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Much to do to improve business environment for successful entrepreneurship By Nii Annerquaye Abbey
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he past year has been challenging for businesses, and even more arduous for small and medium-sized companies that likely did not have a business continuity plan or contingency plan in place before the pandemic. Although Covid-19 hammered the economy and created tough conditions for entrepreneurs, Ghana’s business operating environment was challenging even before the pandemic struck. This is seen in the World Banks’s Doing Business report, which, since 2003, has provided an objective measure of the quality of the business environment across 190 economies and selected cities at the sub-national and regional level. The 2020 report, which was based on operating conditions in 2019, ranked Ghana 118th out of nearly 200 countries for the ease of doing business. The performance was a deterioration from the 114th position the country occupied in 2019. As far as the ease of starting a business is concerned, Ghana ranked 116th out of 190 countries. Although the country has taken significant steps over the years to facilitate business registration, there is still a lot to improve, since the current situation does not befit a country positioning itself as the lead destination for foreign direct investment in the sub-region. The new Companies Act which was passed in 2019 is a step in
the right direction to streamline the business registration and operating environment. The Registrar-General’s Department is implementing a number of innovations, like online business registration and digital payments, that aim to simplify the business registration process. Recently, the Ghana Investment Promotion Centre (GIPC), the state’s chief business promoter, announced that it was liaising with other state regulators to set up a one-stop shop for investors seeking to establish in Ghana. This is expected to reduce the turnaround time for investors as they do not have to complete cumbersome mandatory requirements at various locations. Ghana’s ranking is relatively better on the ease of getting electricity (79th) and obtaining a construction permit (104th), but it does not do so well on the ease of paying taxes (152nd) and trading across borders (158th). Thankfully, important efforts are ongoing to address these problems. For example, the Ghana Revenue Authority (GRA), which collects the nation’s taxes, is digitising tax payments to reduce taxpayer costs and improve efficiency and convenience. While the ease of setting up a business is the most obvious measure of the ease of doing business, it is equally important for business owners to have a legal regime that ensures that
when things don’t go as planned, they are able to unwind their investment without much trouble. The Doing Business report’s “Resolving Insolvency” indicator basically measures the time, cost and outcome of insolvency proceedings involving domestic legal entities. Here, Ghana is ranked 161st, bettering the performance of only 29 other countries. This ranking is not encouraging, but it is encouraging to note that Parliament last year passed the Corporate Insolvency and Restructuring Act 2020 (Act 1015) to tackle this problem. According to Felix Addo, President of the Ghana Association of Restructuring and Insolvency Advisors (GARIA), the act provides a tool for companies in distress to restructure and turn their fortunes around; to preserve their going concern value, either with the same shareholders or new shareholders; to preserve as many jobs as possible; and to continue to play their part in the economic landscape. Hopefully, Act 1015 would improve on the insolvency regime and in the long term improve upon the country’s ranking. Even before the outbreak of the pandemic, the government was implementing a number of innovations to improve the business environment. These include the Digital Addressing System and mobile money interoperability. The lack of a structured address system
has hampered bank lending, for instance, and the digital addressing system should help financial institutions deal more confidently with customers, whose addresses can now easily be found. The mobile money interoperability innovation further deepens financial inclusion and opens up more opportunities for businesses as far as accepting digital payments is concerned. In the World Economic Forum’s latest Global Competitiveness Report (GCR), Ghana performed creditably on innovation and technological readiness. Although overall, Ghana ranked 111th out of 137 countries for its competitiveness, on innovation and technological readiness, it ranked 57th and 93rd respectively. Given the adverse impact of the pandemic, countries are priming themselves to attract the most investment to inject life into their ailing economies. And Ghana, like most of these countries, has a lot to do to boost both internal and foreign investment. The AfCFTA presents immense opportunities for the country’s post-pandemic recovery, but to take advantage of these opportunities, Ghana has to demonstrate it is indeed ready through a set of reforms that would transform the business environment to encourage successful entrepreneurship, business growth, and job creation.
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‘The secret to success is only one: perseverance’ Massimiliano Colasuonno Taricone, CEO of Casa Trasacco, Ghana’s most famous furniture company, shares his entrepreneurial nuggets of wisdom. Tell us briefly about your entrepreneurial journey up to the present time. I am an Italian/Ghanaian. My grandfather and my uncles emigrated to Ghana, and they were the founders of the Trasacco Group in 1968. I was born later. I did my school and university studies in law, and later in architecture and design in Italy. I have 30 years’ experience in my business, as I have always worked in the furniture design sector as sales director and export manager for the best Italian brands around the world. Then returning to Ghana about 20 years ago, I founded Casa Trasacco. Since the last five years, I have been proudly representing the Republic of Ghana in Italy as Consul. What is the Casa Trasacco company and brand known for? Casa Trasacco in Ghana is certainly known for the great quality of our furniture, the exquisite taste of our design, the customisation we give to each of our customers, the professionalism of our workers, the excellent after-sales service, and the great attention to detail that for me makes a difference. Convenience deserves a separate
discussion. Many customers who do not know us associate our name with real estate, so they think we are expensive. Actually, our motto is “Casa Trasacco, a part of all of us”. We have very competitive prices, quality products but, above all, respect for the money of our customers, which is why a product bought from us remains forever. This is the real convenience. Given your many years in entrepreneurship, what would you say are the strengths and weaknesses of the Ghanaian business environment? The strength of the Ghanaian business environment is that this is a developing market, in which there are many opportunities. But, above all, it gives you a second chance even when you make small mistakes. The weak point is a lack of respect for the rules, especially by companies that come from abroad for business who practise “catch and run away” through bypassing the rules and damaging all those who instead invest locally, including in the professional training of staff. What major changes are needed to make it easier to do business in the country? Better protection for those who
work in Ghana in compliance with the law and certainty for those who come to work in Ghana that they offer guarantees of long-term sustainability for fair competition. There should also be improvement in infrastructure to lower transport costs and travelling times throughout the country. What are your entrepreneurial values and principles, and how have they helped to keep your business going all these years? I never think I've reached the pinnacle of success. I question myself every day, I'm always looking for details that can be improved, I never turn back when faced with obstacles. If I am convinced that a goal can be reached, I do not take no for an answer. Above all, I always have a dream to realise and I am enthusiastic by nature. 2020 was a rocky year for most businesses because of the coronavirus pandemic. From your experience, what are the critical success factors to help a business navigate a crisis? Teamwork: a company is nothing without the people who work there. During the lockdown and the worst period of the pandemic, I always remained
close to my staff. We had more time to talk and discuss, and find new solutions. Although the period was not the best, we have not fired a single worker or missed any day of salary payment, even for the days that we have not worked. How can this country deepen the culture of entrepreneurship, especially to attract more young people into entrepreneurship? First of all, the school. There is a need for specialised professional courses for this. Companies must support these young entrepreneurs, giving them a way to experience mistakes. Sometimes the best investments are just on mistakes. Young people too must do their part, choosing different models of life. It is normal that today's digital young people are attracted by the “influencers” and easy earning, but they have to understand that that is not the way to be successful. Those are fake models. I often see influencers exhibit things to impress followers—the same things that they don't own and that they borrow just for the time of a photo. The secret to success is only one: perseverance. Believe in your dreams and don't take NO for an answer.
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The unique story of
Oheneba Kwabena Kena, CEO of KN Unique Communications
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heneba Kwabena Kena is the Chief Executive Officer of KN Unique Communications, a corporate events and multimedia company with top developed event brands including Ghana Agriculture and Agro Processing Awards/Expo, Ghana Accountancy and Finance Awards, National Customers Choice Awards, Ghana-West Africa Business Excellence Awards, West Africa Healthcare Excellence Awards, Ghana Business Standard Awards, and the Ghana International Products Awards /Expo. These special brands have engaged a lot of companies in Ghana and across the whole world. Oheneba immersed himself in accounting from a young age, making him one of the youngest chartered accountants in Ghana. He worked with some top banks in the country before he resigned to set up a top corporate events and advertising firm—which is now a force to reckon with in the
corporate events and advertising sector in Ghana and Africa. Oheneba takes pride in “propelling outstanding companies to the world” through KN Unique Communications while promoting Africa's worldrecognised quality at all times. Integrity, Excellence, Stewardship, Service, and Innovation. These are the values that KN Unique Communications constantly strives to maintain. The company believes that personalisation is the key to success. For this reason, its events are always tailor-made in order to keep the customer at the heart of service delivery. The strengths of KN Unique Communications include: Catering to each client’s specific needs—reading through the lines of what the customer truly wants is not only a necessity, it is an art; Surprising the customer—for every event, KN Unique Communications thinks differently. No event is the same,
and this is what contributes to the company’s success; Communication and cultural differences—taking into account local culture and social norms while maintaining Ghanaian standards along the way is a true challenge. As an experienced entrepreneur, Oheneba Kwabena Kena has some useful tips for starting entrepreneurs. “Remember this: no matter what, the customer should always be at the core of your business. Spend time listening to customers’ satisfaction and feedback: if it is negative, talk to the customer and try to understand his point of view. Make sure to plan everything with them to avoid setting wrong expectations,” he says. “Timing is key! Planning is crucial to any business, but applies foremost to entrepreneurship. You need to be proactive and foresee any uncertainties. In events management, anything could go
wrong at any time and nothing should be taken for granted,” he adds. According to him, entrepreneurship can be a lonely journey. “This is why networking is key to building brand awareness and to learning as fast as possible in today’s everchallenging world. Sometimes an unexpected meeting will boost you impressively, while on the other hand, people you hoped would support you end up pulling you down. Be ready for this and don’t take it personally. Just follow your own path and convictions.” He advises business owners to be ethical and consistent in everything they do. “Learn from failures: You will fail! But learning from your failures is the best way to progress and will help you to grow stronger. Finally, always remember what a ‘people’s business’ is all about: the essence of your company should always be human-driven.”
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How Kofi Asante Kwachie’s thirst for success led him to establish Unique Water Ltd Tell us briefly about your entrepreneurial journey up to the present time.
major changes are needed to make it easier to do business in the country?
should have a good body that regulates the sector, it would be a good business to venture into.
As a young graduate, I started the BOSANT ENTERPRISE in 2010, with the production of sachet water as well as laundry services, a 47-acre oil palm plantation, and a cement retailing business. Fruits from the palm plantation are turned into oil palm, which is then distributed to market, especially in Accra. However, our main focus is the Unique Water business.
Our strength has to do with easy access to materials used in the production of water bottles; however, the prices of these materials keep changing quickly, and this affects the turnover of the company. There are a lot of sachet water producers in the market, so it is very difficult to increase the prices of the product, since other producers are reducing their price in order to get more customers. This weakness has to really do with competition. There should be a regulatory body that would regularise operations within the sector. Currently, what happens is that once FDA [Food and Drugs Authority] gives approval for the safety of the production of the water, there is no other body to standardise operations in the sector. Although we have associations in the sector, they aren’t really working. So, if we
What are your entrepreneurial values and principles, and how have they helped to keep your business going all these years?
What is your company and brand known for? Currently, the company is mainly known for its production of Unique water sachet and bottled water for consumers. Given your many years in entrepreneurship, what would you say are the strengths and weaknesses of the Ghanaian business environment? What
What I believe in is that you should love whatever work you do and it should become your habit. Most often people engage in business just for the sake of money, but the business needs to become part of you as an entrepreneur. The leadership style is also good. I have a good working relationship with my employees, and this has really helped in making work easier. 2020 was a rocky year for most businesses because of the coronavirus pandemic. From your experience, what are the critical success factors to help a business navigate a crisis? 2020 wasn’t a good year. To
keep the company running, we had to lay off some staff. Key to the survival of the business was my deep entrepreneurial desire and attitude towards work. Now, with the pandemic receding, we have started recruiting some workers to augment the staff strength. How can this country deepen the culture of entrepreneurship, especially to attract more young people into entrepreneurship? In the university, we are only trained in the theory of entrepreneurship. I think it should be treated as a major course in the schools, where after studies students are made to start a business of their interest and are guided to establish them permanently. The youth should not finish the universities and still expect to be employed by the government; they should aim at working for themselves by starting a business.
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my skills and knowledge base. When the time came, I didn't apply for a job, I didn't attend any interview, in fact my bosses and superiors came looking for me on a weekend to give me an irresistible offer at the Trust Hospital. Training, passion and proper time management led me to start Eye Express. In no time, I realised I had too much time on my hands, my savings and investments had grown steadily, and I could contribute to making eye care services readily available, accessible and affordable. I had developed resilience to maintaining two jobs effectively and efficiently till today. Furthermore, these qualities enabled me fulfil my duties as a wife and a mother. I give all the attention and dedication to my family when it is needed. After the launch of Eye Express in 2012, family and friends eagerly offered money. They saw the passion, commitment and dedication, and were willing to support. I only accepted the needed amount and worked tirelessly to pay before the agreed period.
Vision and foresight—Founder and CEO of Eye Express
Dr. Naa Kowah Agyemfra’s journey to success Tell us briefly about your entrepreneurial journey up to the present time. Looking back, I realised that my entrepreneurial journey started in my tender ages observing my mother and what she did. After senior secondary school, I actually got involved with her bakery business. Innately, I developed some entrepreneurial skills, such as inventory and stock taking, negotiations, customer service, and sales and marketing. I registered my first business enterprise when I was in the university. I was super excited about it and put in a lot of work. However, I didn't achieve my expected growth and expansion. This was because my targeted market was only corporate organisations. This was a huge limitation. Also, I lacked the experience and technical know-how in attracting and doing business with corporate organisations. Furthermore, funding was a challenge for me. Securing capital
for the needed equipment was extremely difficult. After a while, I sadly closed that chapter and decided to save and invest towards my future business venture. I started with my monthly upkeep money and my student loan. I concentrated on my academics and took keen interest in business seminars and fora on campus. Most of them were free and I took advantage of them and participated in as many as I could. After school, gaining more practical knowledge and professional experience became my focus. I identified some entrepreneurs and institutions in my industry that could align with my goal. When the opportunity arrived, I jumped at them. Wow, two jobs! I was paid for one and the other was for free. Bealet Optical Center paid me and Trust Hospital was for free. This I did passionately for two years. Bealet gave me the money needed for my upkeep and savings whilst Trust Hospital gave me the experience and improved
What is your company and brand known for? Eye Express brand is known as one of the best in primary eye treatment and education. The Eye Express brand stands for excellent customer service experience and care. In addition, Eye Express is the home of authentic, quality, trendy and fashionable frames and sunglasses. Given your many years in entrepreneurship, what would you say are the strengths and weaknesses of the Ghanaian business environment? What major changes are needed to make it easier to do business in the country? The Ghanaian business environment is blessed with many strengths. They include the relative ease to start a business. Secondly, there are many business opportunities that are yet to be harnessed. There are weaknesses as well. Difficulty to access capital and long cumbersome procedures in getting regulatory approval are some of the weaknesses. The procedures required for regulatory approval should be made simple and seamless. This will reduce quacks and fraud, and in the long run generate revenue for the nation. Also, this can help in getting a proper database for businesses and research works.
What are your entrepreneurial values and principles, and how have they helped to keep your business going all these years? Integrity, strong relationships, humility and respect are my core values. These values have gone a long way to sustain and propel the Eye Express brand both locally and internationally. Suppliers have extended credit lines even when I didn't ask. It is very refreshing to meet at international programmes and get suppliers to proudly introduce you and speak highly of you. These offer bigger opportunities. Clients and acquaintances become family. They in turn refer friends, colleagues and family to Eye Express. Our core values are exhibited in every little thing we do. The experience is unforgettable. 2020 was a rocky year for most businesses because of the coronavirus pandemic. From your experience, what are the critical success factors to help a business navigate a crisis? During the coronavirus pandemic in 2020, we appreciated life and living it. The safety of staff and clients were our greatest importance. We worked remotely and put in measures even before lockdown. By adhering to the prescribed protocols, all our staff were protected and our clients too. With innovation and adaptability, we came up with new services that increased customer safety and comfort. We also formulated some luxurious tailor-made services. And we increased our brand awareness and social media activities. We used those platforms to educate, entertain, encourage and inform the populace as well as market our services. How can this country deepen the culture of entrepreneurship, especially to attract more young people into entrepreneurship? The country can deepen the culture of entrepreneurship by making it very attractive and conducive for the youth. Entrepreneurial innovations should be outdoored and celebrated. We should train the youth on practical and life skills instead of theories. Finally, our financial sector should come up with products that will help the youth with capital and funding such that they will be empowered to take risks.
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entrepreneurship, what would you say are the strengths and weaknesses of the Ghanaian business environment? What major changes are needed to make it easier to do business in the country? My observation is that there are a lot of youth with university degrees without practical work experience. Without this practical experience, it becomes difficult and costly to train them and give them that exposure. Ghana needs a tax break for small business start-up to encourage more people into entrepreneurship. More training through the polytechnics would be ideal to make the youth workforce ready, and people’s work ethics need to change to boost productivity What are your entrepreneurial values and principles, and how have they helped to keep your business going all these years? Strong Customer Service, Honesty, Integrity, Time Management, and Supply of Quality Products have propelled Blag Ghana Ltd. to become the number one artificial grass company in the country. In 2020, The Ghana Business Standard award recognised our achievements and awarded us the outstanding artificial grass company in Ghana. We also received an award from the Ghana-West African Business Excellence Awards as the Outstanding Artificial Grass Supplier of the Year 2021.
Eddie Dankwa,
CEO of Blag Ghana and Paint & Tiles Ghana Ltd., on pioneering the commercial sale of artificial grass in the country. Tell us briefly about your entrepreneurial journey up to the present time. It started in 2012 when I stumbled across artificial grass while living and working in Australia. I flew down to Ghana the same year to conduct feasibility studies and confirmed that the product was not readily available on the market. I interacted with various stakeholders in the building and construction industry, who showed keen interest in using this innovative artificial grass in their projects. Upon return to Australia, I decided to pioneer the commercial sale of artificial grass in Ghana. This led to the
establishment of Blag Ghana Ltd. in 2013. The first consignment we brought to Ghana included a team of qualified artificial grass installers from Australia, who came to train our Ghanaian staff on how to install the product to international standard. The first consignment sat in our warehouse for a year without selling anything as we were told Ghanaians were not interested in artificial grass. But look around you today. It’s everywhere and there is demand for this product and many years to come due to our harsh climate and lack of water to keep our gardens manicured all year round. Today, we have branches in
Accra and Kumasi and just started a new company called Paints & Tiles Ghana Ltd. We supply all kinds of paint, including decorative paint and tiles, to the building industry. What is your company and brand known for? My company Blag Ghana Ltd. is known as the leading supplier of quality artificial grass in Ghana. We supply and install artificial grass suitable for football and multipurpose fields, playgrounds, homes and apartment landscaping, function centres, office buildings, etc. Given your many years in
2020 was a rocky year for most businesses because of the coronavirus pandemic. From your experience, what are the critical success factors to help a business navigate a crisis? The coronavirus pandemic slowed sales due to the lockdown. We adopted a new sales strategy using social media and telemarketing to manage the crisis. This allowed us to keep all our staff employed without any layoffs. How can this country deepen the culture of entrepreneurship, especially to attract more young people into entrepreneurship? The government and the banks need to institute a borrowing scheme with low interest rate to attract more individuals with business ideas but who lack funding into entrepreneurship.
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