Captain Prince Kofi Amoabeng (Retired), founder of the defunct UT Bank, says Ghana’s development will remain stalled unless leaders enforce rules without fear and citizens abandon their tolerance for wrongdoing. Speaking on Channel One TV’s The Point of View with broadcaster Bernard Koku Avle on December 10, 2025, the former military officer argued that sabotage, weak leadership and a destructive national mindset continue suffocating the country’s socio-economic progress.
Amoabeng recounted experiencing sabotage within his own company despite building what he believed was a culture of respect and humility. He described joining lunch queues behind junior staff to demonstrate equality, yet some employees still schemed against his leadership approach.
“They will lie, they will scheme against you to get you out. Everything, even me at UT, and everybody knew what I stood for. My own company, which I built from scratch. Still, some people didn’t like me and the way I run the company,” he said during the interview.
The entrepreneur founded UT Financial Services in 1997 with startup capital of $20,000 and a team of four people. The company grew rapidly by offering loans within 48 hours, addressing what Amoabeng saw as a critical gap in financing for small and medium enterprises. By 2007, UT Financial Services was worth $84 million, leading Amoabeng to acquire Ghana’s BPI Bank for $27 million and merge both entities into UT Bank.
UT Bank was among several financial institutions whose licenses were revoked in 2017 during the Akufo-Addo administration’s financial sector restructuring. Amoabeng previously disclosed that despite personal relationships with former President Nana Akufo-Addo and former Finance Minister Ken Ofori-Atta, neither assisted him when the bank faced difficulties. He revealed that UT Bank had previously provided loans to companies associated with Ofori-Atta during challenging periods.
In the recent interview, Amoabeng identified national mindset as Ghana’s biggest developmental obstacle, surpassing concerns about talent, natural resources or policy frameworks. He argued that Ghanaians instinctively undermine rules, reward wrongdoing and attack those pushing for discipline.
“We are horrible to ourselves. That is why we are not developing,” he stated.
The former banker insisted Ghana requires what he termed ruthless leadership, which he clarified does not mean autocracy but rather consistency in enforcement. A leader must willingly enforce laws even against closest allies without hesitation, he explained.
Amoabeng cited international examples including Lee Kuan Yew jailing ministers in Singapore, China applying harsh penalties for corruption, and Rwanda under Paul Kagame enforcing discipline without fear. Such firmness pushes nations forward rather than endless committees, selective justice or political interference, he argued.
“Sanctioning is a big part of leadership. You should be able to sanction without bending nothing. There’s a rule, and if you go outside it, what’s the prescribed sanction? And apply it, even if it’s your father. But in Africa, it’s not possible,” he emphasized.
The entrepreneur maintained that development demands consequences. Clean countries are not clean because their citizens are naturally righteous but because their systems punish wrongdoing without apology, he contended. Ghana must learn to reward honesty and punish wrongdoing consistently, particularly given the country’s struggles with corruption, poor enforcement and political interference.
Amoabeng stressed that Ghana will not progress with soft leadership and a culture protecting wrongdoing. The country needs leaders who enforce rules without fear, resist sabotage, stay focused on national interest and apply sanctions fairly, he argued. Citizens must stop glorifying shortcuts, protecting culprits or undermining discipline when it affects their preferred individuals.
The former UT Bank chief also praised President John Dramani Mahama’s humility during the same interview. Amoabeng described the president as exceptionally down to earth and humane, noting their friendship dates back to Mahama’s time as vice president. He explained that their connection initially developed through First Lady Lordina Mahama, with whom he already shared a close relationship.
“The President is incredibly down-to-earth, humane, and extremely humble; sometimes, he loses sight of the power he has. He interacts with everyone, and that is a rare quality we’re fortunate to have,” Amoabeng stated.
Their interactions became less frequent after UT evolved into a fully licensed bank around 2009 to 2010, a period Amoabeng described as particularly demanding professionally. Despite this, he maintained that Mahama’s character has remained consistent and unaffected by higher office.
Amoabeng has since established the PK Amoabeng Leadership Foundation, which runs a values-driven leadership program. Applications for the third cohort surged to more than 5,000 this year, sharply up from the first year, reflecting growing demand for leadership development grounded in discipline, ethics and national service. Only 20 participants were selected for the current program.
The foundation now has 60 graduates across three cohorts. Amoabeng remains directly involved in the training process and personally funds most activities with occasional support from close associates. He expressed his long-term ambition to establish a full leadership academy capable of training multiple cohorts annually.
“If we put enough people with the right values into the system, the narrative for Ghana and Africa will change,” he said. The envisioned academy would give Ghana the capacity to develop ethical leaders at scale who are disciplined, accountable and driven by service.
In a country where systems often lose to connections and whistleblowers face backlash instead of protection, Amoabeng insists that ruthless leadership combined with citizens possessing positive mindsets are necessary conditions to drive development. Until Ghana fixes its willingness to defend wrongdoing because of family ties, political connections or convenience, no policy will save the country, he concluded.
