The government has been urged to implement policies directed at encouraging and supporting family businesses in Ghana.

According to Managing Consultant of Family Office Africa, Theodore Kweku Albright, an enabling environment is required to grow these companies and act as an anchor for economic growth.

He stressed on the need to invest in family businesses, indicating that the economy should be diversified to boost economic growth.

Speaking to Joy Business at the African Business Summit, Mr Albright warned that Ghana's economy will collapse in the absence of effective legislation to promote such endeavors.

“We need to prioritise family business in Ghana, government need to implement policies that will support all these family businesses to expand the economy”, he stated

Esiri Agbeyi, a family business partner called on family businesses to merge and work to promote the sector and attract more investments from bigger firms.

“There is the need for us to also work together and form a big firm. When that is done, we can attract investors from bigger institutions“, she stated.

Business Psychologist, Dr. Russell Thackeray, speaking on resilience explained that business owners would have to cope with extreme stress-provoking events without experiencing any personal stress signs or symptoms.

“Despite the potential for physical, emotional, and mental stress, you can learn to lead a sustainable and healthy lifestyle as an entrepreneur”, he said

The aim of the Africa Family Business Summit was to bring together family business practitioners and help them to build a network that will allow them to share information and insights amongst themselves. This is the first edition of the Africa Family Business Summit