The former founder and CEO of UT Bank, Prince Kofi Amoabeng, has voiced his suspicions about the role of the International Monetary Fund (IMF) in the closure of the bank.

In an interview on Joy News’ PM Express Business Edition on Thursday, January 16, Amoabeng questioned the independence of African leadership and the decision-making processes that led to the collapse of his bank.

“It was a very interesting comment,” he said, referring to the Bank of Ghana Governor’s recent comment that the IMF influenced the banking sector reforms.

“I had my suspicions that IMF had a role to play in it, but I couldn’t confirm it. So, if you ask me, I believe in what the governor said, that the Bank of IMF influenced the program.”

However, Kofi Amoabeng expressed disappointment with what such revelations imply about Africa’s leadership.

“It’s a sad statement for him to make because it means the leadership in Africa don’t have the independence and the will to do what is right for their country, and they have to be dictated to.”

The former banking mogul did not hold back his criticism of the processes used during the UT Bank closure.

“So, you want to take IMF orders to close local banks? Did IMF ask them to close UT Bank at 6 a.m. with Bank of Ghana officials and the police in Rambo style to go and remove the signage? Was that precision by the IMF? So, who did that? I mean, the process was certainly wrong.”

He raised further questions about the aftermath of the bank’s closure, accusing the authorities of going beyond IMF directives.

“Did the IMF tell them that they should also attack the other UT companies to collapse the whole UT Group? Because that’s what they did. They closed the accounts of all UT companies, including UT Holdings. Did the IMF tell them to go after the founder, who had resigned 20 months before the closure?”

Kofi Amoabeng lamented the lack of consideration for the broader implications of such actions.

“There are a lot of questions. And I don’t live in the past, but this is a current thing, and you brought it up, so I think it’s quite worrying—or should be worrying for Ghanaians—that we are appointing people into powerful positions, and then they come back and tell us that they were ordered to do it without reference to how it’s going to affect the staff, how it’s going to affect the investors.”

He highlighted the human and financial toll of the bank’s collapse, reminding the public that UT Bank was a listed company.

“Don’t forget, UT Bank was a listed company. We had about 15,000 individuals owning shares, and the government didn’t address any of these things at all. Was that all under the instruction of IMF?”

For Kofi Amoabeng, the revelations expose deeper issues about the nation’s governance and economic sovereignty.

“What is said is very shallow on the surface. It only exposes the governor’s position, and of course, it shows that the economy is very weak. And we have leaders who just take in anything that is ordered from the imperialist or the developing partnerships, so to speak.”

Prince Kofi Amoabeng’s reflections bring to light critical questions about leadership, economic management, and the long-term consequences of decisions made under external influence, leaving Ghanaians to ponder the true cost of such actions.