Ineffective risk mgt plans, bane of businesses - Lecturer

The lack of an effective risk management plan has been identified as the prime reason  Ghanaian businesses collapse when in crisis.

According to a lecturer at the University of Ghana Business School, Mr Bennet Kpentey, it is “always significant for business owners to dig deep, conduct robust analysis, diversify and monitor red flags in their business environment.”

At a business cocktail in Accra, Mr Kpentey, who is also a business consultant, urged Ghanaian business owners to put in place an effective risk management plan to enable their businesses to withstand any economic downturns.

The event was organised by the Swiss-Ghanaian Chamber of Commerce on the theme: 'Navigating through today's business environment in Ghana.”

Economic crisis

Mr Kpentey said although there were fundamental issues affecting Ghana’s economy, including low investment in infrastructure and utilities, energy crisis, low commodity prices and shortfall in government revenue, the country’s economic prospect remained vibrant.

“Despite all the negative things confronting our economy, there are opportunities for investors and entrepreneurs to do business,” he said.

Mr Kpentey, however, urged business owners to be innovative in order to continue to be in business.

Swiss impact

In his welcome address, the Chief Executive Officer of the Swiss-Ghanaian Chamber of Commerce, Mr Samuel Inkoom,  said the key role of the chamber was to provide valuable support and assistance to companies and individuals already established or seeking to establish in either country.

'Being a member of the Swiss-Ghanaian Chamber of Commerce provides for a variety of benefits, and key among them is a unique opportunity to expand business networks, in Ghana and internationally,' he said.

Mr Inkoom said the chamber was ready to welcome new members.

For her part, the Head of Co-operation at the Swiss Embassy, Ms Brigitte Cuendet, acknowledged the growing economic and trade relations between the two countries and the excellent opportunities for the two countries to boost the expansion of trade and investment.

She expressed the hope that the opportunities for business-to-business commerce between Switzerland and Ghana would be utilised to strengthen the bilateral and economic relations between both countries.