July 24, 2024
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Work like you’re fatherless; don’t depend on national budgets ~ Businesses urged

Chief Executive of Petrosol, Michael Bozumbil, has advised business operators to manage their businesses without relying on provisions set out in the national budget.

According to him, that is the only way one can ensure business sustainability in a political climate such as Ghana’s.

He was speaking at the Graphic Business/Stanbic Bank Breakfast Meeting at the Labadi Beach Hotel where panelists are discussing “Fiscal Discipline: Breaking the political business cycle in 2024”.

Describing the government as an irresponsible father, he said the state has failed to instill any discipline in the management of the country’s finances leading to dire economic consequences for the country.

“So for us as business operators in an economy like this that over the years our political leadership has acted in ways that suggest quite strongly that they’re not disciplined because we’re talking about financial discipline,” he said.

He noted that to remain buoyant amidst this economic quagmire, businesses will have to be less reliant on national budgets and political connections.

The businessman explained that often provisions in the budget are not fulfilled, and even when they are, do not benefit the average business operator.

He advised that businesses always take a worst-case scenario approach when it comes to the national budget to avoid any high expectations of government.

“So for us as business operators, our approach has been to assume that we don’t have a father in order to survive. So what it means is that for any serious business operating in a business climate like this, you better take worst-case scenario approach. And that worst case scenario approach is to first assume that what is being presented as budget, nothing will be done about it. That’s the first point,” he said.

He added “So for us, if you want to break the cycle as a business and breaking the cycle means that you continue to have your business surviving after changes in government then your posture must be to place less emphasis on the things that are presented in the budget.

“For you to ensure that your business survives every election then please in as much as it is important to look at the budget you have to ask yourself to what extent is what is said in the budget that is even being implemented.

“So you must as a business operate with the mindset that there is no national budget. It is a difficult decision to make but it is the best approach to ensure business sustainability.”

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