A co-founder of the now-defunct UT Bank, Prince Kofi Amoabeng, has advised businessmen to be wary of chieftaincy titles. 

According to Kofi Amoabeng, accepting these titles will drain their finances and time. 

He admonished them (business owners) to keep pastors, politicians at bay if they want their businesses to thrive forever.

Even though he agrees that politicians are “necessary evils”, a businessman must not necessarily engage them at all times. 

Prince Kofi Amoabeng made these remarks during the 25th-anniversary launch of Fairgreen Limited in Accra on July 26.

“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.

He also urged business owners to fire their family and friends who they go against the company rules. 

“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.