Business News of Thursday, 12 November 2020
A total of 67 individuals and companies have been awarded at the just ended 3rd edition of the Ghana Business Awards at the Kempinski Gold Coast Hotel in Accra.
The awards which was themed “Impact of COVID-19 on business sustainability; a review of big business, SMEs and StartUps,” was aimed at promoting business excellence.
It also provided an opportunity for networking among industry players as well as promote open dialogue between relevant stakeholders in the public and private sectors that focused on adopting the right strategies to stimulate post-COVID-19 economic recovery in Ghana to ensure a future of hope and shared prosperity for all Ghanaians.
Delivering the keynote address, the Minister of Business Development, Dr Ibrahim Mohammed Awal charged founders of indigenous companies to put in place a good succession plan in order to sustain their businesses after their exit.
According to him, only 15 percent of indigenous businesses in the country survive after their owners leave the helm of affairs. The remaining 85 percent, he said died out leading to the loss of huge investments made in those companies.
This, he said, derails the government’s efforts at making the country’s economy one of the strongest in Africa.
“It is sad to note that 85 out of every 100 businesses do not go to the next generation. they collapse after the exit or death of the founders,” he said.
Dr Awal who urged business owners to consider succession plans as a priority said they must plan now and not wait till they are old. “Start thinking of who will succeed you from day one, whether it is your relative, your son or daughter, and start training them,” he said. “Give them the skills and values that made you succeed so that when you are not there they will continue with it,” he added.
The minister further indicated that business owners must plan, train, and groom their successors so that they can continue with the objectives they have set to make the business successful. “You don’t wait and when you are about leaving you to hand it over to anyone,” he mentioned. Click this link shorturl.at/clnAJ to watch the highlight of the 2020 Ghana Business Awards.
Dr Awal also urged businesses to take advantage of the Africa Continental Free Trade Area (AfCFTA) headquartered in Ghana to expand their market.
According to him, Ghana is holding the secretariat of the AFCTA, 1.2 billion people and $3.3 trillion in terms of trade and investment.
Ghana, he therefore said cannot be a mere participant.
“We must train our people, innovatively so that our products do not only meet local demand but can compete globally,” he added.
Explaining details of the awards, CEO of Globe Productions and Project Manager for the GBA, Latif Abubakar said the awards was informed by the need to encourage businesses in the country to think innovation and create the necessary platforms that breed entrepreneurship and ultimately help their businesses become competitive international as well as improve on job creation in the economy.
According to him, it was a time to share rich experiences and share practical business solutions among business leaders and partners.
The awards saw Group CEO of Fidelity Bank, Edward Effah, and Group Chairman of Jospong Group of Companies, Dr Joseph Siaw Agyepong adjudged CEO of the Decade and Entrepreneur of the Decade respectively while CEO of Gold Fields Ghana, Alfred Baku and CEO of Ghana National Gas Company, Dr Ben K.D. Asante picked up CEO of the Year for the Private and Public Sectors.
Mr Ghassan Yared, CEO of Forewin Group of Companies emerged Entrepreneur of the year while the Promising Entrepreneur of the year was picked by CEO of Quick Angels Limited, Richard Nii Armah Quaye.
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