Fix the system, it will fix the economy – UT Boss

The country’s leadership must concentrate on building a robust system that ensures functional, efficient institutions of state and accountable, responsible citizens to propel the economy, says renowned business leader and entrepreneur Prince Kofi Amoabeng.

“Government should provide a very good platform -- roads, addresses, and citizens’ identity cards-- and then you can trace people and make them responsible and accountable,” the UT Bank Chief Executive said.


“Government can then build the systems, institutions and structures that will ensure that if you have a business to promote, that business succeeds,” he added. Mr. Amoabeng was speaking at the 8th Vodafone African’s Business Leaders Forum on Monday in Accra. The rallying theme of the event, which was put together by the Business & Financial Times, was “Setting the Next Agenda for Africa”.


Touching on what leadership steps need to be taken toward setting up a new agenda for the continent, particularly Ghana, Mr. Amoabeng said: “Everywhere Africans live, we deliberately, consciously, destroy the systems that will deliver the best; and we create chaos so we can explore for our very short-term myopic needs. Because of the lack of a system, we are involved in huge corruption.


“If we can actually demand from our leadership, ‘don’t even give us money’, but rather create the platform: first, give us addresses so we know who lives where, and then make us accountable. When you have done that, the good people will rise up and develop the country. It’s not about the big things.

“Leadership must commit to put these structures and systems in place. If we can do this, the good, the knowledgeable, and the visionaries will rise and their businesses will thrive -- because when you hit a bottleneck you go to the system, and the system then rights it for you.”


Professor Kwame Boasiako Omane-Antwi, Vice Rector and Dean of the Faculty of Business Administration at Pentecost University College, said: “Africa’s problem is not a lack of resources but leadership challenges. If we look at that we will move forward.”


He added: “We are individualistic; the moment we are not sharing, we have challenges. As Africans, we should move away from the individualistic attitude. For you to be a good business person, you should be able to network and share.” He urged business leaders to build their intelligence, emotional, learning, leisure, risk and cultural quotients if they aim to be growth leaders.


The 8th Vodafone African Business Leaders Forum brought together hundreds of business leaders and policymakers, mainly from Ghana but also from across the continent, to deliberate on ways to harness Africa’s potential.