Akufo-Addo took loan from UT and paid back – Gabby fires Amoabeng

Akufo-Addo took loan from UT and paid back – Gabby fires Amoabeng

A leading member of the ruling New Patriotic Party (NPP), Gabby Asare Otchere-Darko, has admitted that President Akufo-Addo once took a loan from the defunct UT Bank.

He was, however, quick to add that the said loan was paid back by Nana Addo in the year 2000.

Gabby, who is a nephew of President Akufo-Addo, was responding to comments by the Chief Executive of the defunct UT Bank, Prince Kofi Amoabeng.

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Speaking on TV3’s Business Focus, Mr. Amoabeng disclosed that he once loaned money to Nana Akufo-Addo.

The businessman further stated that he also saved Finance Minister Ken Ofori-Atta’s business from collapsing.

He held that his support to the aforementioned pair is one reason why local businesses should be supported rather than collapsed.

But reacting to this, Gabby said Nana Addo indeed borrowed money from UT Bank and duly paid back, adding that he doesn’t know why Mr. Amoabeng should bring up the matter.

Yes, so Nana Akufo-Addo took a loan from Unique Trust decades ago, which was fully paid back by 2000 (not 2003); so what? After all, what are lenders for? Banks are there to lend and borrowers agree to pay back even if interest rates are prohibitive,” Gabby wrote on Facebook.

“Is he saying if his financial institution advanced credit to Nana Akufo-Addo, which, by the way, was fully paid back under President Rawlings, then, for this reason, his bank should have been spared when it became manifestly insolvent under President Akufo-Addo?” he added.

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The UT Bank was one of seven indigenous banks which were consolidated after the Central Bank deemed them insolvent.

The banks were dissolved to form the Consolidated Bank of Ghana (CBG).

YEN.com.gh earlier reported that popular Ghanaian Evangelist Oduro has died, as confirmed by the wife.

Oduro, who preached rather comically, reportedly died at the Korle Bu Teaching Hospital in the third week of September 2019.

He was said to have suffered a long illness which he could not battle anymore and gave up the ghost.

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Source: Yen

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