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15.09.2004 Regional News

Ghanaians must reverse poor savings Habit - Kinapharma Boss

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Accra, Sept 15, GNA - Mr. Kofi Nsiah Poku, Managing Director of KINA Group Limited on Tuesday said Ghanaians needed to reverse their poor savings habit if they wanted to make any significant investment in their life time.

Mr Poku said Ghanaians should set aside as savings, a considerable percentage of profits accrued from their businesses for re-investment. "We must sacrifice to make savings to invest", Mr Poku said. " When we spend our savings, we spend our investments".

Mr Poku was speaking at the Evening of Success Stories and Recognition event, which formed part of the Institute of Professional Studies' (IPS) Professional Week Celebration for this year. The theme for the Celebrations was " the Professional: the Agent of Growth for Entrepreneurial Development".

Mr Poku noted that most Ghanaians fail in their businesses because of inadequate study into the venture into which they invest their monies. He said growth in businesses required individuals' careful examination of opportunities and resources in various sectors and choosing what they could adequately exploit, adding, " We also need to be focused and committed to whatever we do."

Mrs Elizabeth Joyce Villars, a Computer Systems Analyst and Designer said individuals that wanted to start businesses in Ghana should not let their financial constraint hinder their efforts no matter how big their business aspirations may be. "When establishing anything don't let finance be your major constraints. Dream Big but start small," she said. Mrs Villars noted that a major cause for the folding of businesses in Ghana was the operators' inability to separate personal money form their capital in addition to the fact that "Many Ghanaians think business money is their personal money". She noted that sole proprietorship often accounts for bad cooperate organisation and advised small businesses to form partnerships for their rapid expansion.

"In the business environment there are problems which cannot be solve by a person, look for a partner to help you find solutions to problems," she said. Mr Keli Gadzekpo, a Founding Member of Data Bank advice Ghanaian businesses to be steadfast in times of difficulty for better moments. "Do not be afraid of failures in businesses. I tell you failures are bound to occur, always be focused and the sun would definitely shine on you", he said.

Nana Opoku Ampomah, Founder of IPS, Mr Sam Okudzeto, a legal practitioner Mr Ken Ofori Atta, Executive Chairman of the Data Bank Financial Services were among eleven celebrities in various endeavours who were honoured for their achievements. Each received a wooden plague.