|B&FT Archive News|
Kofi Amoabeng takes a well deserved bow ...going to enjoy more golf
Walking majestically into the press conference room on the management floor of UT Tower, the Chief Executive Officer of UT Bank, Prince Kofi Amoabeng looked happy and excited about what he will be telling the pressmen and women gathered.
With precision, candour and in less than five minutes PK officially told the world about his retirement from active duty as CEO of the bank and why he has taken such a step and at the same time introduce the new team to lead the bank into the future.
Such a bold move, not typical of African leaders, and the passionate manner in which the message was delivered and explained is another feather in PK’s almost full cap of laurels, milestones and successes.
Amoabeng believes that one does not sweat to build an institution and overstay at the top only to see that institution fall just after his departure or demise.
Winning countless awards in a career that spanned almost two decades including Ghana’s Most Respected CEO three times running, PK could have entrenched his position as the co-founder of the bank, but he chose to think about the future.
“When you build a company you build it for humanity and not for you. It is the right time for me step aside for a new generation to takeover and deliver as expected,” these words sums up the visionary leadership skills that has been missing from African leaders, business and political, after colonialism.
“I think my resignation is very timely. Pension age is 60 and I am 63 so really I have overstayed a bit but this is the time to go because we have had challenges but we have a new team working on a turnaround plan and I have faith in the new team and I think the team should be encouraged to deliver so within the next two years UT Bank should bounce back,” he added.
Thus PK has stepped down and will now have the time to engage in his other passions, paramount amongst them is playing golf at the scratch level and more frequently. Also he still serves as the President of UT Holdings, thus he is available to the other subsidiaries of the group.
“First I need to take a break and need time to be with family, play more golf and travel as well and then settle down. As the president I will attend board meetings, meet with staff, clients and continue to build the UT brand. I think I should be a scratch golf player and not the handicaps that I play with. But now I have the time I will drop my handicap,” he notes.
PK describes the UT journey as a “fantastic” one and looking at all the awards, acknowledgment and recognition that has come with it is a good Ghanaian story. “We have given the opportunity to a lot of Ghanaians to build their own companies and now have employed people.”
He expects that as he steps out UT will remain the darling of Ghanaians and deliver on its promises. “I am happy that I am going away at this time and the story will continue. It is better to build a company and step back and see it grow than stay in and die and not know what will happen.”
Touching on what he will miss most, PK stated that the hugs, love and care, especially from the ladies, are what he will most likely miss.
“I will miss the hugs in the company because anytime I come to work the staff come in for hugs and that is the culture of the company where we respect each other, are honest and this is a company that has an open door policy. I will miss the love of the people but I will deal with it,” he adds.
Biography of Kofi Amoabeng
Dropping a military career to pursue a profession in finance, Kofi Amoabeng founded UT in 1997, with the aim of providing customers with fast and efficient short-term loans and real returns on investments.
From a very humble beginning, UT Financial Services now UT Bank and UT Group is now a household in Ghana and Africa at large. As part of their global “walk with Giants” campaign, Johnnie Walker unveiled him as new Ghanaian Giant. His personal journey has taken him from military officer to highly-successful, award winning entrepreneur.
PK was born at Bososo on 22nd February 1952 in the Eastern Region of Ghana. He traces his ethnic roots to his matrilineal hometown of Kukurantumi, also in the Eastern Region of Ghana.
He attended Adisadel College in Cape Coast after passing his Common Entrance examination at Penworth Preparatory School, a boarding institution for boys in Accra, in 1964, and completed his sixth form at St. Peter’s Secondary School at Akwatia.
He attended the University of Ghana, Legon, where he obtained a 2nd class upper in Administration with an Accounting major. Kofi entered the Military Academy in Accra in April 1975, and was commissioned as a Lieutenant by November.
While in the army, Kofi won a scholarship from the Ministry of Defence to study the Royal Army Pay Corps course in Cost and Management Accountancy in Winchester, UK. He passed out after a year and a half and returned home. Mr. Amoabeng left the army in May 1982 on principle. This was six months after the return of the country to military rule as this was against everything he stood for.
He graduated from the premier Business School in Ghana, University of Ghana Business School, with B.Sc Admin (Accounting). He is a fellow of the Chartered Institute Management Accountants (CMA-UK) and a member of Chartered Accountants CA (GH). From 1992-2003, he lectured at the Ghana Stock Exchange.
He has extensive experience in managing businesses through excellent customer relations, strategic and tactical business planning as well as strategic partnerships. Mr Amoabeng had earlier ventured into various enterprisesworking with companies like Opayesco Wood Processing Company Limited, Jamhaus Limited, K.K Power Company Limited and P.K Amoabeng Enterprise Limited.
Mr. Amoabeng’s sterling leadership and entrepreneurial skills has won him and his company a number of laurels. Among his awards are: Most Respected CEO (Princewaterhousecoopers and, B&FT) 2012, 2010, 2008; Ghana’s Giant for Johnny Walker’s Walk with the Giants’ project (2012); and Finalist in the Ernst & Young West Africa Entrepreneur of the Year Award (2011).
The rest include Overall Best Entrepreneur in the Maiden Ghana Entrepreneurs Award (2011); one of two Ghanaians profiled in Moky Makura’s book on Africa’s Greatest Entrepreneurs which profiles 16 of Africa’s top entrepreneurs; two times running Ghana’s Most Respected CEO for 2008/2010; National Honours for an Order of the Star of the Volta-Officer’s Division presented by the President of Ghana in 2008; Marketing Man of the Year 2006.
Through the UT Group, the seasoned entrepreneur has supported many civil society organizations with several millions of Ghana cedis. These include the Ghana Heart Foundation, Ghana Blind Union, Ghana Trust Fund, Light Outreach International, Family Outreach Ghana, Countryside Orphanage, Ghana Education Centre and orphanages across the length and breadth of the country. Mr. Amoabeng also extended his generosity to a number of individual, especially students of both secondary and tertiary education.