Introduction
“Power tends to corrupt, and absolute power corrupts absolutely.” — Lord Acton.
Throughout history, leaders in financial institutions, corporations, and political arenas have risen to great heights, wielding influence and commanding authority. Yet, one undeniable truth persists—power and position are fleeting. The boardrooms of global banks, the offices of CEOs, and the corridors of government institutions are all temporary stages where individuals play their roles before time moves them aside.
From the towering heights of Wall Street to the executive floors of multinational corporations, history has repeatedly shown that no title is permanent. As Marcus Aurelius, the Roman emperor and Stoic philosopher, once said, “All things fade into the storied past, and in time are forgotten.” This article explores the transient nature of power and position, using examples from financial institutions and other sectors while drawing wisdom from some of history’s greatest minds.
The Ephemeral Nature of Power and Position
1. Financial Institutions: A Cycle of Leadership
The banking and financial sectors are prime examples of how leadership is transient. CEOs of major banks such as JPMorgan Chase, Goldman Sachs, or the Bank of Ghana enter their roles with immense authority, yet their tenure is often limited. “The measure of a man is what he does with power,” said Plato. While some executives leave behind lasting legacies, others fade into obscurity once their tenure ends.
A striking example is Dick Fuld, the former CEO of Lehman Brothers. Once one of the most powerful men on Wall Street, his position crumbled with the collapse of Lehman in 2008. His story mirrors that of many financial leaders who, at the peak of their careers, appeared invincible, only to be replaced or discredited when circumstances changed.
2. Ghana’s Financial Sector: From Power to Obscurity
In Ghana, the banking sector has witnessed dramatic rises and falls. Several once-powerful banking executives and institutions have collapsed, leaving their leaders in the shadows:
William Ato Essien – Once hailed as a visionary in Ghana’s banking sector and the founder of Capital Bank, Essien’s rise was swift, but his fall was even swifter. Following the bank’s collapse in 2017, his popularity as a financial genius faded, and today, little is heard about him. Dr. Henry Kofi Wampah – Former Governor of the Bank of Ghana, who played a key role in Ghana’s financial system but is rarely mentioned in modern economic discussions. Dr. Ernest Addison – As Governor of the Bank of Ghana, Dr. Addison played a significant role in Ghana’s financial sector, overseeing major banking reforms and regulatory measures. However, like his predecessors, his influence will likely wane with time as new leadership takes over. Fritz Akaly – A former Managing Director of Standard Chartered Bank Ghana, who once played a crucial role in the banking industry but is now seldom mentioned. Frank Adu Jnr. – The long-serving Managing Director of CalBank, who was influential in Ghana’s banking space. Since his retirement, however, his presence in the financial sector has significantly diminished. Dr. K.K. Sarpong – A former CEO of the Ghana National Petroleum Corporation (GNPC), Sarpong was once a highly influential figure in Ghana’s energy and financial sectors. Today, his name is rarely mentioned in leadership discussions. Prince Kofi Amoabeng – Co-founder of UT Bank, Amoabeng was celebrated as one of Ghana’s most innovative banking leaders. However, following the collapse of UT Bank in 2017, his influence diminished significantly, and his public presence has waned. Dr. John Ofori-Tenkorang – Once a key figure in Ghana’s financial sector as Director General of SSNIT, his influence has significantly declined over time.
These examples illustrate that power in the financial sector is not permanent. The economic landscape changes, policies shift, and once-mighty leaders become footnotes in history.
3. Political and Institutional Leadership: The Temporary Throne
Beyond the financial sector, political leaders and heads of institutions experience the same reality. Kwame Nkrumah, Ghana’s first president, once held immense power but was later overthrown and died in exile. Jerry John Rawlings, despite his long rule, had to cede power eventually.
Similarly, in recent history, leaders such as:
Dr. Stephen Opuni – Former CEO of COCOBOD, once a powerful figure in Ghana’s cocoa industry, faced legal issues and diminished influence. Alfred Agbesi Woyome – Once a powerful businessman with significant political influence, his name is now primarily associated with the controversial judgment debt case rather than leadership.
As Shakespeare wrote in Macbeth, “Life’s but a walking shadow, a poor player that struts and frets his hour upon the stage and then is heard no more.” This applies to all who hold positions of power, whether in politics, business, or finance.
Lessons from History and Philosophy
Humility is Key – Lao Tzu wisely stated, “The higher you are, the harder you fall.” Leaders who understand the temporary nature of power lead with humility rather than arrogance. Legacy Matters More Than Titles – Nelson Mandela’s legacy endures not because of his title but because of the impact he made. In banking, leaders who prioritize ethical governance and sustainable growth leave a mark long after their exit. Power Should Serve Others – Mahatma Gandhi once said, “The best way to find yourself is to lose yourself in the service of others.” Leaders who use power to benefit their employees, customers, and society build institutions that outlast their tenure. Adaptability Determines Longevity – Charles Darwin noted, “It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change.” In the financial world, leaders who adapt to economic shifts and technological advancements sustain relevance beyond their position. Ethical Leadership is the True Power – Warren Buffett famously said, “It takes 20 years to build a reputation and five minutes to ruin it.” Leaders who act with integrity leave behind an institution that thrives even after they depart. Self-Awareness Prevents the Illusion of Invincibility – Aristotle taught, “Knowing yourself is the beginning of all wisdom.” Many leaders fail when they overestimate their importance. Understanding that power is temporary helps leaders make decisions with perspective and humility. Institutional Strength Outlasts Individuals – John C. Maxwell noted, “A leader’s lasting value is measured by succession.” The strongest institutions survive leadership changes, proving that no one person is indispensable. Failure to Evolve Leads to Irrelevance – Peter Drucker once said, “The greatest danger in times of turbulence is not the turbulence—it is to act with yesterday’s logic.” Many former banking executives failed because they didn’t adapt to financial reforms. Power Does Not Equate to Influence – Barack Obama observed, “You can’t lead people if you don’t love people.” True influence extends beyond a job title—those who lead with vision and empathy remain relevant long after they leave office.
Conclusion
Socrates once remarked, “The only true wisdom is in knowing you know nothing.” Leaders in financial institutions, corporations, and governments would do well to remember that power is borrowed, not owned. It is a tool, not a possession. Titles, positions, and influence may pass from one individual to another, but the impact they leave behind is what truly matters.
Ultimately, power and position are transient. The great financial minds of today will one day be replaced, just as kings, emperors, and CEOs before them. The question is not how long one holds power, but rather, what one does with it while they have it. Leaders! Let’s watchout !
By
Stephen Antwi, PhD.
Director of Studies and Training
National Banking College
Email : [email protected] or [email protected]
0246188613
