Kofi Amoabeng questions Mahama’s promise of financial sector; says it is not clear

Kofi Amoabeng questions Mahama’s promise of financial sector; says it is not clear

- CEO of the defunct UT Bank, Prince Kofi Amoabeng, has said Mahama’s promise on the financial sector is unrealistic

- He says the promise sounds good to the ear but wonders how it is going to be rolled out

- Mahama has promised to restore indigenous stake in participation

- Amoabeng believes owing to the current state of the local banking sector, Mahama’s promise needs to be checked

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The CEO of the defunct UT Bank, Prince Kofi Amoabeng, has said the promise on the financial sector has made by former president John Mahama is not realistic.

He has described Mahama’s promise as something that is good to the ear, however, he wonders how that would be achieved given the current state of the local banking sector.

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Amoabeng was speaking in an interview according to a report sighted by YEN.com.gh on Mynewsgh.com.

Kofi Amoabeng questions Mahama’s promise of financial sector; says it is not clear

A collage of Kofi Amoabeng and Mahama with his running mate. Photo credit: @princekofiaamoabeng @officialjdmahama
Source: Instagram

About the promise, Mahama said if he wins the election, he would restore the indigenous stake and participation of local banks in the financial sector.

He said he would find ways to promote greater financial inclusion and innovation of the local banks, as well as consider setting up appropriate mechanisation to regulate microfinance and allied sectors.

However, Kofi finds this hard to accept saying that given the current state of the local banks and microfinance, Mahama’s promise would not be an easy thing to achieve.

“I don’t know how they are going to do it,” he responded when the host asked him if the promise was real.

Meanwhile, Kofi Amoabeng’s bank, UT Bank, is one of the many banks that suffered and collapsed three years ago.

The bank was declared bankrupt in 2017 by the central bank after it was established that its liabilities had exceeded its assets.

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It was said to be owing about GHC11 million cedis in debt coming from unpaid loans. The Capital Bank owed by Pastor Mensah Otabil was also dissolved in the same manner following its debt as well.

UT Bank was said to have given out huge loans to Ibrahim Mahama, a young brother of former president Mahama, who is also the CEO of Engineers and Planners.

Touching on the issue, Amoabeng said he has never regretted giving out the loan to Mahama to start his business.

To him, he did the right thing by giving out the loan, and that it was unfortunate things turned out this way.

He has confessed to dreading the possibility of being handed a jail term.

One of Amoabeng’s plush mansions has been taken over by the Economic and Organised Crime Office (EOCO), as reported earlier by YEN.com.gh.

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Source: Yen.com.gh

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