Defunct UT bank: Many Ghanaians still owe me – Kofi Amoabeng reveals

Retired Captain Prince Kofi Amoabeng, the founder of the defunct UT Bank, has disclosed that several individuals and major Ghanaian businesses still owe him significant sums following the bank’s collapse in 2017, which resulted from the financial sector restructuring under the previous administration.

In an interview with Bernard Avle on The Point of View on Channel One TV on Monday, March 24, Rtd. Capt. Amoabeng voiced his frustration over the dishonesty of some borrowers who have failed to repay their loans.

While he acknowledged recovering portions of the outstanding debts, he noted that a substantial amount remains unpaid.

When asked about his efforts to assist borrowers who later defaulted, he responded, “Plenty of them, if I say I’m going to write on all of them, they won’t fit in. I dealt with some of them, but we still have some that were incorrigible, and it couldn’t end well.”

The collapse of UT Bank has been largely attributed to a high volume of non-performing loans and internal mismanagement.

The bank’s failure highlights the critical need for stricter loan repayment enforcement and the ongoing challenges financial institutions face in ensuring borrower compliance.

—citinewsroom