The Chief Executive Officer of defunct UT Bank Captain Kofi Amoabeng says he is waiting for directives from the John Mahama government on plans to restore licenses of banks that were collapsed by the erstwhile Nana Akufo-Addo government.

“I am waiting for what they will present and that will influence our plan going forward when it comes to the future of UT Bank”, he said.

Mr. Amoabeng disclosed this on PM EXPRESS Business Edition on January 16, 2025 with host George Wiafe.

Mr. Mahama, during his campaign for president promised to restore licenses of banks that were wrongfully closed down by the Bank of Ghana in 2017 as part of the banking sector clean up.

Push for license restoration

Mr. Amoabeng expressed optimism a restoration of the license of UT Bank will depend on shareholders and partners as he is not seeking to head the bank again.

“I am more than 70 years now and I am not interested in waking up every morning to go to work. I have played my part already when it comes to banking and the financial sector. I have played my part already when it comes to banking and the financial sector,” he said.

Mr.  Amaobeng described as unfortunate the end of granting loans in 24-hours since UT Bank’s license was revoked.

“Loans in 24 Hours is no longer on the market, whiles most entrepreneurs and startups are also  struggling to secure short term funding from the banks. “These are some of the reasons why I think we may have to come back, but it will still be dependent on a lot of factors”, he said.

UT Bank collapse

Mr. Amoabeng questioned the approach used in closing down the bank, insisting that UT Bank could still have been saved.

He also challenged explanations from the Governor of the Bank of Ghana, Dr. Ernest Addison that the license of UT Bank was revoked as part of requirements from the IMF before Ghana could access money from the fund.

He disclosed that more than 2,000 persons lost their jobs as a result of the action by the Bank of Ghana to revoke the license of the bank.

“We had about 2,500 persons who were being paid directly by the group, and based on Bank of Ghana’s action, we were forced to downsize our numbers”.