Business News of Friday, 19 April 2013
Source: Peace FM
Small business owners and not government are to blame for the failure of their business, according to Minister for Financial and Allied Institutions at the Presidency, Fiifi Kwetey.
He said local business owners stick with old business practices without adopting changing global trends in business.
“That small fried yam seller or that small waakye seller or that small carpenter; his attitude towards his business, his attitude towards that small enterprise has not changed over a period of a decade,” he said.
Successive governments and politicians have been blamed for contributing to the decline and collapse of local businesses in Ghana.
Business and economic analysts and some opposition leaders have also been accusing ruling governments of giving priority to foreign businesses to the detriment of local businesses.
Sharing his views on the matter on the Citi Breakfast Show on Wednesday, Mr. Kwetey stated that “we need to start engaging these issues from a far more profound socio-cultural perspective not just in leadership, but come right through from the people, the mindset, beliefs, habits, philosophies, values that go all the way to leadership.”
According to him, the matter should not be left in the hands of a few people [Politicians] to be resolved otherwise, “we will continue running around.”
He insisted that there are deep socio-cultural attitudes “that are holding us down and until those change; just holding and waiting for government to come and change will not resolve anything”.
Mr. Kwetey, however, admitted government indeed has a role to play “in terms of ensuring that the environment is better, ensuring that infrastructure is better, working towards a situation where credit can become better and so on”.