Captain Prince Kofi Amoabeng, a former military officer and founder of the UT Group of Companies, has urged Ghanaian entrepreneurs to avoid incorporating traditional Ghanaian culture into their business operations if they want to succeed.
In an interview with Puretvonline.com, Amoabeng argued that businesses rooted in Ghanaian cultural practices are bound to fail because these traditions often stifle creativity and innovation.
He explained that the culture of deferring to elders and relying on a single decision-maker—the CEO or manager—discourages employees from sharing ideas, leading to stagnation and lack of innovation.
Captain Amoabeng highlighted that his success at UT Bank stemmed from fostering a liberal, inclusive environment where employees felt like family and contributed freely.
He recounted that his workers were treated with care and respect, and he personally attended significant events in their lives, creating a deep bond that motivated them to work wholeheartedly.
He emphasised that being transparent with finances and leading by example in discipline and work ethic further cemented a culture of dedication and loyalty at UT Bank.
Captain Amoabeng concluded by stating that business leaders who rigidly follow traditional Ghanaian cultural practices will struggle, as these values are incompatible with the dynamic and creative needs of modern businesses.