Businesmen urged to keep proper records

Tarkwa (W/R) Nov.25- GNA-Mr James Kainyah, Chairman of the Sekondi-Takoradi Chamber of Commerce and Industry has said one key issue that most importers ignore in their business management, is lack of proper record-keeping for effective operetion.

He was speaking at a day's seminar organised by the Chamber for the business community at Tarkwa in the Wassa West District. Mr Kainyah said this oversight has thrown most businessmen out of business because they constantly understated their cost.

He said the issue of inefficient and improper record keeping and costing could also be related to the situation where Ghanaian entrepreneurs overspend even when they make marginal profit. Mr Kainyah said some businessmen "Go to the extent of purchasing high cost porch cars, which takes away their working capital and leaves their businesses tottering," adding, "You will agree with me that we should learn to re-invest our profit to expand our businesses".

He said ownership and structure of businesses is a delicate matter in Ghana because most businesses are family oriented.

Mr Kainyah said modern development in the business world has proved that the continued ownership of a business by a family hinders the prospect of that business going into joint venture.

He said foreign partners are always apprehensive of the majority domination of the joint venture business as far as decision-making is concerned.

Mr Kainyah said it is, therefore, essential that as the business grows "you should decide to reduce the level of family ownership to enhance joint ventureship which is now taking the centre stage in the world of business."

Mr John Nyamekye Ansah-Mensah, district chairman of the chamber, urged businessmen to add value to their products.