Former UT Bank CEO Prince Kofi Amoabeng has cautioned that embracing chieftaincy titles might deplete business owners’ resources and time.
Amoabeng stated during the 25th-anniversary launch of Fairgreen Limited in Accra that chieftaincy titles sometimes come with a lot of obligations, such as sponsoring durbars and providing financial assistance to the community.
“Do not accept chieftaincy titles. They will drain your finances and time. You will be responsible for the expenses of durbars, as well as providing financial support to the community.” These are the things that have set our country back; don’t fall for them.”
Amoabeng also cautioned company owners not to let their family, politics, or church leaders influence their hiring decisions.
According to him some family members frequently wish to work for their relatives’ enterprises, even if they are unqualified for the roles.
“Politicians and pastors are necessary evils because they can connect you with the right people. However, they must milk you, and if you have the appropriate contacts, they may elevate your organisation to a high position.”
“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. You need to be strong enough to fire them when they do something wrong. If you don’t have the will to fire them, don’t appoint them.”
Amoabeng ended by expressing his hope that Fairgreen Limited will continue to exist for a long time.
“We all hope that this company, which began in a garage and has now taken on international contracts will be one of the very few Ghanaian companies that will live for 100 years,” he added.
