A total of 67 individuals and companies have been awarded at the just ended 3rd edition of the Ghana Business Awards at the Kempinski Gold Coast Hotel in Accra.
The awards which was themed “Impact of Covid-19 on business sustainability; a review of big business, SMEs and Start-Ups,” was aimed at promoting business excellence.
It also provided an opportunity for networking among industry players as well as promotes open dialogue between relevant stakeholders in the public and private sectors that focused on adopting the right strategies to stimulate post-Covid-19 economic recovery in Ghana to ensure a future of hope and shared prosperity for all Ghanaians.
Delivering the keynote address, the Minister of Business Development, Dr Ibrahim Mohammed Awal charged founders of indigenous companies to put in place a good succession plan in order to sustain their businesses after their exit.
According to him, only 15 per cent of indigenous businesses in the country survive after their owners leave the helm of affairs. The remaining 85 per cent, he said died out leading to the loss of huge investments made in those companies.
This, he said, derails government’s efforts at making the country’s economy one of the strongest in Africa.
“It is sad to note that 85 out of every 100 businesses do not go to the next generation. they collapse after the exit or death of the founders,” he said.
Dr Awal who urge business owners to consider succession plans as a priority said they must plan now and not wait till they are old. “Start thinking of who will succeed you from day one, whether it is your relative, your son or daughter, and start training them,” he said.
“Give them the skills and values that made you succeed so that when you are not there they will continue with it,” he added.
The minister further indicated that business owners must plan, train, and groom their successors, so that they can continue with the objectives they have set to make the business successful.
“You don’t wait and when you are about leaving you to hand it over to anyone,” he mentioned.
Dr Awal also urged businesses to take advantage of African Continental Free Trade Area (AfCFTA) headquartered in Ghana to expand their market.
According to him, Ghana is holding the secretariat of the AFCTA, 1.2 billion people and $3.3 trillion in terms of trade and investment.
Ghana, he therefore said cannot be a mere participant.
“We must train our people, innovatively so that our products do not only meet local demand but can compete globally,” he added.
Explaining details of the awards, CEO of Globe Productions and Project Manager for the GBA, Latif Abubakar said the awards was informed by the need to encourage businesses in the country to think innovation and create the necessary platforms that breeds entrepreneurship and ultimately help their businesses become competitive international as well as improve on job creation in the economy.
According to him, it was a time to share rich experiences and share practical business solutions among business leaders and partners.
The awards saw Group CEO of Fidelity Bank, Edward Effah, and Group Chairman of Jospong Group of Companies, Dr Joseph Siaw Agyepong adjudged CEO of the Decade and Entrepreneur of the Decade respectively while CEO of Gold Fields Ghana, Alfred Baku and CEO of Ghana National Gas Company, Dr Ben K.D. Asante picked up CEO of the Year for the Private and Public Sectors.
Mr Ghassan Yared, CEO of Forewin Group of Companies emerged Entrepreneur of the year while the Promising Entrepreneur of the year was picked by CEO of Quick Angels Limited, Richard Nii Armah Quaye.
Woman of Excellence Award for the Private and Public Sectors went to Rev Dr Mrs Gifty Lamptey, CEO of Sidalco Limited and Ms Benonita Bismarck, CEO of Ghana Shippers Authority respectively, with Mrs Florence Larbi, CEO of Zoomlion Ghana adjudged Personality of the year for the Private Sector.
Ecobank Ghana Limited and MKCL Mining Company also picked up Company of the year and Promising Company of the year respectively with the Indigenous Company of the year award going to Special Ice Group of Companies. Vodafone Ghana emerged Brand of the Year and Product of the year went to Indomie.
Other winners on the night were Savings and Loans Company of the Year: Opportunity International Savings and Loans Limited, Media Organisation of the Year:Media General Group of Companies, Oil and Gas Company of the Year (Upstream): Kosmos Energy Limited, Oil and Gas Company of the Year (Downstream): Goil Company Limited, Energy Company of the Year: Volta River Authority, General Insurance Company of the Year: Star Assurance, Life Insurance Company of the Year: Enterprise Life.
Also awarded on the night were Retail/Distribution Company of the Year: Forewin Ghana Ltd, Group of Companies of the Year- Mohinani Group, Telecom Company Of the Year- Vodafone Ghana, Start-Up of the Year- Smocky World, Dream Project of the Year- B5 PLUS LIMITED, Mining Company of the Year- Gold Fields Ghana, I.T. Company of the Year- Comsys Ghana Limited, Exporter of the Year- Kingdom Exim Ghana Limited, Promising CEO of the Year- Robert Mensah (Eusbert Hotel), Emerging Brand of the Year- Bel Aqua Active, Deco And Design Company Of The Year- Orca Deco Ghana, Manufacturing Company of the Year: B5 Plus Limited, Company of the Year (Public Sector)- Ghana National Gas Company, Company of the Year (Private Sector)- Ecobank Ghana Limited,
Others are Entrepreneurial Company of the Year: Kingdom Exim Ghana, Trade Facilitation Company of the Year: Ghana Shippers Authority, Social Entrepreneur of the Year- Ernest Ofori Sarpong (Special Ice Group of Companies), Excellence in Corporate Social Responsibility of the Year- Kosmos Energy, SME of the Year- Quick Credit and Investment Micro-Credit Limited, Outstanding Leadership Award- Julian Kingsley Opuni-(Fidelity Bank Ghana Limited), Excellence in Corporate Social Responsibility- GNPC Foundation, Community Impact Champion- Kofi Abban (Rigworld Group) Excellence in Business Award- Collins Otoo Okley (Nungua Warehouse Group Of Companies), Entrepreneurial Excellence Award- Chris Chinebuah (Fueltrade Limited), Personality of the year Award (Public)- Hanan Abdul-Wahab(National Food Buffer Stock Company), Community Impact Champion- Dr. Joshy Varkey (Nyonkopa Cocoa Buying Ltd), Entrepreneur of the Decade- Dr. Joseph Siaw Agyepong (Jospong Group Of Companies), Discovery of the Year- James Koku Ahiadome- J K Ahiadome Transport, Outstanding Contribution to the Economy- Volta River Authority, Bank of the Year- Zenith Bank Ghana, Beverage/Water Company of the Year- Blow Chem Industries (Bel Aqua).
Ghana Business Awards
The Ghana Business Award is a highly renowned award scheme that recognises and rewards businesses for their excellence across all sectors of the country.
It is an initiative of Globe Productions in partnership with the Ministry of Business Development, the Graphic Business, Media General and the Institute of Directors, Ghana.