Over Half Of Ghanaian Business Students Feel Positive About Their Country's Economy Compared With This Time Last Year

A new study shows that Ghanaian business students are amongst the most optimistic in the world when it comes to the economy.

Fifty eight per cent feel positive about their country's economy compared with this time last year. The world average is just fifty per cent.

Sixty five per cent of Ghanaian business students think the best approach for businesses in the current economy is to offer higher quality products and services than competitors - rather than cheapest price. The worldwide average is just fifty one per cent.

The study was conducted by the Association of Business Executives and surveys 23 410 of their students.

The research shows that a quarter of Ghanaian business students believe that the region with the most economic potential in 2013 is Africa, compared with twelve per cent worldwide.

Thirty six per cent of Ghanaian business students say access to finance is the biggest barrier to business success in their country, compared with just twenty three per cent worldwide. Twenty one per cent say lack of education, skills and training is the biggest barrier to business success, compared with just nine per cent around the world.

New study shows world's next generation of business people are confident, co-operative and quality-focussed

Most business students worldwide:
� are confident that banks will help them in business

� think international co-operation is more important than international competition in the current economic climate

� prioritise quality over offering the cheapest price for products and services

� think there should be more international trade regulation

� would prefer to trade in the US dollar than any other major currency

A new report into the attitudes of business students around the world shows a drive for quality and co-operation in response to the current economic climate. The report shows that most business students around the world are confident their banks will help their businesses, currently prefer international co-operation to international competition, prioritise delivering quality services and products over delivering the lowest price, want an increase in international trade regulation and of all major currencies prefer to trade in the dollar.

The global study, conducted by qualifications body the Association of Business Executives, also found that a majority of business students around the world are more positive about their national economy than they were this time last year, though fewer than four per cent think that the world financial crisis is over.

The Association of Business Executives, which provides business qualifications to over 50,000 students globally each year, conducted research into the views of 23,410 of its students around the world. The results show a surprising optimism among business students, despite the global economic malaise.

Over three-fifths (62.2 per cent) of respondents believe that banks will help them with their business. Despite the devastating global consequences of the banking crisis, most business students worldwide are confident that their banks will be willing and able to support their businesses.

Jonathan Swindell, Head of Business Development and Publishing for the Association of Business Executives said, This optimism in banks suggests a confidence in the drive for regulatory and structural changes in the banking sector in response to the 2007-2008 banking crisis and, perhaps, a confidence that banks will see these students businesses as a secure investment.

Out of the world's leading currencies, just one in ten (10.2 per cent) business students want to trade in the Euro. Most business students would prefer to trade in the US dollar, and nearly a third (30.7 per cent) of those asked favour the British Pound. Two and a half per cent want to trade in the Chinese Yuan Renminbi, a currency which only opened up to international markets in 2009. Jonathan Swindell said: The report shows confidence in the current stability of the dollar.

Support for the British Pound by nearly a third of respondents might be due to that currency being seen as protected against the volatility of the Euro, despite having been one of the worst performing currencies of all the G10 countries. The report shows that the Euro has little support at the moment, almost certainly owing to the Eurozone's current lack of geopolitical and financial stability.

Nine out of ten (91.6 per cent) business students think that to improve the economy in the current climate international co-operation is more important than international competition. Just eight per cent of business students think more international competition will deliver prosperity. Jonathan Swindell said: In a period of economic growth, competition in business is seen as the main driver of performance, innovation and efficiency.

However, in a largely stagnant economy, business students believe that it's beneficial for businesses and national economies around the world to work together, working in the collective interest, not self-interest.

Nearly half (48.5 per cent) of business students favour more international trade regulation. Only twenty four per cent want less regulation. Jonathan Swindell said: After the devastating irresponsibility of some of the world's biggest financial institutions in the build-up to the economic downturn, business students want more stability, security, protection and diminished exposure to risk. This is indicated by the seventy six per cent of business students who say they are either satisfied with current levels of trade regulation or want more.

Just one in ten (10.6 per cent) reported that, in their experience of business, sufficient people have a business education. Jonathan Swindell said: Two thirds of the world's business students feel that too few people have a business education.

A barrier to effective trade is the lack of mutual understanding of business practice. A business community that has a business education can make faster, more informed decisions. Qualifications such as the Association of Business Executives diplomas in Business Management, Financial Management and Business Start-up and Entrepreneurship enable business people to run successful enterprises in a fast-moving global business world.

Over half of business students (50.6 per cent) believe that the best business approach in this economy is to focus on being qualitatively superior to competitors. Despite popular consensus that cheaper is better in a downturn, only thirteen per cent of business students worldwide think that being cheaper than competitors is the best strategy for success in the current economic climate.

Over a third (36.6 per cent) believe it is best to focus on offering mid-range products and services in terms of quality and price compared to rival businesses. Although much of the world looks to emerging economies for low priced goods and services, the results of the Association of Business Executives research shows recognition amongst business students in these markets of the importance of delivering quality.

Fifty four per cent of those in Africa believe it is more important to deliver quality rather than cheap products and services. Business students in Asia were split between wanting to offer mid-range products and services and those of better quality, at forty two percent and forty three per cent respectively. Jonathan Swindell said, The results from students in Africa may be surprising to some.

Developed economies usually look to developing economies to deliver products at a cheaper price. The results show a high level of optimism, ambition and aspiration in our African business students and suggests a realisation that merely competing on cost is unsustainable in both the short and long term.

The biggest barriers to business success as perceived by the world's business students are considered to be, in order; corruption, crime and theft (24%), access to finance (23%), inflation (12%) and lack of education, skills and training (9%). This shows business students are predominately concerned with things outside of their control.

Just four per cent were concerned with competition, suggesting they are confident in their own abilities and businesses but are concerned with government-controlled issues, such as inflation, education and bureaucracy.

Jonathan Swindell says: This report demonstrates that whilst business students around the world are optimistic about their business future, they want a change in business practice. The overwhelming majority believe that the future of global capitalism is brighter in an environment of economic co-operation, and think that international collaboration is far preferable in the current economic climate than competition.

Business students also want to see improvement in international trade regulations. They understand that as economies begin to move past the global financial crisis, an increasingly globalised trade environment can benefit from regulatory structures and safety nets that provide and protect sustainable growth. This study shows that we have an enthusiastic and diligent upcoming generation of business people. They see a better way of doing business.

The full report is available at:
http://www.abeuk.com/content/docs/ABE_Global_Business_Survey_Mar13.pdf
For further editorial information, images or to arrange interviews please contact [email protected] or call +44 20 7609 1900

About ABE:

ABE is a not-for-profit organisation, founded in 1973, which is recognised by Ofqual, the UK�s regulatory authority, as an awarding body for qualifications. It offers qualifications from Level 4 Diploma up to Level 7 Diploma on the Qualifications and Credit Framework (QCF). Level 4 is the same level of learning as the first year of university, Level 6 is the same as a Bachelor�s degree and Level 7 is postgraduate level.

ABE provides qualifications in Business Management (in its own right and with optional alternative pathways in Financial Management or the Management of Information Systems), Human Resource Management, Marketing Management, Travel, Tourism and Hospitality Management and now Business Start-up and Entrepreneurship. More than 50,000 students study worldwide for ABE qualifications every year through its network of accredited colleges. All ABE students have access to comprehensive online and published study support material. More than 80 universities worldwide (40 in the UK) officially accept ABE qualifications for entry on to different stages of their degree courses (and many more do so in practice).

Edward Bell
On behalf of the Association of Business Executives
Public Relations Professional
Parker, Wayne & Kent
Tel: 020 7609 1900
Heroic Public Relations
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