The Minister of Business Development, Dr Ibrahim Mohammed Awal, has disclosed that less than 20 businesses in the country have survived beyond their founders.
At the nineth edition of the Ghana Entrepreneur and Corporate Executive Awards held on Saturday in Accra, where he was crowned the Outstanding Minister of the year 2018, he challenged entrepreneurs, especially those who have operated for decades, to share with their successors, the disciplines and social capital that sustained their businesses, for effective continuity after their demise.
“Your successor cannot survive with the financing alone. Share the social capital; the network, relationship that you built with friends, with customers, with suppliers. That is more important to keep the business growing. Otherwise the business will collapse”, Dr Awal said.
A total of 39 corporate executives, entrepreneurs and public officials were awarded at the ceremony organised by Entrepreneurs Foundation of Ghana (EFG) to recognise excellence in private and public organisations in the country.
According to Dr Awal, the building of what he described as generational business was critical to the achievement of the Ghana Beyond Aid vision, adding that, females should not be underestimated and sidelined in such succession plans.
The signing of African Continental Free Trade Agreement, which would cover a market of 1.2billion people, he said, meant there were no boundaries in business for which reason Ghanaian businesses needed to acquire workable business models to stay competitive.
In view of this, he urged development partners to share with the Ghanaian business community, the business models that sustained businesses in their countries for more than 300 years, to enable the local private sector expand and create jobs for the teeming youth.
“We want a new relationship. We do not want aid. Give us the models that can make our businesses expand” the minister said, assuring that the government would, on its part, create the enabling environment for the private sector to grow.
Deputy Minister of Trade and Industry, Robert Ahomka-Lindsay, touted the recent signing of an agreement between Ghana and US EXIM banks for $300m support for the private and parliamentary approval of incentives for One-district-one-factory as indication of the government’s continued support for the private sector
“The government will continue to be with you every step of the way and support you”, he assured the entrepreneurs.
Nana Dr Michael Agyekum Addo, Chief Executive Officer (CEO) of Mikaddo Holdings Ltd, in his welcome address, admonished entrepreneurs to be innovative in the current era of technological advancement else they would fizzle out from global competition.
Awardees in the corporate executive category included the Governor of the Bank of Ghana, Dr Ernest Addison, Director General of the Social Security and National Insurance Trust (SSNIT), Dr John Ofori-Tenkorang , the Auditor General, Daniel Yao Domelevo and Alhassan Tampuli, CEO of National Petroleum Authority.
The Executive Chairman of First Sky Group, Mr Eric Seddy Kutortse was adjudged the overall entrepreneur of the year 2018 with other winners of entrepreneur category including Daniel McKorley , CEO of McDan Group of Companies, Dr Felix Kwaku Anyah, CEO of Holy Trinity Spa and Medical Centre and Mr Salem Kalmoni, Managing Director , Japan Motors Trading Company Limited.