Prince Kofi Amoabeng, the former CEO of the now-defunct UT Bank, has warned business owners that embracing chieftaincy titles can be a waste of time and money.
Kofi Amoabeng claims that chiefs have responsibilities that come with their titles, such as paying for community events like durbars and donating money to charitable organisations. This was one of the points he made during his address at the 25th anniversary launch event of Fairgreen Limited in Accra.
“Don’t accept chieftaincy titles. They will drain your finances and your time. You will be responsible for the expenses of durbars, and you will have to provide financial support to the community. These are the things that have set this country back; make sure you don’t fall prey,” citinewsroom.com quotes Amoabeng as saying.
Furthermore, the business entrepreneur cautioned against business owners caving to pressure from family, government, and religious leaders to place unqualified relatives in positions of power within their companies.
“Politicians and pastors are necessary evils because they can give you the right connections. However, they also need to milk you, and they can raise your company to a high status if you have the right relationships, but be careful.
“When you start a business, you are under the radar and can be a bit protective. But as you grow, you come under pressure. I call this pressure ‘dealing with the devil.’ You must deal with them. You can’t avoid them. Family, friends, and relatives will ask why you are always employing strangers when your family members are available. They want to kill the company.”
In order to ensure the longevity of their businesses, Amoabeng urged company owners to be strict in their recruiting practises and to fire or not hire any unqualified applicants.
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