Prince Kofi Amoabeng, the co-founder of the now-defunct UT Bank, has admonished business owners to keep pastors, politicians, traditional rulers, and families at bay if they want their businesses to thrive forever.
He said that the actions of these groups of people often compound issues for businesses, leading to their collapse.
Amoabeng made these remarks during the 25th-anniversary launch of Fairgreen Limited in Accra on July 26.
He described these influencers as “necessary evils” that need to be handled with caution.
“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. Don’t accept chieftaincy titles. They will drain your finances and time, and you will be responsible for the expenses of durbars. These are the things that have set this country back. Make sure you don’t fall prey to any of them, whether it’s the church, chiefs, politicians, or your own families. You have to navigate carefully,” he advised.
Amoabeng also admonished businesses not to allow their families to influence their employment practices.
“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,” he urged.
Amoabeng also entreated the leadership of Fairgreen Limited to create a working culture devoid of laziness, jealousy, and over-dependence on religion.
“You need to create a culture that is different from the Ghanaian culture. Ghanaian culture is generally one of laziness, pulling people down, disrespect, jealousy, trying to shift blame, and over-dependence on religion to the point that people don’t come to work. When you have a team, you must create a culture that will protect the company against these influences,” he advised.
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.
