Prince Kofi Amoabeng, who was one of the co-founders of the bank that is no longer in operation and is known simply as UT Bank, has advised business owners to keep their families, pastors, politicians, and traditional rulers at arm's length if they want their companies to prosper forever.
He claimed that the acts of these groups of people frequently compound existing problems for firms, which ultimately leads to the collapse of those businesses.
Amoabeng uttered these words on July 26 in Accra, Ghana, at the beginning of Fairgreen Limited's 25th anniversary celebration.
Mr. Amoabeng referred to these influencers as “necessary evils,” stressing the importance of exercising extreme caution when dealing with them.
“Politicians and pastors are necessary evils due to the fact that they can provide you with the appropriate contacts. However, they also need to milk you, and if you have the appropriate ties, they can boost your firm's profile and bring you more business.
But be careful. Refrain from accepting chieftaincy titles at any cost. They will be a burden on both your financial resources and your time, and you will be responsible for paying the costs associated with the durbars.
These are the factors that have caused this country to fall behind other nations. Whether it's the church, the chiefs, the politicians, or even your own family, make it a point to safeguard yourself from taking advantage of by any of them. It is imperative that you travel with caution,” he cautioned.
Amoabeng also cautioned firms that they should not let the employment policies of their families have an impact on those policies.
Prince Kofi Amoabeng advices Businesses to stay far away from these people
“When you first launch a company, you are in the spotlight, and you may find yourself acting guarded as a result. But as you mature, you come under strain. This kind of pressure is what I refer to as “dealing with the devil.” You are obligated to engage with them.
They are impossible to avoid. Your family, friends, and relatives will question why you always hire outsiders when there are members of your own family who are available to work. They have the intention of destroying the company.
You need to have the mental will to fire them when they behave inappropriately. “If you do not have the will to fire them, do not appoint them,” he said. “If you cannot fire them, do not appoint them.”
Amoabeng pleaded with the management team of Fairgreen Limited to foster an environment free of envy, resentment, and an excessive reliance on religious dogma among its employees.
“You need to establish a culture that is distinct from the culture of Ghana in order to succeed. Laziness, putting others down, contempt, jealousy, trying to shift responsibility, and an over-reliance on religion to the point where people do not come to work are all common themes in Ghanaian society. He gave the following piece of advice: “When you have a team, you need to create a culture that will protect the company against these influences.”
Amoabeng summed up his remarks by stating his expectation that Fairgreen Limited will continue to operate well for a very long time.
“We all pray that this company, which started from 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. “This company started in a garage, and it has now taken on international contracts.”
