Chieftaincy titles will leave you bankrupt, don’t accept – Kofi Amoabeng to business owners

Former Chief Executive Officer of the defunct UT Bank, Prince Kofi Amoabeng has cautioned business owners against accepting chieftaincy titles, saying it can drain their finances and consume their precious time.

According to him, such titles have embedded responsibilities, such as funding durbars and providing financial support to the community which made the person a chief.

He said this among other things while speaking at the 25th-anniversary launch of Fairgreen Limited in Accra.

“Don’t accept chieftaincy titles. They will drain your finances and 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,” quotes Amoabeng as saying.

The business mogul went further to warn against business owners kowtowing to pressure from their families, politicians and church leaders to employ unqualified relatives to occupy key positions in 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.”

Amoabeng advised business owners to be strict and get rid of unqualified employees, be they a relative or an outsider or avoid hiring them to safeguard their companies’ survival.



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