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    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

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    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

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    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Develop succession plans to sustain businesses-CEO of UT Holdings

bycitibusinessnews
June 30, 2016
in Local Economy, Top Stories
Chief Executive Officer of UT Holdings, Martyn Mensah

Chief Executive Officer of UT Holdings, Martyn Mensah

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The Chief Executive Officer of UT Holdings, Martyn Mensah has called on business owners and entrepreneurs to develop succession plans that will allow their companies to survive even after exiting as CEOs.

According to him, any enterprise that cannot survive beyond its founder is an indication that the management team did not look beyond the owner manager to make the enterprise a legacy.

Speaking to Bernard Avle on the final edition of the on-air series programmes of the Citi Business Festival, Mr. Mensah stated that a good succession plan will sustain businesses and avert the situation where family members fight over the enterprise after the death of the founder.

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“The entrepreneur sets up a business; they grow it in a certain way by themselves. At a certain stage when they can afford they engage external parties to advise them, the question I always ask is beyond the founder of the enterprise or entity, is there hope?,” he asked.

According to him, the challenge comes from the perception that business owners are indispensable, infallible and perpetually relevant.

“One must carefully manage this. You must say to the owner manager that the succession is clear not just for the good of the owner manager but for the good of the entity. Let us make sure that there will be no family fights while you are gone. Let us look at companies like Unilever and others,” he said.

Citing some companies in India as example, Mr. Mensah stated that some firms such as TATA and Mittal began as family companies but have grown and survived beyond their owners due to clear succession plans.

“India is just like Ghana when it comes to family business and they are making a lot of efforts in applying the theory of succession, and the theory of longevity to setting up structures, trust and all that so that whether or not the owner manager is there the organization will survive and stand the test of time,” he pointed.

He observed that there are many enterprises in Ghana that have no succession plans after the exit of  their founders, hence bound to collapse in the future despite doing well now.

Building world class leaders to take over

Responding to how to develop world class corporate leaders to take over from business owners, Mr. Mensah pointed out that the first thing to lookout for is problem definition.

Using how engineers frame problem to find solutions to them, he stated that it is important to properly define the problem.

“If you look around the world a lot of engineers are sitting as corporate leaders. The reason is that it is how they frame problems. A non-engineer will say what are we solving?, an engineer will say what are we solving for?,” he said.

He explained that the addition of the word ‘for’ gives the solution a purpose.

According to him, if solving a problem will not give it a purpose, then it requires no solution.

Building confidence

Touching on the second point required to develop corporate leaders, Mr. Mensah bemoaned the lack of confidence among most Ghanaian managers.

“I am shocked and stunned at the lack of confidence among managers today. A manager can ask you how can I go forward in my career?, how did you make it?. That sounds strange to me”, he stated.

According to him, managers must be confident and empowered to take on challenges.

He blamed the lack of confidence on the cultural setting which coerces everybody to go by what have been established without challenging the status quo.

Using education to change minds

Explaining how to implement the solutions, Mr. Mensah maintained that people must be educated from the formation period to build their confidence.

He stated that until the system of education is changed, the educational system will always produce leaders who may not be ready to challenge the status quo to develop new ideas.

–

By: Lawrence Segbefia/citibusinessnews.com/Ghana

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