Renowned businessman and Executive Chairman of Jonah Capital, Sir Sam Jonah, has strongly criticised the collapse of UT Bank, describing it as a significant act of economic injustice that has stifled private sector growth in Ghana.
He argued that the government’s decision to shut down the bank six years ago has had far-reaching consequences, discouraging ambitious entrepreneurs from pursuing transformative ventures.
Speaking at the launch of ‘The UT Story: Volume 3’ by Prince Kofi Amoabeng, Sir Sam Jonah underscored the critical need to protect businesses from undue political interference.
He emphasised that a stable and predictable business environment is essential for long-term economic prosperity, warning that excessive state control undermines investor confidence and stifles entrepreneurial ambition.
Reflecting on the closure of UT Bank, he described it as a painful chapter in Mr Amoabeng’s journey, highlighting the betrayal and harsh realities that come with power and politics.
“The seizure of his bank was one of the most egregious acts of economic injustice perpetrated by the state; a move driven by malice, deceit, envy, and jealousy,” he lamented.
Sir Sam Jonah further noted that the bank’s collapse was not just a financial failure but a symbolic setback for Ghanaian entrepreneurship.
He stressed that it sent a chilling message to business owners and innovators—that no matter how diligent, rule-abiding, and hardworking they may be, their success could be undone at any moment by those in authority.
He urged policymakers to learn from such events and prioritise the creation of a business-friendly environment that fosters growth rather than suppressing ambition.
According to him, Ghana’s economic progress depends on the ability of its leaders to nurture and support the private sector rather than allowing political agendas to dictate the fate of thriving businesses.
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