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Ghana needs to build generational businesses – Minister

Ibrahim Awal Mohammed

Ghana needs to build generational businesses to promote Ghana Beyond Aid, Dr Ibrahim Mohammed Awal, the Minister of Business Development, has said.

Speaking at the 9th Ghana Entrepreneur and Corporate Executive Awards 2019 in Accra, Dr Awal said, the rate at which most businesses failed in the country is inexcusable, adding that, research had shown that 85 per cent of businesses does not survive beyond their founders.

The Awards night was on the theme: “Promoting the UN’s Sustainable Development Goals 17 through Private and Public Partnership.”

Dr Awal urged business owners, who have operated their businesses beyond 30 years, to share their ideas, disciplines and tenacity that helped them to achieve such successes.

He said in Ghana: “we cannot boast of 20 businesses that have survived beyond their owners.”

Dr Awal said, as Africa geared up for the continental free trade agreement, the only way businesses from Ghana could compete with their peers was to have business models that worked.

He called on experienced entrepreneurs to continue to help the young ones with ideas and business models to improve on their businesses.

“I challenge you not to keep all the secrets that kept you going in your various businesses,” he added.

Mr Robert Ahomka-Lindsay, the Deputy Minister of Trade and Industry, said by the end of the year, about 180 companies would be at various stages of completion under the one District one Factory policy.

He commended the Awardees and assured them of government continues support in their operations.

Nana Dr. Michael Agyeman Addo, the Chairman of the Entrepreneurs Foundation of Ghana said there was the need for entrepreneurs to wake up to the 21st century challenges, urging them to think about corporate entrepreneurship.

He said by so doing, they would be cutting down cost through innovation and survived by building capacities that would enable their organisations to accelerate new business growth.

“I challenge you all to be innovative in your various businesses, otherwise, you will fizzle out from this global competition,” he added.

The awardees for the entrepreneur awards included Dr Daniel Mckorley, the Executive Director of MacDan Group of Companies, Dr Felix Anyah, Founder and Chairman of Holy Trinity Medical Centre, Mr Obed Asante, CEO of Ghana Nuts Company Limited and Mr Eric Sedoy Kutorse, Group Executive Chairman of First Sky Group.

The rest were Mr Anthony Tuosegma Poorer, Managing Director of Agriaccess Ghana Limited, Mrs Patience Tsegah, Managing Unicom Chemist Limited and Alhaji Abdul Salamu Amadu, the Chairman of the Afro-Arab Group of Companies.

For the Corporate Executive Awards, the awardees included Dr Ernest Addison, Governor of the Bank of Ghana, Mr Kwamena Bartels, the Board Chairman of the Ghana Oil Company Limited, Dr John Ofori-Tenkorang, the Director-General of SSNIT, Mr Kwasi Agyeman Busia, the CEO of DVLA and Mr Daniel Yao Domelevo, the Auditor General of the Ghana Audit Service.

The rest were Mr Odun Odunfa, the Managing Director of First Atlantic Bank, Senyo Hosi, the CEO of the Ghana Chamber of Bulk Oil Distributors, Mr Michael Okyere Baafi, the CEO of Ghana Free Zones Authority, Dr Fadda Dickson, the Managing Director of Despite Media and Mr Alhassan Tampuli, the CEO of National Petroleum Authority.

Source: GNA

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