Founder of defunct UT Bank Prince Kofi Amoabeng has blamed the central bank for the numerous insolvencies suffered by some savings and loans and financial services.

According to him false scrutiny and supervision by the Bank of Ghana for the growing list of collapse banks and financial institutions.

Speaking in an interview with Joy News, the former UT Bank boss cites how he underwent rigorous and strict investigations before being handed license to start the now defunct Unique Trust Financial Services.

The former UT boss says he is amazed at the number of banks that have folded saying that we always throw away the process and institutions in this country.

He cites how the BNI had to check thoroughly through his background but admits Politics has replaced all these institutions with people getting licenses due to their political connections.

“I marveled at the numbers as in how many micro finance companies were licensed and what criteria did they go through or due process.

“The problem in Ghana is that we always through away the process and institutions when I was looking for license for Unique Trust financial services the application to bank of Ghana went to the ministry of interior from there it was handed to BNI.”

“And the BNI went to every place that I had been my school, my village to check on me. In recent times because of politics and the way we play politics it’s a matter of this is my nephew give her a license.”

“Give this person license so license was issued anyhow and in so much numbers to all sort of people and this what caused the problem people were not checked properly” he said.