Ghanaian businessman Seidu Agongo has opened up on what he describes as eight difficult years navigating the country’s business environment, warning that building and sustaining enterprises in Ghana can sometimes feel uncertain.
According to him, while the private sector remains central to national development—creating jobs, driving innovation, and supporting economic growth—the realities on the ground can be far more complex.
Recounting his journey, Mr. Agongo said he started from humble beginnings in Nima, Accra, trading basic commodities such as rice, sugar, and cooking oil.
“I did everything—from offloading goods to managing accounts,” he noted, adding that the experience shaped his discipline, resilience, and understanding of business.
Over time, those early efforts expanded into investments across media, finance, and other sectors, supporting livelihoods and creating employment opportunities.
However, he revealed that between 2017 and 2024, his business operations faced significant setbacks.
He cited a fire outbreak that destroyed Class FM, one of his key media assets, as well as prolonged legal battles that kept him tied to courtrooms instead of managing his businesses.
The most significant challenge, he said, was the revocation of the licence of Heritage Bank Limited by the Bank of Ghana.
At the time, the bank was fully operational, with staff, customers, and a clear growth strategy.
Its closure, he said, came as a shock—especially when other struggling financial institutions received support.
Mr. Agongo further disclosed that he was subsequently labelled “not fit and proper,” leading to the closure of his bank accounts and restricted access to the financial system.
This, he noted, made it extremely difficult to operate his businesses.
Beyond the personal impact, he emphasised that the situation affected employees, families, and long-standing investments.
Reflecting on the experience, Mr. Agongo said the biggest lesson has been that compliance alone does not always guarantee protection.
He stressed the need for consistency, fairness, and transparency in regulation.
“To entrepreneurs, build with resilience and prepare for unexpected challenges,” he advised.
He also called on policymakers to ensure that businesses are not subjected to decisions that undermine their long-term viability.
“When businesses collapse, livelihoods are lost,” he stated.
Despite the challenges, Mr. Agongo remains optimistic, expressing his continued belief in Ghana and commitment to rebuilding.
