“I’ve sold my mansion and now live in an apartment to avoid going broke” – Dr Kofi Amoabeng reveals

The founder of the now-defunct UT Bank, Dr. Kofi Amoabeng, has been open about how life has treated him and is treating him despite losing everything.

Mr. Amoabeng claimed that in order to pay off his debts and stay afloat, he had to sell his pricey Range Rover, mansion, and other businesses. He also provided more information about his current situation.

Speaking about his lifestyle after his bank failed during the central bank’s banking sector clean-up to Accra-based TV3, Mr. Amoabeng explained how he went from living in luxury to a life of simplicity by getting rid of most of his expensive possessions.


In the interview, he also disclosed that, in an effort to maintain his newly discovered frugal lifestyle, he only owns a shoe and a watch.


Despite losing many possessions during his life, Mr. Amoabeng seemed quite positive about the future because he continues to drive an Audi with a V8 engine despite incurring a significant financial loss.


According to him;

“I have one watch, I have one shoe so I don’t need much money. I don’t have to have a lot of money to enjoy life…I don’t drive Range Rover anymore, I drive a Lexus…I had to sell it (mansion) to organize myself not to get broke,”

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