Ghanaian businesses lack the capacity to grow and are unable to compete with international firms because they fail to have their financial statements audited.
That, according to Ms Dorothy Amengo, the Head of Account and Business Development of Ernst and Young (EY), organisers of “EY Entrepreneur of the Year Award”, remained a major threat to the progress of indigenous firms.
Speaking to the Daily Graphic ahead of this year’s award, she said the refusal of entrepreneurs to have a proper financial audited statement continued to hamper Ghanaian businesses from attaining full growth.
“We realised during the past organisation of EY Entrepreneur of the Year Award that Ghanaian entrepreneurs were afraid to allow their financial statements to be audited. As a result, most of the entrepreneurs EY has approached, have turned down the request”, she noted.
EY Entrepreneur of the Year Award
The award was launched in 2011 to recognise and reward entrepreneurs who motivate others with their vision, leadership and accomplishment.
The annual awards programme, which would be held in Nigeria in November this year, seeks to celebrate entrepreneurs who are building and leading successful, growing and dynamic businesses.
According to Ms Amengor, “It is also a unique award programme that seeks to make a difference through the way it encourages entrepreneurial activity among those with potential, and recognises the contribution of people who inspire others with their vision, leadership and achievement”.
“It enriches participants by breaking new grounds through our alumni programme and our range of strategic events and workshops. That is why it is the world’s most prestigious business accolade, recognising the most exceptional among a unique group of people,” She said.
To participate, an entrepreneur is required to complete an entry form, submit a brief personal profile and submit a copy of the most recent audited company account before being shortlisted for an interview.
The judging process requires a participant to attend a panel interview. The panel will be made up of other entrepreneurs and business people who understand the challenges faced by the entrepreneur and the business.
The panel comprises past EY Entrepreneur of the Year winners who are all independent judges. Participants are asked questions about themselves, their journey, vision and achievement.
Judges will be making their decisions based on a criteria that includes financial performance, strategic direction, entrepreneurial spirit, innovation, community impact and personal integrity and influence.
Ms Amengor added that more than one person could be nominated per company; for example, in the case of joint-founders or family-owned businesses, would participate as a team.
“Entrepreneurs eligible for consideration include: company founders; leaders of multi-generation family businesses; transformational public and private company CEOs who have an equity stake in the business; and previous nominees and finalists.”
The awards are in two categories: the emerging category where the threshold or turnover to qualify is US$5million which is limited to only African competitors.
The second category is the master category where the threshold is US$75million.
The regional winner of the master category goes on to compete against peers at a global event held annually in Monte Carlo, Monaco, France.
Source: Graphic Online