The Managing Director of UBA Ghana Limited, Abiola Marufatu Bawua has bemoaned the acts of nepotism which she said are detrimental to business success in the country.
She said though doing business in Ghana appears risky because of the high cost of interest rate, strategic planning by entrepreneurs, guided by best practice and proper mentorship will yield positive results.
She indicated that business owners should be mindful of the negative ramifications of borrowing at a higher interest if the investments go wrong, no matter how small they may be in their quest to create wealth.
Madam Abiola who was speaking on XYZ Broadcasting Ltd’s Money and Investment series, a month long initiative aimed at tapping experiences of industry leaders, called for passion, innovation, proactiveness towards measured targets.
The MD of UBA reiterated that business minded people must seize every opportunity and embrace themselves with integrity.
“For you to be wealthy, it is not about borrowing. Let’s take a typical example like Ghana, interest rate is around 30 or 35 percent, is your margin up to that?so it will be suicidal for you to make a good business, making profit of 40%, pay yourself, pay your bills,pay your staff,pay your rent and go and borrow at 30%? Over time the wealth will vanish”, she stated.
“Don’t go and take something that will swallow you, don’t despise that humble beginning. Start with your little savings so for me, anyone who wants to do business in this our part of the Continent must start with savings” she stressed.