Renowned businessman Sir Sam Jonah has strongly criticized the closure of UT Bank, describing it as an “economic injustice” that has hindered the growth of Ghana’s private sector.

Mr. Jonah, the Executive Chairman of Jonah Capital, pointed to the government’s decision to shut down six banks years ago as a move with long-lasting negative consequences, discouraging entrepreneurship and stifling economic transformation.

Speaking at the launch of The UT Story: Volume 3 by Prince Kofi Amoabeng, Sir Jonah stressed the importance of shielding businesses from political influence. He warned that excessive government intervention undermines investor confidence and impedes sustainable economic growth.

He called on authorities to foster a stable and predictable business environment to ensure long-term prosperity.

Reflecting on the closure of UT Bank, Jonah expressed regret over what he called a painful chapter in Amoabeng’s journey, describing the seizure of the bank as a grave act of “economic injustice” driven by malice, envy, and deceit.

“It was not just the collapse of a bank; it was a blow to the idea that Ghanaians could build something of their own and succeed,” he said. He also noted that the closure sent a discouraging message to entrepreneurs and business owners, warning them that their success could be undone at any moment by those in power.

Sir.Jonah urged policymakers to learn from such events and prioritize creating an environment that nurtures growth and ambition.

Meanwhile, UT Bank founder and author of The UT Story, Prince Kofi Amoabeng, expressed optimism about the future. He emphasized that his vision is now focused not only on rebuilding a bank but also on fostering transformational leadership among Ghana’s younger generation.

“The vision now is bigger than the bank; it’s about grooming leaders with the right values who can change the narrative,” Amoabeng stated.

Source:TheDotNews