Mr. Amoabeng, who has in the past aligned with the governing New Patriotic Party (NPP), stated that it's time for him to endorse the former President for another term in office.

In an interview on Kofi TV, the business tycoon cited his seven-year observation since the NPP assumed power in 2016 as the basis for his decision.

"I wasn't NDC as such. My sister was the MP for our area and she was Deputy Minister for Education until the recent reshuffle and of course, I have to support my sister. So people in the NDC think I am NPP but the thing about this is that my genuine friends are in the NDC even though I didn't support them in the past," he said.

He expressed disappointment in the NPP's governance, stating that they have failed to meet the nation's expectations. Amoabeng believes that the time has come for a change, and he sees Mahama as a viable option to lead the country.

"I think we made a wrong experiment and next time I have to make the right choice. So now knowing Mahama and knowing what the NPP has done, I think I have to go fully behind NDC and Mahama to see what he can do for us in his second coming." he remarked.

This is the second time that he has publicly endorsed Mr. Mahama. In January he proposed that Mahama be given a chance again to be President, adding that the current regime has been bad at governance.

“We have tried military coups, democracies, parliamentary type, presidential type and I think the only thing we haven’t tried is somebody who has been President before. So I think it’s John Mahama he has been in the position before and therefore when he comes back. He knows the path to tread,” he said in that interview with Starr FM.

Mr. Amoabeng's UT Bank was among the first few banks to have been shut down by the Bank of Ghana in the financial sector clean-up.

UT Bank before it collapsed made a name for itself as one of the banks supporting Ghanaian businesses, usually providing loans in less than 48 hours. But in 2017, the bank alongside others was cited for poor corporate governance among others, leading to their licenses being revoked.

Mr. Amoabeng has blamed the current government for his bank’s collapse, saying it was politically motivated.