Businessman and Govt Chairman of Jonah Capital, Sir Sam Jonah, has delivered a scathing critique of the revocation of the license of UT Financial institution.
He described it as “one of the egregious acts of financial injustice perpetrated by the state.”
He mentioned this in the course of the launch of The UT Story: Quantity 3, authored by Prince Kofi Amoabeng, the founding father of the defunct UT Financial institution.
Sir Sam Jonah expressed his dismay over the federal government’s choice to shut the financial institution six years in the past.
He argued that the transfer has had far-reaching penalties, discouraging formidable entrepreneurs and sending a chilling message in regards to the fragility of personal enterprises in Ghana.
Sir Sam Jonah lamented that UT Financial institution’s collapse was not merely a monetary occasion however a symbolic setback for Ghanaian entrepreneurship.
He burdened that it illustrated the tough actuality that irrespective of how diligent or rule-abiding a enterprise could also be, political interference can swiftly undo years of arduous work and success.
“It was not solely a collapse of a financial institution, it was a blow to the very concept that Ghanaians may construct one thing of their very own and succeed on the highest degree.
“It despatched a calming message to entrepreneurs and innovators that irrespective of how arduous you attempt, irrespective of how effectively you play by the foundations, your success can simply be undone by these in energy,” he said.
Sir Sam Jonah used the event to advocate for a steady and predictable enterprise setting, urging policymakers to defend companies from undue political interference.
He warned that extreme state involvement within the non-public sector erodes investor confidence and hampers financial progress.
“The seizure of his financial institution was one of the egregious acts of financial injustice perpetrated by the state; a transfer pushed by malice, deceit, envy, and jealousy,” he bemoaned.
He cautioned that Ghana’s financial progress hinges on leaders supporting and nurturing non-public enterprises moderately than permitting political agendas to dictate the destiny of thriving companies.
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