Ghanaian business leaders urged to have succession plans

A retired justice Ghana’s Supreme Court, Justice Stephen Alan Brobbey, has advised Ghanaian business owners to ensure there is an effective succession plan to ensure that their businesses still thrive even when they become too old or die.

Justice Stephen Alan Brobbey

He was speaking at the 60th anniversary memorial lecture of the late Opanin John Kwame Bawuah Bonsafo Edusei at Kumasi in the Ashanti Region.

Poor succession plan leads to the collapse of businesses

According to Justice Brobbey, many successful businesses owned by Ghanaians have collapsed due to the lack of a succession plan.

He added that after the founder of a business dies without a succession plan, the situation gave room for litigation among families.

Justice Brobbey argued that it should be possible for Ghanaians to also own businesses such as the Hondas of Japan if proper measures were in place.

“Others have done it and I don’t see the reason why many of us in Ghana cannot do it,” he said.

He cited many examples of successful businesses in Kumasi alone which had collapsed following the death of their owners as a result of litigation over their properties.

About Opanin John Kwame Bawuah Bonsafo Edusei

Opanin Edusei is a former Ghana Ambassador to the USA. He was one of the first Ghanaians to receive a formal education.

His son, Dr Edusei said contrary to the traditional belief that education was for only male children, his father educated all his daughters in formal school, thus paving the way for girl child education in the Ashanti Region.

He said the late Opanin Edusei was a philanthropist and played an influential role in getting the late Otumfuo Nana Osei Prempeh I to be brought back to Ghana from exile in Seychelles.

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