- Lack of knowledge: “Many African and Ghanaian businesses do not know the realities here. In the USA, you have to follow US regulations. Unfortunately, most companies have no clue what the US trade laws require whether it has to do with the FDA or immigration.
- Non-availability of Certification: Before having your product on the shelves of any US market, you must have the required certification that shows you have the go-ahead to do business. Many businesses just jump onto the plane to the US only to get disappointed by US authorities. Without certification from the FDA, EPA or any other US authority, there is no way you can survive, let alone establish in the US market.
- Poor record keeping: Any US investor will want to investigate how much data you have collated regarding your market size, reach, business model and general progress. Let’s face it, Ghanaian and African businesses are doing great but when it comes to good record keeping, most of them fall out in the face of US investors.
- Not adding an international touch: A customer from Ghana is not the same as a customer in the US. Trends change by the split of a second. The US market is a sophisticated one and my Ghanaian and African friends must know this. A product doing great in Accra, Ghana might not survive in the USA or Europe because of consumer preference change. I’m not saying you must change your product entirely. But adding the required international touch is critical.
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