These nuggets, in my opinion, represent what could change the face of doing business in Africa for Young Entrepreneurs.

1. Focus

Every Entrepreneur will at various stages of their entrepreneurial growth hear that passion translates into a call to find a need to solve or a need to be created and solved. Often, the passion we have remains mere intentions/ideas and may not become successful businesses because the ideas we carry are not the success we seek, the businesses established are what define success.

For many Young Entrepreneurs, determining among this lot, a clear concise vision and focus on that one true idea and its possibilities that best represents who you are may make the difference for you. Having an array of things you do or are good at is cool as some will tell you, what ticks is a clear focus on one thing that works, that you are known for, that has a definite bigger picture in industry terms could do the trick for you. Be Focused!

2. Value

The biggest challenge for many starting up is finding that unique value proposition that clearly outlines the need the market yearns for. Importantly it is continually understanding what Customers want and whether a company’s product or service is commensurate with the needs of the market that isn’t static.

A company’s true moment of success is its ability to continue to offer value to its client over their lifetime through winning new clients or maximizing repeat purchases from existing clients. Create and Rethink Value!

3. Product Development

Will hype and photoshoots grow your Business? Personal branding will only reinforce brand perception based on the product or service your company offers to an existing or new market. Real growth is driven through tangible and intangible products and for most part, your brand perception holds real value when you can speak in real turn-over and contribution to taxes about your Business than simply looking good, speaking well or posing for the camera to be respected as an Entrepreneur.

If your Product isn’t actively marketed beyond the owner’s personality, you don’t exist as an Entrepreneur. Create and Improve Your Product or Service Offering!

4. Team Building

You cannot succeed on your own as a Young Entrepreneur, and in today’s economy you won’t find the right talent anywhere, except you can mold attitudes, train and inspire only to the extent that the employee hired is willing to bear.

Increased motivation may help increase productivity but hire more for Loyalty and Attitude than for the skill potential employees claim they possess. Create or Improve Team Culture!

5. Capacity

Without the relevant understanding of modern tools and demonstration of knowledge in Administration, Performance Management, Team Building, Sales and Customer Service among others you will become obscure and obsolete as an Entrepreneur. Build Your Capacity!

6. Financial Performance

Financial Performance is tied to sales, financial reporting and controls but importantly without key metrics to assess and grow sales, you will not grow as a firm or Entrepreneur.

Research on ways to measure Client Growth, Sales, Tools to check finances, appropriate Budgeting and proper Governance structures to increase your success rate as a Young Entrepreneur. Implement more OKR’s than KPI’s. Real Growth Trumps PR!

7. Growth and Sales

Regardless of the PR you build around your company, without tools to measure Performance you will never succeed if you don’t have the numbers to back it up with a reasonable baseline to demonstrate real growth. Without a proof of concept that shows real growth or potential, you risk overestimating your potential.

Without increased Sales, Your Passion is meaningless. Without measurable Impact, you cannot define your level of Impact.

8. Business Partnerships

Your Business is only as good as the Partnership agreements you draw up or enter into to help you run/manage your Business. Seek Counsel, Invest in the Process, Build Trust above all, do what you said you will do. Your Partner must reflect the future you want!

9. Hiring

Truth is you may never get the best of talent on your first hire. Loyalty, Attitude, should be qualities you look out for in Staff beyond Skill. 2018 is a year of numbers, growth, turn-over, governance, product and brands and certainly not about you my dear Young Entrepreneur.

It’s no longer about You! Build that business and let’s celebrate Your Business because you made it work, not because You are the Business!

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By: John Armah is the CEO of the Orios Group. (0541 888 877 /0303 970 723. Email: johnarmah59@yahoo.)
He is empowering young Ghanaian Entrepreneurs with Training, Investment, Strategies and Policy Advocacy to tackle some of Africa’s brightest problems in Health, Technology, Agriculture Services and Art.

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He emphasized that the government was creating the enabling environment for both  businesses to thrive and create job opportunities for Ghanaians.

Dr. Kwakye Afriyie made the statement at a Public Consultative Forum organised by the assembly as a platform to engage stakeholders in the area on the government’s flagship programmes.

The programme was aimed at soliciting support and share experiences to enhance the implementation and success of the intervention. It drew participants from Civil Society Organizations (CSOs), Clergy, Artisans, Opinion Leaders, Heads of Department and Assembly members.

He said the municipality was endowed with enough natural resources to propel its development  and lamented the lack of capital exploit them.

On the one district one factory initiative, he disclosed the project was private sector led and encouraged businesses and individuals to take advantage of the opportunity for business expansion and growth.

Dr. Kwakye Afriyie appealed to the stakeholders to conduct proper needs assessments in sanitation, provision of portable water, agriculture; infrastructure and infrastructure enable the government to identify priority areas for investment.

He lamented a number of State Owned Enterprises (SOEs) were defunct due to mismanagement and corruption and assured such unpatriotic behaviour will not be entertained in a development oriented NPP government.

The Anantahene of the Wenchi Traditional Council, Nana Baffour Owusu Ansah Agyapong commended the government for initiating interventions in an attempt to fulfill its campaign promises.

He appealed to the government to establish a cashew factory in the area to process cashew produced from plantations in the area and as well as revamp Tomacan, a defunct tomato factory in the area to employ the youth in the area.

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By: Mashoud Kombat/citifmonline.com/Ghana

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He said China stood ready to pass on knowledge, expertise and assistance to Ghana to facilitate the transformation agenda of the Akufo-Addo government.

[contextly_sidebar id=”zpEZimEUM9MeZHp8tFrjle4XX5L6Jru6″]The Chinese Vice President disclosed this during a State Reception for his Ghanaian counterpart, Dr Mahamudu Bawumia, at the Great Hall of the People in Beijing.

Mr. Yuanchao said China was looking particularly at deeper trade and investment cooperation, as well as value addition to Ghana’s natural resources.

In addition, Chinese companies would provide assistance in the railway, agriculture, industrialization, energy, and transportation sectors, he indicated.

Vice President Dr Mahamudu Bawumia is on a four-day official visit to China, at the invitation of the Chinese government. It is the first by a high level government official since the New Patriotic Party took office in January this year.

Dr Bawumia is leading a delegation of Ministers and government officials to the Asian country in a quest to deepen diplomatic and economic ties as well as create opportunities for Ghanaian businesses to form partnerships with their Chinese counterparts.

Ghana was among the first group of Sub-Saharan African countries that established diplomatic relations with China, and the two countries have enjoyed decades of strong ties.

The government is seeking to leverage Ghana’s abundant natural resources to undertake a massive overhaul of her infrastructural, industrial and agricultural base. In this regard, it is seeking partnerships to extract and process the massive deposits of bauxite at Nyinahin and Kibi, with a potential value of $460 billion, to fund the construction of thousands of kilometres of railway lines, roads, provide irrigation facilities and dams, and construct bridges, among others.

The government is also seeking greater diplomatic ties with her development partners, a step in the right direction, according to the Chinese Vice President.

“Since you were elected Vice President of Ghana, you and President Akufo-Addo have been committed to developing relations in a win-win cooperation with China. We highly appreciate this and thank you for that.

“Your Excellency, you are the first Ghanaian leader to visit China since your new government took office. This visit has a great significance for embarking on a new chapter in China

Ghana friendship and cooperation. I look forward to a deeper and open relationship between our two countries,” Li Yuanchao stated.

Vice President Bawumia on his part said it was time for deepened ties between both countries.

“Both President Akufo-Addo and I have been following with keen interest and have been very much impressed with the successes of the Chinese Government under the leadership of H.E. President Xi Jinping since becoming the President in November, 2012.”

–

Source: GNA

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His three day stay in Mauritius will see him hold bilateral talks with Her Excellency Mrs Ameenah Gurib-Fakim, President of Mauritius, Pravind Kumar Jugnauth, Prime Minister and other senior officials of the Mauritius government.

The aim of the meetings is to strengthen the ties between the two countries.

Dr. Bawumia is also expected to attend a Breakfast Business Meeting hosted by the Mauritian Minister for Foreign Affairs, Regional Integration and International Trade, in Collaboration with the Board of Investment.

Accompanying Dr. Bawumia to the Southern African country are Shirley Ayorkor Botchwey, Minister for Foreign Affairs; Ursula Owusu-Ekuful, Minister for Communications; Ibrahim Awal, Minister for Business Development; Reginald Grant, Chief Executive Officer of Ghana Investment Promotion Centre; and other government officials.

The Vice President and his entourage will return to Accra on Monday March 13, 2017.

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By: Jonas Nyabor/citifmonline.com/Ghana
Follow @jnyabor

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[contextly_sidebar id=”kMct2VpcezygEG40yVJCFiTbLMSsBpGr”]By this, the ex-factory prices of goods and services for all industry increased on average by 4.9 percent in December 2016 relative to the price level recorded in December 2015.

However compared to November 2016, the PPI decreased by 0.6 percent in December 2016.

The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 15.6 percent, followed by the Manufacturing sub-sector with 5.5 percent.

The Utilities sub-sector recorded the lowest year-on-year inflation rate of -7.0 percent.

“Between November and December 2015, there were high increases in water and electricity tariffs … the increase in water was 67.2 and electricity was 59.2 percent,” Deputy Government Statistician, Anthony Amuzu explained.

The producer inflation rate for the mining and quarrying sector decreased by 3.8 percentage points in December 2016 relative to the rate recorded in November 2016 (19.4%).

Inflation for the manufacturing sector in December 2016 was 0.6 percentage points higher than that of November 2016 (4.9%).

Meanwhile the utilities subsector recorded an inflation of -45.3 percentage points lower compared with that of November 2016 (38.3%).

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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[contextly_sidebar id=”VQ7LNK8XtHjSdUOV6G0A6vxu9jhbOJ8b”]According to him, financing is one critical factor that has impeded Ghana’s efforts at reducing the widening housing deficit.

Mr. Atta Akyea also believes the high cost of housing units has made it unattractive for real estate developers to build more housing units over fear of low occupancy levels.

“If the income levels are low by virtue of the economic situation, then there should be a Housing Fund without which people who are interested in building housing units will not be motivated to build houses that people will not occupy ,”he said.

Mr. Atta Akyea further explained that the Housing Fund should help restructure the current mortgage system that makes it difficult for low end income earners to meet their monthly obligations.

“What is critical is how to cushion the end user from a mortgage arrangement that will not dent his pocket. Mortgages are usually a factor of one’s income; somebody cannot afford an eight bedroom house while another can afford a single bedroom house. But the income levels should just be enough to take care of the mortgage payments to make every month,”

Lawyer Atta Akyea made the remarks when he spoke to journalists after his nomination on Wednesday.

The Member of Parliament for Abuakwa South also identified his priority to be to pursue government’s affordable housing agenda upon his approval by Parliament.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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[contextly_sidebar id=”AfCXMGqGBthyvk33XCSo7tk2iCB2AsCs”]According to managers of the market, the continuous imposition of the tax is a disincentive for investors and has also adversely affected the market.

“Our particular worry is that even within West Africa, Nigeria has capital gains at zero likewise does Cote d’Ivoire which is the market for the eight Francophone West African countries and there are many African states which also have the same zero capital gains tax,” Managing Director of the Ghana Stock Exchange Kofi Yamoah told Citi Business News.

Gains on investments from the capital market were tax free with the establishment of the Ghana Stock Exchange.

However the new 2015 Income Tax Act by the Ghana Revenue Authority (GRA) which took effect in January 2016 introduced a 15 percent tax on gains made from the capital market.

There have been several agitations to get the tax scrapped.

Industry players have argued that the development has made it unattractive for new investors to come onboard to increase the activities on the local bourse.

Already, the NPP administration is expected to completely abolish five taxes and review downwards, five others upon assuming governance.

The party argues that the imposition of taxes have rendered businesses uncompetitive and equally affected their contribution to GDP.

But the Managing Director of the Ghana Stock Exchange, Kofi Yamoah tells Citi Business News Ghana’s stock market could be more competitive if the 15 percent capital gains tax is abolished.

“If you go back to that scenario where our neighbouring countries are charging no taxes on their capital gains, then we are becoming uncompetitive even in West Africa and that is the worry for us in addition to the fact that we want the retailers to patronize this market and one way that we can achieve is to return to the status quo where capital gains were not taxed.”

The GSE is however projected to end the year in a negative growth due to the impact of the macro-economic conditions on the performance of companies on the stock exchange.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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A visit to some major markets in Accra show business activities are yet to pick up a week after the country’s general and parliamentary elections.

Checks by Citibusinessnews.com at the Dome market in Accra reveal that despite the usual hassle and bustle of the market, there is hardly any display of the usual Christmas goodies one would expect to find as the season approaches.

Some of the traders attributed the slowdown in activities on the elections but were confident the situation will change by next week.

“Sales have really picked up and I expect to record more sales in the coming days,” one vendor stated.

Click below to listen to full audio

In addition, the traders say they are less expectant of increase in prices of certain products like rice, oil, tin tomatoes among others around this period and into the festive season.

“The market is not too good but it has improved and I believe my sales will get better in the coming days. The prices of my goods are likely to remain the same,” another asserted.

A butcher also affirmed to Citi Business News that the prices of his products are likely to remain stable for the period.

“It is true that Christmas is just around the corner but we are yet to see it reflect in our sales we however remain hopeful things will get better. I’m not sure of changing the price of my goats.”

Meanwhile sale of clothes which players an integral role for most people during the festive period appears to have picked up significantly.

Some traders in clothes who spoke to Citi Business News said they expect trading activities to pick up significantly in the coming days.

“Now sales have picked up. It slowed down during the election but it has picked up, again and I am extremely hopeful it will get better,” one clothes trader observed.

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By: Anita Arthur/citibusinessnews.com/Ghana

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“You could clearly that the move by the central bank is to try to influence the banks’ rate in terms of the forex rate so even if the bank that wins the auction, has an additional responsibility not to sell the dollar above a particular rate but that is the unfortunate part since it is supposed to be market driven,” Economist Dr. Ebo Turkson told Citi Business News.

The Central Bank last Friday [November 25^th, 2016], announced that it will commence the auction of US dollars to banks from Wednesday [November 30], using proceeds from the 1.8 billion dollars Cocoa Syndicated Loan.

Per the regulations, the Bank of Ghana is expected to auction 60 million dollars every two weeks while banks are required to sell the currency not exceeding a stated percentage increase.

Commenting on the development, Dr. Ebo Turkson further explained to Citi Business News that though the move may have a positive impact on the FX market in the short term, it may not be sustainable in the long term.

“Even though a central bank can intervene to keep the exchange rate in check, as to actually it will hold in check the rate at which the currency depreciates, I cannot tell,” he opined.

Dr. Turkson added, “This is an indirect way that the Central Bank wants to control the price not through the demand offer but pricing through the price of the auction.”

Already, the cedi has begun witnessing marginal depreciation against major currencies ahead of the festive season.

Some industry watchers have blamed the uncertainties surrounding the election as the basis for the depreciation.

But the Head of Treasury at HFC Bank, Joseph Nketia in an interview with citibusinessnews.com attributed the development to an increased demand for dollars by retailers.

He was however hopeful that an increased supply of dollars, should normalize the situation.

Joseph Nketia further stressed that the cedi should not cross 4 cedis to one dollar on the interbank foreign exchange market by the end of year.

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By: Lawrence Segbefia/citibusinessnews.com/Ghana

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About 460 workers are being retrenched by three different organisations in the last quarter of 2016.

Investigations by The Finder newspaper indicate that, Baker Hughes Ghana Limited, a top-tier oilfield service company, is laying off 130 workers, Ghana Textile Printing (GTP) is retrenching 130 staff, while Fidelity Bank has also retrenched some 200 workers.

Non-Performing Loans forcing restructuring 

Experts say restructuring in the banking sector is mainly being occasioned by Non-Performing Loans which, a recent Bank of Ghana (BoG) report, pegged at GH₵6.1 billion.

Loans that banks fear might go bad have been on the increase since last year with some even worried that it could have resulted in the collapse of some banks.

The report revealed that the NPLs actually went up by almost 70 percent from GH₵3.6 billion in 2015.

Debts of Bulk Oil Distributors are to be a major part of the debts of banks.

Baker Hughes lays-off 130 staff

Baker Hughes, Ghana Limited, an American oil company operating in the country has retrenched 130 staff.

According to information, the workers are being laid off because the company could not secure contracts to execute making the staff redundant.

Information available to The Finder indicates that the workers have raised concerns about the severance package and the issues are being addressed by the National Labour Commission (NLC).

Baker Hughes is a top-tier oilfield service company that provides the oil and gas industry with products and services for oil drilling, formation evaluation, completion, production and reservoir consulting.

The company arrived in Ghana in 2008.

GTP retrenches 130 staff

Mr Abraham Koomson, Secretary General of Ghana Federation of Labour told The Finder that Ghana Textile Printing (GTP) has served retrenchment letters to 130 staff.

According to him, the redundancy packages have been agreed.

He blamed the situation on pirating of designs of Ghanaian textile firms which are sent to China to produced cheap textiles imported into Ghana.

Textile companies plan more retrenchments 

He predicted more redundancies by textile companies in the months ahead as he accused personnel of Customs Division of Ghana Revenue Authority (GRA) of being complicit in the flooding of the country with pirated textiles.

Mr Koomson was worried that while a task force continued to seize pirated textiles daily in shops, more of the pirated textiles invaded the market.

200 Fidelity Bank Ghana retrenched

Fidelity Bank Ghana has also retrenched at least 200 of its staff as part of ongoing staff rationalisation and restructuring within the bank.

200 GCB Bank staff retrenched in July 

In July this year, GCB Bank undertook a staff rationalisation exercise involving about 200 employees.

The exercise formed part of the bank’s Transformation Programme designed to re-position the bank as one of the top performing banks in Ghana.

500 workers of Prairie Volta Limited sacked

Prairie Volta Limited, also known as Aveyime Rice Project, is dead and in September, this year, over 500 workers were sent home without pay.

Stanchart/UMB dismiss workers

Standard Chartered Bank Ghana and Universal Merchant Banks also laid-off staff earlier in the year.

A recent World Bank report revealed that 48 percent of Ghanaian youth are unemployed.

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By: Elvis Darko/The Finder

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