“I Have Had To Set The Records Straight”: UT’s Kofi Amoabeng Launches Inspirational Book Capturing The UT Story
Paakwesiasare.biz describes UT Bank Founder Prince Kofi Amoabeng’s “The UT Story: Humble Beginnings” as the first-hand account of a Military man’s quest to repair the poor lending culture of Ghana’s banking industry and give hope to SME’s. Written with the help of George Bentum Essiaw, Amoabeng relates how he came up with the idea to found a challenger bank and the many obstacles he faced along the way
Fewer than 400 pages, the book parachutes the reader immediately into an era in Ghana’s Banking Industry, when bankers weren’t exactly close to the public’s heart. The “banks insensately treated individuals and Small and Medium-sized Enterprises operating in the informal sector,” said Mr. Amoabeng.
Yet, concludes the future UT founder, the big banks had learned nothing and were determined to continue with business as usual, making it difficult for SMEs to access funding. Thus, the scene is set for why a man who had failed in many business ventures would be ambitious enough to start a bank of his own. “In 1996, I had left behind a rather short career in the Ghana Army and tried my hands- mostly unsuccessfully- at various kinds of businesses over a 15-year period” recalls the UT Bank founder.
The books’ introduction talks about how an opportunity to import and retail room air conditioners were curtailed because of his inability to raise 20 million cedis (old 2000ghana) from the banks. This for him was the turning point.
I wouldn’t characterize Amoabeng’s story as a page-turner in its entirety, but there’s more than enough narrative drive to get any young entrepreneur or tertiary-level student to where they want to go, including an account of Amoabeng’s business partner Joseph Nsonamoah, who he described as a “silent partner”.
The book does not shy away from controversy if you know Mr. Amoabeng pretty well. He says it as it is with the view to setting the records straight and giving a candid account of events.
” I have been impelled to name names in order to make this as authentic and credible as it could be”, but he apologizes to any individual or group of persons who may have felt implicated by his narration of events.
Mr. Amoabeng tells Paakwesiasare.biz that his motivation is to inspire and motivate those who will come after him to strive to achieve more and to dream bigger.
“Whether we succeeded or not, is left to you, the reader’s judgment. The pertinent question however is. How do you measure success? Is it silver and gold? Or is it an enduring legacy which transforms lives and inspires generations”? Said Mr. Amoabeng.
The book launch was well attended and graced by close friends and associates including Dr Sam Jonah, Mr. Ibrahim Mahama, and media friends Bola Ray and Kwami Sefa Kayi.