Former UT Bank CEO, Prince Kofi Amoabeng, has raised concerns about the influence of the International Monetary Fund (IMF) on Ghana’s banking reforms, particularly in the closure of his bank.

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Speaking on Joy News’ PM Express Business Edition on January 16, Amoabeng referred to a comment by the Bank of Ghana Governor suggesting IMF's involvement in the banking sector reforms, stating, “It’s a sad statement… It means the leadership in Africa don’t have the independence and the will to do what is right for their country, and they have to be dictated to.

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” Amoabeng criticized the approach used in shutting down UT Bank, describing it as excessive and unwarranted. “Did IMF ask them to close UT Bank at 6 a.m. with Bank of Ghana officials and police in Rambo style to remove the signage? The process was certainly wrong,” he lamented. He also questioned the broader implications of IMF directives, accusing authorities of exceeding their mandate.

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“Did the IMF tell them to collapse the entire UT Group or attack the founder who had resigned 20 months earlier? These actions went beyond IMF’s instructions,” he said. Highlighting the human and financial toll, Amoabeng noted, “UT Bank was a listed company with about 15,000 shareholders. The government didn’t address the impact on staff, investors, or shareholders.

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Was that all under IMF orders?” Amoabeng’s reflections underscore concerns about Africa’s economic sovereignty and the repercussions of decisions made under external influence. He concluded, “The revelations expose weaknesses in governance and the economy, showing leaders who simply follow instructions without considering the consequences.

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” His remarks challenge Ghanaians to critically assess the cost of leadership decisions made at the behest of foreign entities.

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