You accept chieftaincy titles at your own peril, it will drain you – Kofi Amoabeng warns

The founder of now-defunct UT Bank, Capt. (rtd) Prince Kofi Amoabeng, has warned Ghanaians against accepting chieftaincy titles.

According to him, anybody who accepts chieftaincy titles in Ghana puts him or herself up for exploitation, citinewsroom.com reports.

He added that not only does accepting chieftaincy titles drain one financially, but it also consumes a lot of time.

“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,” he warned.

The retired army captain also warned Ghanaian business owners against allowing family members, politicians and pastors to meddle in their businesses.

He explained that even though politicians and pastors can be great business connectors, their actions can lead to the collapse of businesses.

“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,” he said.

He added that business owners must be strong enough to sack their family members who are misbehaving because failure to do that might lead to them losing their business.

BAI/WA

Watch the latest episode of the Lowdown on GhanaWeb TV below: