Former defunct UT Bank CEO, Prince Kofi Amoabeng, has issued a warning to business owners regarding accepting chieftaincy titles.

Speaking at the 25th-anniversary launch of Fairgreen Limited in Accra, Amoabeng cautioned that such titles can prove financially and time-wise draining.

He highlighted that chieftaincy titles come with significant responsibilities, including the funding of 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.”

Hence, he advised against accepting such titles to avoid being burdened with these obligations that could hinder business and personal finances.

Furthermore, Amoabeng advised business owners to be cautious when dealing with family members, politicians, and church leaders concerning employment practices.

While acknowledging that politicians and pastors could provide beneficial connections, he also warned that they might seek to exploit the business owner.

He urged caution in handling such relationships to avoid being taken advantage of.

Amoabeng emphasized the importance of making employment decisions based on qualifications and merit, rather than allowing personal relationships to influence hiring.

He discouraged the practice of employing unqualified family members solely because of their relation to the business owner, which could negatively impact the company's performance and growth.

“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.”

As businesses expand and face increased pressure, Amoabeng referred to it as "dealing with the devil." He stressed the need to handle these pressures and external influences wisely and assertively, even if it means making tough decisions like firing employees who are not performing adequately, regardless of their familial ties.

In conclusion, Amoabeng expressed his hope that Fairgreen Limited, which has grown significantly from its garage origins to securing international contracts, will endure for a long time to come and be one of the few Ghanaian companies with a lasting legacy.

“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.