Many businessmen start with nothing, and with a combination of hard work, vision, and timing, can become stars on the rise. That is why other successful businessmen voted Ghanaian born Prince Kofi Amoabeng as Marcopolis’ number one (1) most powerful entrepreneur in Ghana.
Today, Amoabeng is the Chief Executive Officer of UT Bank (formerly UT Financial Services) and the President of UT Holdings. However, his company was not always a household name. Leaving a military career behind to pursue a profession in finance, Amoabeng ventured into many enterprises that led him to his success.
Amoabeng was born in the Eastern Region of Ghana, which he left years later to attend college in Cape Coast. He then attended the University of Ghana, where he earned his Degree in accounting. In 1975, Amoabeng entered the Military Academy, and shortly after, was commissioned as a Lieutenant. While in the military, he won a scholarship from the Ministry of Defense to study Management Accountancy in the United Kingdom. Though he had much success in the army, Amoabeng left to pursue other paths.
Some of the companies Amoabeng worked for include Opayesco Wood Processing Company, K K Power & Co, P.K. Amoabeng Enterprise, Schiewer Gh., Jam Haus, and the Ghana Stock Exchange. Furthermore, he also had part in facilitating the entry of Elf, a French petroleum company, into Ghana.
In the mid 1990’s, he decided to go into business for himself. Amoabeng founded UT Financial Services, a finance house that set out to assist businessmen like himself who had difficulty receiving financial assistance from the traditional banking sector. Today, UT Bank provides clients with fast and efficient short-term loans and real returns on investments. His clientele include an array of business organizations and people who could not be catered for by conventional banks. UT is a holding company with several subsidiaries, a staff of over 900 people, and 27 branches all over Ghana, with a turnover rate of an estimated $50 million.
His wide-ranging business experience and strategic planning have earned him much success over the years. Now a household name, Amoabeng has received great recognition for his hard work. Forbes ranked Ghana’s 20 richest people, placing Amoabeng at #16, with an estimated net worth of $98 million. Furthermore, he has been honored with several awards.
Amoabeng’s achievements include: Lifetime Achievement Award for Innovation in Africa, Johnnie Walker Giant (a global campaign), Overall Best Entrepreneur in the Maiden Ghana Entrepreneurs Award, Most Respected CEO, Marketing Man of the Year, among many others.
Along with wearing the hats of CEO and President of UT Bank and UT Holding, Amoabeng is also a member of the Board of Directors at Ghana Interbank Payment Settlement Systems (GHIPSS), a member of the Council of Enablis Ghana, and a member of the International Advisory Board of China International Business School.
Though Amoabeng has been very successful over the years, he never forgets to give back to the country that has given him so much. He supports many organizations, including the Ghana Heart Foundation, Ghana Blind Union, Light Outreach International, Countryside Orphanage, and has helped a number of students pursue their education.
Entrepreneurship is a key driver of most economies, and Prince Kofi Amoabeng has been one of the major players to stimulate the growth of Ghana’s economy.