Sam Jonah reveals State power can wipe out any business no matter how long its been operating

Renowned businessman and Executive Chairman of Jonah Capital, Sir Sam Jonah, has issued a stark warning about the devastating impact of government actions on entrepreneurs, pointing to the collapse of UT Bank as a chilling example of how easily success can be erased by those in power.

Speaking at the launch of The UT Story: Volume 3 by Prince Kofi Amoabeng, Sir Sam Jonah did not hold back in condemning the state’s role in the bank’s demise. He argued that the forced closure of UT Bank was not just an attack on one business but a direct assault on Ghanaian entrepreneurship itself.

According to him, the bank’s collapse was “one of the most egregious acts of economic injustice perpetuated by the state,” driven not by sound economic reasoning but by “malice, deceit, envy, and jealousy.”

He warned that such reckless actions create a dangerous precedent where no entrepreneur is safe, regardless of how diligently they operate.

“It was not only a collapse of a bank, it was a blow to the very idea that Ghanaians could build something of their own and succeed at the highest level. It sent a chilled message to entrepreneurs and innovators that no matter how hard you try, no matter how hard you work, how well you play by the rules, your success can easily be undone by those in power,” he stressed.

Sam Jonah further cautioned that when governments use their power to destroy businesses instead of supporting them, the long-term effect is a weakened private sector, dwindling investor confidence, and a stagnated economy. He urged policymakers to create a stable business environment where entrepreneurs are encouraged to innovate rather than live in fear of political interference.

For his part, UT Bank’s founder and author of the book, Prince Kofi Amoabeng, remained defiant, stating that the collapse of his bank would not define his legacy.

“The vision should not necessarily be about bringing the bank back,” he said. “The vision I have now is bigger than the bank—it’s about how we can groom and create leaders with the right values to change the narrative.”

The book launch, attended by top CEOs and business leaders, saw the first copy sold for GHS 50,000, reflecting strong support for documenting the challenges faced by Ghanaian entrepreneurs.

The story of UT Bank serves as a cautionary tale—one that entrepreneurs across the country cannot afford to ignore. If the state can take down one of the most successful Ghanaian-owned banks overnight, what business is truly safe?

Source: channel1news.com