One reason no one will ever mention is govt support, tax loopholes etc. A ghanaian will buy land for a grocery store or restaurant and go through all the traditional fees, land guards general anti-black-ownership behaviour but when a foreigner wants to buy land, suddenly everyone is very helpful they want to make the process smooth (ive sourced land for foreigners so ive seen the stark differences). So a Ghanaian's startup capital is in litigation, a foreigner's capital is in stock.
Then of course there is the misbehaviour - tapping the profits for personal gain. Buying expensive cars to prove you're a businessman rather than reinvesting. Not expanding in a timely manner. The business only being open when your own eyes are open. So if you sleep so does the business. These are things I've noticed in Ghana.
Let us be honest. Most of our own are dishonest. Put a Ghanaian in charge of a business and it will not succeed. Put a foreigner in charge and the business will last
My opinion and thoughts. Could be a combination of these 1. We Africans don’t separate business from personal expenses 2. Similar to above. A business owner who is reasonably comfortable living among extremely poor family members. You can guess what will happen 3. Untrained staffs who don’t have a clue what they are doing or staffs who steal from the business 4. Inability to delay gratification. Instead of putting profits back into the business some African business owners spend the money and think they’ve arrived. 5. Most African business owners don’t have successor plans. So the business dies once’s they are dead. 6. Processes, systems etc are critical in business. Just the way our government lack these, businesses also do in Africa. 7. Inconsistencies in product or service deliveries. E.g if you are going to McDonald’s or KFC, you know what you are going to get. Sorry unhealthy food is bad example to use but am sure people know what am talking about. If you are going to IKEA, you already know their style. If our African businesses don’t have good standards that they abide by, then these foreign companies easily blow us out of the water. Ofcourse foreign companies have access to more money to put in the business to revive it when it’s failing. But this factor I don’t think it’s a serious advantage because a lot of big brands if we find their stories they started from very humble beginnings. Again it’s my opinion and people are welcome to disagree with me.
The government collapses Ghanaian businesses to not be a threat to businesses of individuals in power and rather supports foreigners. This very true especially with the current government.
the sad truth is most African people have a short term consumer mentality to successful at business you need discipline and patience , most of our people want to chop money today rather than wait 5 years to create long term wealth
What you are saying is true. Kennedy Agyeapong a Ghanaian businessman and a politician owns businesses and most of his businesses have foreign nationals with western business ideas in charge. He has succeeded by doing that. Let us be honest. Ghana is a country awashed with many religious places but majority are dishonest. Ethics is out of the equation when it comes to business dealings with most of our own. Put a Ghanaian in charge of your business and it will collapse. Put a foreigner with western ideas in charge and it will succeed. Even if you pay the Ghanaian more than you will pay a foreigner, the likelihood of the business collapsing is still high. The same is with our national soccer team. Sad but true.
Just a note. Most of these businesses are owned by Ghanaians who have put foreigners with western business practices at the help of the businesses. Unfortunately, when you hand your business to our own to manage, their main goal is to enrich themselves at your expense. Most think of short term. Please find time and interview most of these successful business moguls in Ghana. That is the secret of their success.
I think that's a common assumption, but it is not accurate. Not even on registration information or board member information, will you find a Ghanaian name. They are mostly foreign owned. Ghanaians do hire foreign CEOs sometimes to be the face of their companies, notwithstanding because, unfortunately, people respond better to them. I actually tried getting an interview for this video, and it didn't work out. Hopefully, in the future, I'll get access.
I was at a foreign shop yesterday. They dont mix work with pleasure. They have standard, they put staff in check. They offer best customer service. Their system works well. Performance honesty are key in their recruitment, thru hire and fire as much as necessary. Its a whole sermon Nana. They have structure and processes.
sources of capital, difference in perspective due to non Africans being allowed to travel and be exposed to opportunities that Africans cannot travel and see local government help due to imf/world banc practices (mandates)... keep in mind... these foreigners and businesses can be kicked out at any time...
It's a stupid simple answer. The Ghanaian has a taste and preference and bias towards foreign companies and brands. It's not really deep 😂. You can start business with a foreigner fronting it and you will succeed.
Business Competence is the reason foreign-owned businesses outlast ours. They run their business according to professional standards. I'm from DRC, same issue. Few Congolese have multi-generational businesses. Many go bankrupt due to incompetence + inability to see and adapt to market conditions
You yourself is one of the reasons why business in ghana don't survive or don't have longevity, look at the products you are selling in your store, how many of your products are manufactured in ghana or on the continent.
I have 12 made in Ghana goods suppliers. Most of them hardly respond to messages for restock, yet the suppliers for popular/foreign goods always respond, are available and are prompt. So maybe you are the problem for your unfounded assumptions.
