The
International Finance Corporation (IFC), a member of the World Bank Group, has
convened its third Family Governance Workshop in Ghana, bringing together Ghanaian
family-owned business to address one of the most decisive factors for indigenous
enterprise resilience – successful generational transitions that secure long-term
continuity.
Hosted
under IFC’s Integrated Environmental, Social, and Governance (IESG) Advisory
program, with support from the Swiss State Secretariat for Economic Affairs
(SECO), the workshop forms part of an ongoing initiative to equip family
businesses with governance structures for sustainable, multi-generational
growth.
Family-owned
enterprises form the backbone of Ghana’s economy, driving job creation,
innovation, and community development. Yet globally, 95 percent of family
businesses do not survive past the third generation, often due to succession
planning gaps, weak governance systems, unmanaged growth, and unresolved family
conflicts.
The
workshop tackled the core enablers of multigenerational resilience, including:
- Aligning
family values with professional business systems
- Preparing
next-generation leaders early and intentionally
- Establishing
structured conflict-resolution mechanisms
- Building
governance frameworks that strengthen both the family and the enterprise
“Family-owned
businesses are not just important to Ghana’s economy. They are critical to
shaping legacies that endure across generations,” Kyle Kelhofer, IFC Senior
Country Manager for Ghana and Liberia said. “Navigating generational
transitions requires preparing next generations to lead, supporting incumbents
to let go, and ensuring succession happens smoothly and intentionally. This
improves operations, preserves wealth, and even enhances access to finance,” he
continued.
Participants
represented ranged from first-generation founders to third-generation leaders.
Common themes discussed included succession anxieties, maintaining
entrepreneurial drive, establishing governance structures that preserve family
harmony, and reconciling business needs with family expectations.
Drawing
on international experience, lead facilitator, Moez Miaoui highlighted the
universality of these challenges: “Whether you are working with a first- or
fifth-generation business, the patterns are remarkably similar. Family
governance is fundamental to sustaining enterprises that drive job creation
across Europe, Africa, South Asia, and East Asia,” he explained.
Mr.
Miaoui emphasized succession as a two-way process: “Successors need to convince
you they are ready, and you need to convince them they want to take over. It is
a two-way street. Passion cannot be forced; it must be cultivated and
transferred authentically.”
Mr.
Kelhofer underscored IFC’s confidence in Ghanaian family businesses to grow
regionally and globally, stating: “Ghana has outstanding family enterprises
that could become major regional players and cross-sector champions. They reach
a point where they can either remain small or scale, creating opportunities for
gowth, investment, and legacy.”
The
workshop, the third in the ongoing series, reflects strong demand from Ghana’s
business community. Mr. Kelhofer noted: “Like going to the gym, governance
improvement is something we work on regularly. Feedback shows participants keep
returning, demonstrating the value of these sessions.”
The
workshop format combined expert facilitation with peer-to-peer learning,
enabling participants to share experiences, explore practical strategies for
succession planning, conflict resolution, wealth preservation, and implement
governance frameworks that balance family values with business needs.
Reaffirming
IFC’s long-term support, Mr. Kelhofer said: “We stand ready to provide tailored
advisory solutions and investment tools to help family businesses build
stronger, more resilient enterprises for generations to come. Our mission is to
help these businesses achieve beyond what they currently imagine, potentially
becoming leading local corporates and even global players.”
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