The statistic has renewed calls for stronger governance structures and deliberate succession planning to safeguard long term sustainability. Many family businesses struggle with leadership transition, governance gaps, unmanaged growth risks and maintaining family cohesion, factors that often undermine their continuity and legacy.

Speaking on the sidelines of the 3rd IFC Family Governance Workshop, the Senior Country Manager for Ghana and Liberia, Kyle Kelhofer, stressed the need for a strategic re-evaluation of governance systems within family owned enterprises.

“Family owned businesses are the engine of business and the engine of growth in most markets around the world,” he said. “Whether you’re working with the first or second generation, or even the fourth, fifth and in some cases like Japan, the twentieth generation, governance is fundamental to their sustainability.”

He noted that the private sector accounts for about 90 percent of job creation globally, making strong governance in family owned businesses essential to sustaining employment and private sector development.

“Ensuring solid governance in family owned businesses helps sustain job creation and private sector development in markets around the world, including here in Ghana,” he added.

Family owned enterprises play a critical role in economic growth, particularly in emerging markets where they dominate the private sector landscape. However, experts say that without structured leadership transition frameworks and clearly defined governance systems, many of these businesses risk collapse within a few generations.

The IFC Family Business Governance Workshop was held under the theme, “Passing the Baton, Preserving Purpose: Managing Generational Transitions,” and focused on equipping family businesses with the tools needed to navigate succession and strengthen institutional structures.

The workshop forms part of IFC’s broader efforts to support sustainable private sector growth and enhance access to finance for domestic enterprises.

READ ALSO:

• GES marks International Day for Women and Girls in Science
• Bonwire Kente Weavers call for National Kente Day
• Two arrested over alleged gang rape of Osino SHS student – Education Ministry
• Haruna Iddrisu, Deputy Communication Minister survive ghastly accident on Bolgatanga-Tumu Highway

During the meeting, Mr. Diop expressed the IFC’s keen interest in focusing its investments in Ghana on targeted programmes, suggesting a more strategic approach that could boost productivity and economic returns.

He also noted with surprise that Ghana was not fully leveraging its diaspora, describing it as an untapped resource with immense potential for national development.

Dr. Forson, in response, thanked the IFC for its continued support and extended warm greetings from President John Dramani Mahama, adding that the government would be pleased to welcome Mr. Diop to Accra soon.

He reaffirmed Ghana’s commitment to attracting private sector investment and called for deeper collaboration in infrastructure development and agriculture.

Also present at the meeting was the Governor of the Bank of Ghana, Dr. Johnson Asiama, who emphasised the importance of financial sector cooperation.

He noted that Ghana stands to benefit from the IFC’s support in stabilising and revitalising the specialised deposit-taking institutions that are currently undergoing recovery after sector-wide reforms.

Joining the discussions as well were the Chairman of the National Development Planning Commission (NDPC), Dr. Nii Moi Thompson, and Senior Economic Advisor to President Mahama, Seth Terkper.

ALSO READ:

• Finance Minister outlines measures to tackle Ghana’s large payable build-up in 2024

• Energy Sector remains our biggest economic risk – Finance Minister