The President has called on Ghanaian business owners to prioritize succession planning, warning that many local enterprises collapse after the founder’s exit due to weak transition structures and internal disputes.
He noted that while many businesses thrive under their founders, the lack of clear succession plans often leads to conflicts among family members, ultimately causing the business to fail.
He urged entrepreneurs to deliberately groom successors early, especially in family-owned businesses, to ensure continuity and long-term growth.
Citing a positive example, he referenced Sasabrako, where the leadership transition to the founder’s son has resulted in even greater expansion, demonstrating the value of structured succession planning.
The President also addressed the issue of “permanent startups,” businesses that remain small due to limited managerial capacity or access to capital.
He encouraged larger, established companies to invest in or acquire such startups, helping scale them into competitive enterprises.
According to him, this model, where startups are nurtured and later integrated into bigger firms, is a proven strategy in more advanced economies.
He urged business leaders not to shy away from bold investment decisions, including taking equity stakes in smaller companies and supporting them with capital and expertise to drive growth.
President Mahama outlined the upcoming 24-hour economy initiative to boost productivity and industrial output.
Participating companies will enjoy incentives such as duty-free import of machinery, expedited 24-hour port clearance, and additional tax and operational benefits pending parliamentary approval.He emphasized that Parliament will play a key role in approving these incentives to ensure transparency and clarity for all stakeholders.
Touching on political stability, the President cautioned against the perception that businesses are tied to political regimes, stressing that economic progress must remain neutral and inclusive.
He reiterated that the government’s role is to support all businesses regardless of political affiliation.
He further highlighted the impact of the government’s “Big Push” infrastructure programme, describing it as the largest road investment drive in Ghana’s history, with over 2,000 kilometers of roads under construction simultaneously.
He explained that investments in construction have a strong multiplier effect, stimulating demand across sectors such as cement, steel, fuel, and equipment, while also creating jobs for engineers, artisans, and vendors.
The President expressed particular pride in the increasing number of young Ghanaian engineers, including women, leading major construction projects across the country.
He concluded by encouraging collaboration between government, large corporations, and small businesses to build a resilient and scalable private sector, emphasizing that sustainable economic growth will depend on bold leadership, strategic investment, and long-term planning.
Source: myxyzonline.com
