The Member of Parliament (MP) for Assin Central, Hon. Kennedy Agyapong has stated that the business environment is not conducive for local companies and called on commercial banks to reduce interest rates to help build a better economy. Mr. Agyapong made the call during an engagement with students at the Kwame Nkrumah University of Science and Technology (KNUST) School of Business (KSB) in Kumasi.
The Kumasi Business Incubator (KBI) and the KSB organised the "Practitioners' Engagement on Entrepreneurship Competencies" event, which had the goal of giving students a chance to learn from business professionals the skills and traits required to succeed as entrepreneurs.
Hon. Kennedy Agyapong, a politician/businessman, made it known that most commercial banks added their profit margins to the loans they gave out, which ended up raising the interest rates. “Many businesses have been complaining about this,” he said. Adding that the high-interest rates were the reason most Ghanaian companies would rather import finished goods, instead of producing them locally. “Interest rates in Ghana are very ridiculous and make it virtually impossible for local businesses to compete favourably with foreign companies,” he added.
In this light, Mr. Agyapong urged the newly launched Development Bank of Ghana (DBG) to deal directly with businesses and not give the money to commercial banks for onward lending to businesses. He said it would be better for DBG to deal with the private sector and lend the money to that sector at a cheaper rate than pass it through the commercial banks.
Hon. Kennedy Agyapong further said, most of the youth today are in a rush to drive the latest cars and would do anything to acquire those things. “Most entrepreneurs had to go through sleepless nights and years of savings to be able to be where they are today,” the MP said and asked the students to build a culture of savings and learn to sacrifice their comfort today for a better tomorrow. He also cautioned young people against trying to succeed too quickly in life because it takes a lot of sacrifice and effort. He believed that to be a successful entrepreneur, one had to be reliable, ambitious, and diligent.
The Chief Executive Officer of Uni-jay Limited, a fashion and design enterprise, Mrs. Janet Abobigu, a panellist, called on the youth, particularly the females, to humble themselves and learn from their peers. She said irrespective of their levels of education and statuses in life, they would meet people who knew better than them and should be humble enough to allow themselves to be taught.
Mrs. Abobigu said even though the world is fighting for gender equality, the fact remained that it is a man’s world and so women should not go about trying to rub shoulders with men and trying to prove that they (women) were better. According to her, women should be able to use their feminism to get men to carry them along to let women’s work speak for them. The entrepreneur explained that the youth couldn't do everything; what mattered was to have ideas, look for opportunities and get the necessary support and finance, adding; “You get people to make your ideas work for you.”
Chief Executive Officer of Tonket Limited, a commercial enterprise, Mr. Anthony Adu-Nketia, reiterated the importance of trust in doing business, saying it is the only currency that could sustain businesses, and called on the youth, particularly those willing to go into entrepreneurship, to always honour their promise.
Chief Executive Officer of Ace Consult (consulting services), Mrs. Marilyn Owusu, also shared her success journey with the students and encouraged them to avail themselves of internships and other learning opportunities which will give them a competitive edge. According to Mrs. Owusu, being knowledgeable, affable, principled, and open to learning in different businesses has contributed to her success. She continued that her versatility enabled her to make extra income even as a student and encouraged future entrepreneurs to think outside the box.
Chief Executive Officer of Adroit Bureau (ICT-Startup), Kojo Sam-Woode, encouraged the students to make use of the KBI. He revealed that as a beneficiary, the Centre equipped him with the necessary knowledge and skills as a new businessman. According to him, aside from being knowledgeable, one needs to be confident and have faith to succeed in the entrepreneurial journey. Mr. Sam-Woode stated that one needs to be observant to notice viable business opportunities.
Chief Executive Officer of Vester Oil (Agric-Value-Chain), Mr. Kwasi Nyamekye, said as businessmen, they should not be afraid of taking risks. Every good entrepreneur should have the courage to take risks that come with opportunities. They should also have the traits of honesty and perseverance in times of adversity.
The event was moderated by the Head of the Centre for Business Development, Member of Faculty, Samuel Yaw Akomeah Esq.