Prince Kofi Amoabeng shared profound insights on the current state of Ghana’s banking sector during a recent interview on PM Business with George Wiafe, as monitored by MyNewsGh.
The former CEO of the defunct UT Bank expressed concerns about the over-reliance on raising minimum capital as a solution to the sector’s challenges. He emphasised that the real issue lies in banks’ ability to grow organically, a factor that cannot be addressed by merely increasing the minimum capital requirement.
Amoabeng also highlighted inefficiencies within the judicial system, which he believes significantly impact the banking sector.
“Recovery cases can take years to resolve, even when all evidence is clear,” he remarked. He suggested that courts implement strict timelines for resolving such cases to prevent further harm to businesses.
Reflecting on UT Bank’s eventual collapse, Amoabeng likened it to the sinking of the Titanic, explaining that multiple factors—ranging from internal cultural issues to …