June 14, 2024
P.O.Box 613ER Gombilla House, Lamashegu Market, Tamale, Northern Region

Government must support family businesses to propel creation of jobs

The government has been urged to support family businesses to support the creation of more jobs in the country.

According to Convener for the Africa Family Business Summit, Dr. Dennis Owusu Oteng more sensitization programmes should be held to help Ghanaians understand and acquire more knowledge about family business schemes.

Speaking to Joy Business at the 2023 edition of the Africa Family Business Summit, Dr Oteng said individual resilience is very important for family business continuity.

“An individual or group of people who represent the ownership of the business need to build resilience on a personal level. Individual resilience is very important for family business continuity. Since owners are the major decision-makers”.

“It is expedient that they build resilience which will in turn positively affect the organisation’s continuity”, he said.

He also stressed the need for such initiatives to be introduced in schools to equip students to acquire knowledge about family business.

“When family business is being taught in schools, it will help these students acquire more skills before completing school”, he added.

Lead consultant at Nhaka Legacy and Co-founder of the African family firms, Tsitsi Mutendi entreated African countries to address challenges affecting the sustainability of family businesses.

“There are a lot of issues the continent is facing but with family businesses, we can tackle some of them through job creation, she stated.

Global Expert on Family Business, Professor Martin Roll called for a succession plan for family businesses on the continent.

“Succession plan is what the continent needs at the moment when it comes to businesses and the family business is an area that’s key”.

This year’s event, was under the theme, “Family Business Governance – A Key Strategy for Continuity”

The event gathered top family business experts, thought leaders and professionals to have an in-depth conversation and to provide insight on the topic of governance in the family business landscape.

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