Ghanaian asked to take advantage of business opportunities

Ho, March 5, GNA- Nii Amankrah Tetteh, business development manager of the Barclays Bank, on Tuesday urged Ghanaians to take advantage of potential international business opportunities that the country was attracting to improve upon their businesses.

He said the over subscription of Ghana's sovereign bond, vintage performances at the World Cup and the 2008 Africa Cup of Nations, the recent discoveries of crude oil in commercial quantities and favourable political climate had drawn international attention and business opportunities for the country.

Nii Tetteh made the observations at a seminar on international business, organised by Barclays Business club in Ho.

He said it was time for the business community to understand international business and acquire the expertise to tap into its vast potentials.

Nii Tetteh said Ghana was now attracting capital in-flow from within Africa and outside Africa and that "people feel safe doing business in Ghana that is why we have to talk international business." Regarding the discovery of crude oil, he said that sector generated numerous business opportunities, which the business community must take advantage to improve its transactions.

Nii Tetteh advised that payments of international business transactions must be done through the banks most preferable by means of letters of credit to prevent fraud and other related malpractices.

Mr Ohene Kwaku Bonsu, Institute of Entrepreneurship and Leadership, said some conditions were needed for effective international business. These he said included Internet-based research to establish clear idea of the marketplace in terms of quality, prices, identification of partners or firms overseas, business associations among others.

Mr Ohene said One also needed to have knowledge of the business being entered into and to do a thorough homework on cost variations and margins, competitive factors as well as duties, penalties and the regulatory environment of business transactions.

He also said knowledge about the culture of the country of one's business partner was necessary in order to create the right impressions as well as the ability to negotiate were vital to securing successful international business deals.