QUESTION THREE President of UT Group of companies, Prince Kofi Amoabeng has admitted that stakeholders of UT Bank are to

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QUESTION THREE
President of UT Group of companies, Prince Kofi Amoabeng hasadmitted that stakeholders of UT Bank are to be held responsiblefor the collapse of the bank and not the government of Ghana. "Whenit comes to the closure of UT Bank, the stakeholders should be heldresponsible for it before holding the government responsible" hestated. According to him a lot of things happened to the point thathe had to retire early from managing his company which eventuallyled to the unfortunate closure of the bank. Speaking on the ‘KSMShow’ Mr Amoabeng indicated that there was some rift betweenhimself, his partner and some shareholders which split the board ofthe bank. He stressed that UT Bank lost its culture and missioncompletely. “The UT that we had, thus to do loans in 48 hoursrequires a great culture of each one supporting each other becauseone had to bend the rules. Once the culture was there to supportthe mission we were successful,” he explained. He noted that thefast-rising of UT Bank attracted a lot of people who came in todilute it and didn’t bother to learn how UT became successful.“They came with their own ideas because they felt they were bankersand the UT people were not bankers so they came to teach us butthey were supposed to learn what makes us special and add their bitto it,” he told KSM. “I blame myself, I blame my board, my partner,some of the shareholders like IFC whom we had issues with,management must take some of the blame, the staff some of themstarted colluding and compromising themselves. In the long roundwhat happened is that we have failed our company then we were atthe mercy of the government,” Mr Amoabeng concealed. ~GhanawebFebruary 13, 2019
Required: Discuss how the four (4) principles of effectuationcould have helped avoid the demise of UT Bank.