Don’t accept chieftaincy titles; they will drain your money and time – Amoabeng

Business owners should be wary of accepting chieftaincy titles, as they can drain their finances and time, former defunct UT Bank CEO, Prince Kofi Amoabeng has warned.

Amoabeng, who was speaking at the 25th-anniversary launch of Fairgreen Limited in Accra, said that chieftaincy titles often come with a lot of responsibilities, such as funding durbars and providing financial support to the community.

“Don’t accept chieftaincy titles. They will drain your finances and time,” he said. “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.”

Amoabeng also warned business owners not to allow their families, politicians and church leaders to influence their employment practices.

“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. 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 concluded by expressing his hope that Fairgreen Limited will be sustained for a very long time.

“We all pray that this company, which started from a garage and has now taken international contracts, will be one of the very few Ghanaian companies that will live for 100 years,” he said.

Source: citifmonline