Founder of the defunct UT Bank, Prince Kofi Amoabeng, has urged President John Dramani Mahama to adopt a bold national strategy to deliberately create at least 10 Ghanaian billionaires as part of efforts to accelerate economic growth, reduce poverty and build globally competitive local businesses.
Amoabeng made the call during the Fourth First National Bank (FNB) Head of State Invitational Golf Tournament held at the Achimota Golf Club in Accra last Friday.
“Ghana Needs 10 Deliberately Created Billionaires”
Addressing President Mahama, Amoabeng argued that Ghana must move beyond its “pull-him-down syndromes” and consciously empower capable entrepreneurs with potential to scale internationally.
“We should try to create about at least 10 millionaires or billionaires in Ghana, deliberately,” he said. “Choose young people who are honest, pay their taxes and have solid businesses, then intentionally back them with grants and contracts so that they can project Ghana internationally.”
Amoabeng emphasised that nurturing strong business leaders across the political divide is essential to President Mahama’s poverty reduction agenda and Ghana’s long-term economic stability.
“Identify, please, not only NDC, but genuine business people and push them, encourage them so that they will become successful for our dear country.”
Praise for Government’s Economic Policies
The former UT Bank chief commended President Mahama for restoring “a national sense of hope,” pointing to improvements in inflation, interest rates, and the performance of the cedi.
He also endorsed the government’s proposed 24-hour economy initiative, describing it in practical terms:
“When you accept you are poor, when rich people are sleeping late, you don’t sleep. That’s basically my understanding of it.”
Strong Support for Accra–Kumasi Commercial Project
Amoabeng expressed excitement about the proposed high-speed commercial project between Accra and Kumasi, arguing that businesses would gladly pay more for faster and efficient travel.
“Anyone who spends seven hours going to Kumasi would pay even 1,000 cedis just to get there faster and return for business.”
He said the project could significantly boost productivity and ease the cost of doing business.
Calls for Urgent Judiciary Reform
The former banking executive said delays within Ghana’s judicial system continue to undermine business confidence. Recounting his own experience, he revealed that a debt recovery case involving collateral took eight years to resolve.
“Why should it take eight years? Without fixing the judiciary, the President’s broader economic agenda will not achieve its full impact.”
Event Highlights
President Mahama attended the tournament alongside the Minister of Sports, senior dignitaries, officials of the Achimota Golf Club and business leaders. The event celebrated sportsmanship and highlighted the critical role of leadership, entrepreneurship and economic strategy in Ghana’s national development.
Amoabeng’s remarks have since sparked national dialogue about whether Ghana should adopt a targeted strategy to build globally influential indigenous billionaires capable of transforming the economy.
