[Video] Ghanaian businesses fail because owners don’t follow rules – MIKADDO CEO

The Chief Executive Officer of MIKADDO Holdings, Nana Dr Michael Agyekum Addo, has blamed the collapse of indigenous businesses in the country on the refusal of their owners to adhere to rules and regulations.

The accomplished business man who was speaking on XYZ Tonight Wednesday acknowledged there could be some underlying factors that can cut short the life of some businesses in the country, he was, however, quick to emphasize that most businesses collapse because their owners do not abide by the rules and regulations governing the establishement of such ventures.

“Why Ghanaian businesses fail, do they follow the rules and regulations of business? the answer is no,” Dr Addo told host Prince Minkah and went on to advice budding entrepreneurs and business owners to follow the rules and regulations governing their businesses to survive.

To him, the mistake business managers and CEOs do is to believe for a business to thrive one has to seek spiritual help, discounting that notion outrightly and urged religious leaders to teach their followers how to be law-abiding.

“So what is important for the pastors is to talk to us to follow the rules and regulations governing businesses for us to be prosperous, not by magic…Its not spiritual,” he added.

Dr Addo, who is also the President of the Red Cross Society of Ghana, attributed the collapse of some banks in the country between 2017 and 2019 to the inability of their owners to abide by the banking regulations hence their collapse during the financial sector crisis.

“These banks that collapsed, if they had managed the peoples monies well, they wouldn’t have collapsed,’ the immediate past Chairman of the Ghana Investment and Promotion Centre (GIPC) stated although agreeing that some were allegedly targeted for political reasons.

To him, if the institutions that were allegedly targeted and collapsed for political reasons were without blemish, it would have been difficult for them to be shut down.

“If XYZ is doing the right thing, you become untouchable. But if you do not pay your taxes and then they close it down, you will sit down and cry that the system does not like me and that it is not fair,” he advised.


By Henryson Okrah|

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