UT Group Founder Prince Kofi Amoabeng Advises Young Entrepreneurs to Resist Overnight Success

• UT Group Founder Prince Kofi Amoabeng shared advice for young Ghanaian entrepreneurs on The Peswa Podcast on September 27, 2026
• Amoabeng warned that the desire to display wealth early is one of the biggest threats to building a sustainable business
• The businessman also reflected on how his own avoidance of politics and chieftaincy networks left his ventures more exposed

Prince Kofi Amoabeng, the founder of UT Group, has urged Ghanaian entrepreneurs to resist peer pressure and focus on building credible, well-structured businesses rather than chasing visible success in the early stages of their ventures.

Speaking on The Peswa Podcast on Sunday, September 27, 2026, Amoabeng drew on his experience building UT Financial Services to argue that young companies can thrive if they operate quietly and invest in the right foundations before attracting wider attention.

Prince Kofi Amoabeng's nuggets of wisdom

Amoabeng said new businesses benefit from operating below public notice in their early stages, using that period to establish strong internal systems and a culture of accountability.

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"If you have the structures and the culture is right and things like that, and you are principled about it, put policies in place, you can grow," he said.

He recalled that Unique Trust, which later became the cornerstone of UT Group, was largely unknown when it launched. Regulators only began paying close attention once its financial activity became too significant to ignore.

"Bank of Ghana wasn't even coming to audit us initially. It was when they saw the returns that we're submitting and our bank statements and the money flowing through it that even the core organisational institutions like the Bank of Ghana, the banks started looking at us," he said.

Amoabeng also cautioned against founders running their companies like personal fiefdoms, where employees cannot question decisions or hold leadership accountable.

"A lot of young people start a business, and they bring the traditional form of governance. It's like they are the chief and the owner of the business. You can't talk to me anyhow. You can't challenge me, and I'm not accountable to anybody," he said.

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Kofi Amoabeng: The danger of spending early

The businessman Kofi Amoabeng identified the urge to spend early profits on visible symbols of success as one of the most common errors among young entrepreneurs.

He noted that many business owners feel compelled to purchase cars or visit nightclubs to signal their progress to their social circles rather than reinvesting in their companies.

"The problem I find with most young people is they want to be successful immediately," he said, adding that such behaviour is rooted in peer pressure rather than sound business thinking.

Amoabeng also reflected on his own shortcomings, acknowledging that his refusal to engage in political circles or chieftaincy networks sometimes left his businesses more vulnerable. He noted that informal influence shapes many business and government decisions in Ghana, often directing contracts and opportunities away from those best placed to deliver them.

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"There are too many people who are influencers… influencing serious government decisions, and they are so powerful that they will let contracts and deals go to the wrong people," he said.

Despite those challenges, he encouraged aspiring entrepreneurs to begin their journey with confidence and discipline. "To the young people, don't be afraid. Start. Start on the right note," he said.

The TikTok video is below:

Kofi Amoabeng talks about work culture

Earlier, YEN.com.gh highlighted facts about former UT Bank CEO Prince Kofi Amoabeng’s position on how organisations have a responsibility to ensure a healthy working environment for all their staff, particularly women.

Amoabeng also revealed that he introduced policies that reward meritocracy instead of leaving deserving employees at the mercy of their bosses, some of whom might not have the right intentions.

He said the rule was intended to protect fairness in recruitment and career advancement.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh