Story: Atta Kwaku Boadi

Renowned businessman and Executive Chairman of Jonah Capital, Sir Sam Jonah, has once again highlighted the political underpinnings behind the closure of several Ghanaian-owned banks. Speaking at the launch of Captain (rtd.) Prince Kofi Amoabeng’s latest book in Accra, he described the move as “one of the most glaring acts of economic injustice against private sector growth.”

Over the past six years, the revocation of licenses for financial institutions such as UT Bank, Heritage Bank, The Royal Bank, UniBank, and GN Bank has sparked widespread debate. According to Dr. Jonah, the decision has had “lasting consequences, discouraging entrepreneurs from pursuing bold initiatives that could transform Ghana’s economic landscape.”

His remarks align with long-standing concerns raised by the affected bank owners, including Captain Amoabeng, Dr. Kwabena Duffuor, Alhaji Seidu Agongo, and Dr. Papa Kwesi Nduom, who have consistently challenged the rationale behind the closures. Many argue that these actions were politically motivated rather than being grounded in sound financial or regulatory principles. 

Dr. Jonah’s statements add weight to the growing calls for transparency and accountability in the regulatory space as affected entrepreneurs continue to seek justice and the restoration of their businesses.

Captain Kofi Amoabeng’s Stand on the Closure of UT Bank

Captain Prince Kofi Amoabeng has been vocal in asserting that the closure of UT Bank was politically driven. In a revealing interview on Joy News’ PM Express, which was monitored by Today, he explained how, despite his close ties to government officials like former Finance Minister Ken Ofori-Atta and  former President Akufo-Addo, his bank faced an unjustified shutdown. He noted that personal animosity, possibly fueled by jealousy or envy, played a role in the decision.

While he acknowledged the state’s authority to make such decisions, he criticized it’s execution, calling it “haphazard” and questioning the inconsistency in the government’s approach. He remarked, “There was political influence in it, but it makes no sense—the order in which they bailed out some banks, formed new ones, collapsed others, and put some in court.”

Despite the painful closure, Amoabeng remains optimistic about the future, explaining that his new vision is not about resurrecting the bank, but about “grooming and creating leaders with the right values who can change the narrative.” He added, “I care about the country and the people of this country more than myself.”

Reflecting on his resilience through the ordeal, Captain Amoabeng emphasized his unwavering commitment to Ghana, stating, “I sailed through it, and I care about the country and the people of this country more than myself.” 

Alhaji Seidu Agongo on the closure of Heritage Bank

Similarly, Alhaji Seidu Agongo, the majority shareholder of the now-defunct Heritage Bank, has described the collapse of his bank as political persecution. Speaking on TV3’s Business Focus, Alhaji Agongo demanded answers from the Bank of Ghana (BoG) regarding the revocation of his bank’s license. 

He pointed out the contradiction in the government’s actions, asking, “If I’m not fit and proper, why were you asking me to merge with other banks? The same bank that was not fit and proper—why were you asking us to merge with other banks?” he questioned.

Despite the pain of losing Heritage Bank, Agongo insists he harbors no hard feelings toward the immediate past Governor of the Bank of Ghana, Dr. Ernest Addison. However, he remains deeply disheartened, emphasizing that Heritage Bank had the potential to “reshape Ghana’s banking industry with unparalleled competition.” Seidu Agongo has since been cleared of all charges brought against him by the previous government in a matter involving the supply of fertilizer to COCOBOD.

Dr. Papa Kwesi Nduom’s Resilience in the Face of Political Persecution

Dr. Papa Kwesi Nduom has expressed frustration over the closure of GN Bank, citing significant financial losses and the political persecution and gross abuse of power against an indigenous entrepreneur. The ordeal began when GN Bank was shortlisted for closure, but later in an inexplicable circumstance, downgraded by then-Finance Minister Ken Ofori-Atta’s hand-picked Governor of Bank of Ghana, Ernest Addison, after a thorough gleaning of the Bank’s documents. 

Before the mandated restructuring period could elapse, administration forces conspired to revoke the bank’s licence, placing all its assets in state trust under the care of Eric Nana Nipa as the Receiver. Although Dr. Nduom acknowledges the massive and unjustifiable financial losses he has incurred due to the undue closure of GN Bank, he is more concerned about bank’s customers, whose deposits remain locked with the Receiver, Eric Nana Nipa. 

Sadly, the previous administration repeatedly assured customers of access to their funds—assurances that never materialized. The GN Bank story is a tragic tale of political misuse of power, wielded capriciously and draconically against a Ghanaian businessman. Despite legal challenges from Dr. Nduom and other GN Bank stakeholders, some of the bank’s assets—still legally under its name—have been sold off, with a significant portion stolen. 

Believing their plot had succeeded, they sought to discredit Dr. Nduom on both local and international fronts. The government extended its pursuit of the acclaimed businessman beyond Ghana, targeting his businesses in foreign countries through orchestrated falsehoods and dubious court cases.  When news of this apparent scheme surfaced in Ghana, Governor Ernest Addison hastily convened a press conference in Accra, further maligning Dr. Nduom to legitimize their agenda. 

However, their efforts backfired spectacularly. The U.S. courts handling the cases saw through the scheme and dismissed it outright, ruling in favor of Dr. Nduom and his GN Bank stakeholders. In a dramatic turn of events, the court not only rejected the claims dealing a major blow to co-conspirators and their associates.

Despite the obvious machinations, Dr Nduom remains unperturbed, resilient, and optimistic of reclaiming the GN Bank through all legitimate means possible.