The Chief Executive Officer (CEO) of the EIB Network Nathan Kwabena Anokye Adisi has predicted that many Ghanaian businesses will collapse in the next ten years.
This according to Bola Ray, as he is popularly known, is due to the fact that most business owners in Ghana do not have succession plans for their business.
Speaking to some selected marketing students of the University of Ghana, Bola Ray advised business owners in the country to know when to bow out of leadership positions in their companies, in order to ensure the growth and longevity of the business.
“…And there is one problem; succession plan. I am telling you, here in Ghana, in the ten years a lot of these big churches you see around will collapse because it’s one man thing and it has happened to a lot of businesses.
“A lot of these companies that we talk about, they will just sell; but you should build structures, systems to ensure that the company lives beyond you. The tighter businesses that we are celebrating now, if the systems are not right, and they want to bring everything to themselves, it will fail. And they should know when to bow it,” he noted.
The interaction forms part of the university’s initiative to expose its students to organizations that have achieved some success in their various fields of endeavor.