Home LOCAL NEWS Build formidable succession plan for business before retirement

Build formidable succession plan for business before retirement


The Minister for Tourism Arts & Culture, Dr Ibrahim Awal Mohammed, has called on business owners in the Small and Medium Scale Enterprise (SME) sector to build formidable succession plans and nurture a successor before retirement to keep the business growing beyond them.

According to the Minister, with over 80 percent of businesses in the country being SMEs, making them the backbone of the economy, conscious succession plans must be created and a successor who has been nurtured and groomed with the requisite skills in the business must be ready before retirement of business owner.

While commending business owners for their tenacity, purpose and focus during COVID-19 which has kept Ghana going, he lamented that only a handful of locally owned business are standing and still vibrant beyond the passing on of the founder, a narrative that must change going forward looking at the worth of knowledge and intelligence of the modern-day youth.

“As we strive to make Ghana a preferred business destination, I will like to urge you, business owners that someday you will retire but before you retire build succession, do not die with youth businesses, build young people to grow in your stead.

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In Ghana today, you cannot even count 20 strong brands that have succeeded their owners, ones the owner dies the business collapse. I urge you to give young people the license, support and opportunity to grow because they cannot compete if they are not mentored and guided,” he said.

The minister made these remarks at the 8th Made in Ghana Awards (MIGA) 2021, organized by the Entrepreneurs Foundation of Ghana (EFG) and endorsed by Ministry of Tourism, Arts and Culture. The awards initiative is about seeking the pride of Ghanaian indigenous most celebrated high quality and competitive products and service organizations to create awareness, boost to the business profile and reputation.

Dr Awal again echoed the fact that Ghana needs to create about 500,000 jobs annually to be able to absorb the teaming graduating youth from the various universities and even those who couldn’t make it to the tertiary levels.

This, he said, will require the unwavering commitment and support of the private sector especially the SMEs for government to achieve this, hence the need for business owners to open their doors to accommodate the youth and provide them the opportunity to develop even as they bring their talents and innovation to bare.

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Full list of winners

Outstanding Microfinance Company of the Year – Quick Credit and Investment Micro-Credit Limited

Start-up of the Year – Pizzaman and Chickenman

Emerging Brand of the Year – Quick Angels Limited

Outstanding Herbal Ointment of the Year – JRA Bone to Born Balm

Outstanding Health Insurance Company – Premier Health Insurance

Outstanding Herbal Health Facility of the Year – Medi-Moses Prostate Centre.

Outstanding Paper Tissue of the Year – Flora Tissue Paper

Outstanding Sanitizer of the Year- JRA Hand Sanitizer

Outstanding Natural Mineral Water of the Year – Bel-Aqua Natural Water

Outstanding Confectionery of the Year – Top Choco

Outstanding Cosmetic Brand of the Year – MGL Natural Coconut Oil and Shea Butter Hair Food

Outstanding Ghanaian-Owned Retail Brand of the Year – KAB-FAM Ghana Limited

Outstanding Non-Alcoholic Beverage of the Year – Bel-Beverages

Outstanding ICT Company of the Decade Award – Comsys Ghana Limited

Outstanding Manufacturing Industry of the Decade – B5 Plus Group

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Outstanding Business Newspaper of the Decade – Business and Financial Times Newspaper

Construction Pride of Ghana – GHACEM Limited

Textile Pride of Ghana – GTP Textiles

Pharmaceutical Pride of Ghana – M&G Pharmaceuticals Limited

Oil and Gas Pride of Ghana- GOIL Company Limited

Insurance Pride of Ghana – Vanguard Assurance Company Limited

Outstanding Managing Director of the Year – Pankaj Bhati, MD of Alpha TND Limited

Made in Ghana Hall of Fame – Gopal C. Vasu, MD M&G Pharmaceuticals Limited.

Made in Ghana Hall of Fame – Mukesh V. Thakwani, Founder & Executive Chairman, B5 Plus Group

Print Media Pride of Ghana – Graphic Communication Group Limited

Personality Awards

Outstanding Chief Executive Officer of the Year – Kwame Osei-Prempeh, MD & Group CEO, GOIL Company

Outstanding Young Personality of the Year – Charles Antwi-Boahen, CEO KAB-FAM

Outstanding Woman Personality of the Year – Valentina Mintah, Founder West Blue Consulting

Outstanding Ghanaian Ambassador of the Year – Gina Ama Blay

Outstanding Personality of the Year – Dr Daniel McKorley, CEO McDan Group of Companies


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