it an “economic injustice” that has stifled private sector growth in Ghana.
Speaking at the launch of ‘The UT Story: Volume 3’ by Prince Kofi Amoabeng, Sir Sam Jonah emphasized that the government’s decision to shut down six banks years ago has had lasting negative effects, deterring entrepreneurs from pursuing transformative initiatives.
Sir Jonah remarked, “The seizure of his bank was one of the most egregious acts of economic injustice perpetuated by the state; a move driven by malice, deceit, envy, and jealousy.”
He highlighted the painful impact of the bank’s collapse on business owners, stating it sends a chilling message that even diligent and hardworking individuals can see their successes undone by political authority.
He urged policymakers to create a stable and predictable business environment, warning that excessive government intervention erodes investor confidence and hampers long-term economic growth. “No matter how diligent, rule-abiding, and hardworking they may be, their success could be undone at any moment by those in authority,” he added.
In response to the challenges faced by entrepreneurs, Amoabeng expressed optimism about fostering a new generation of transformational leaders rather than merely restoring the bank.
“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 stated.
