Businesses in Cape Coast have been challenged to build strong partnerships and adopt collaborative strategies to ensure sustainable development with minimal challenges.
The experts and stakeholders, who made the call at a business forum, also observed that the penchant for competition had created a hostile business climate, which was killing many businesses.
The two-day forum heralded the Fourth Osabarimba Royal Awards as part of activities marking the 25th anniversary of Osabarimba Kwesi Atta II as the Oguaamanhen (Paramount Chief of Cape Coast).
The forum identified the prospects as well as challenges to enable stakeholders to strategise to revamp businesses and woo investors to transform the Central Regional Capital.
Chiefs, business owners, lecturers, heads of state organisations and students, who participated, identified countless opportunities in education, tourism, hospitality, agriculture, agro-processing, and fishing among others, which were worth investing in.
In their view, creating trustwort
hy partnerships would establish a symbiotic support system where businesses could work together at different levels to ensure they flourished collectively and contributed meaningfully to the local economy.
They noted that toning down on the competition and going into partnerships was critical in business growth in the contemporary world.
Nana Obiri Aduama, the Nkosohen of Oguaa Traditional Area and General Manager of the Ridge Royal Hotel explained that building partnerships did not necessarily mean merging businesses but making arrangements in areas of mutual benefits.
‘For instance, market women can put their monies together and send one person to buy the items at the farmgate in bulk, instead of going individually, which will affect their capital and inevitably inflate the prices too,’ he said.
‘If we come together to do business, it will drive down the prices, ease the burden on consumers and boost our businesses for our collective good.’
Nana Aduama encouraged market women to take records of their b
usiness activities to help them get access to credit facilities and effectively trace their profitability.
‘There is a lot of money in Cape Coast and if we change our mindset and work together, the city will develop.’
‘Businesses should plan well, looking at the long term, building capital and growing the market.’
Dr Richard Adu Agyapong, a Lecturer at the School of Business, University of Cape Coast (UCC), entreated entrepreneurs to leverage the power of technology and innovation to improve their services and expand their customer base.
He said it was cheaper to create brand awareness and build strong relationships with a wider customer base on social media such as Facebook and Instagram with millions of active users across the globe.
Dr Charles Hackman Kwamena Essel, also a Lecturer with the UCC School of Business, urged business owners to develop a progressive mindset and adopt the attitude of resilience and perseverance.
That would improve decision-making skills, strengthen customer relationships, e
nhance risk management, and promote sustainability and ethical practices among others, he noted.
He entreated the youth to learn new skills rather than getting fixated on what they knew already even when there were no opportunities for same.
Madam Nicholina Naa Yeye Adumuah, the Central Regional Head, National Insurance Commission (NIC), appealed to business leaders to identify young talents in different areas and mentor them to help the ancient city to grow.
She said the city was abound of talented youth who needed guidance and grooming to reach their potential.
‘There are a lot nurturing we can do and so let’s go back to the basic and secondary schools and the universities and see how we can nurture the young students to help the development of Oguaa,’ she said.
As a regulator of insurance companies in the region, she attested to the numerous opportunities and wooed insurance companies to extend their operations to the area.
Nana Pokoo-Aikins, the Central Regional Chairman of the Ghana National Chambe
r of Commerce, called on business owners to collaborate with academia to polish the skills of their workforce.
Also the Development Chief of Kakumdo Traditional Area, he observed that investors depended largely on the skillset of local artisans for cheaper operations, therefore the new to constantly update their skills to stay in business.
He said it was critical to build the capacity of local businesses to take advantage of the city’s resources.
Osabarimba Kwesi Atta II, Oguaamanhen, reiterated the need to embrace digital marketing and social media for business operations.
He said the forum had been fruitful and urged participants to put the knowledge acquired into practice to transform Cape Coast.
‘We are going to build on all the discussions, and we will produce a document and make sure it works,’ he said.
‘We have an aim, and we are working towards that aim.’
The annual Osabarimba Royal Awards, jointly instituted by the Ridge Royal Hotel and the Oguaa Traditional Council, seeks to reward businesses
and individuals for their exceptional achievements and contributions to the development of Cape Coast.
The awards ceremony, scheduled for Saturday, January 20, at the Emintsimadze Palace, would be preceded by ‘a night with Kwaw Paintsil Ansah’, a legendary Ghanaian filmmaker, on Friday and be crowned with a movie night at the Ridge Royal Hotel on Sunday.
Source: Ghana News Agency